Sources: Eco Material Technologies, New York; CP staff
With the backing of New York middle market operator One Equity Partners (OEP), Wall Street investor Warburg Pincus LLC, and subscribers to a $525 million Green Bond, Eco Material Technologies has closed on Utah-based Boral Resources, North American fly ash market leader, and Texas-based Green Cement Inc., processor of PozzoSlag and other supplementary cementitious materials. A $755 million Boral Resources deal that OEP and Australia’s Boral Ltd. announced in late-2021 anchors the formal Eco Material launch.
Officials characterize their newly-formed company as “dedicated to decarbonizing the materials industry through scalable and proven technological solutions;” equipped to “transform industrial waste into environmentally-friendly substitutes for everyday products;” and, “the only national marketer and distributor of fly ash.”
“Eco Material is truly the best of both worlds, combining the largest network of cement alternatives in the U.S. with an innovative, proven technology that increases their environmental and economic value,” says CEO Grant Quasha, who took the Green Cement helm in August 2021 after mining industry and investment banking tours. “The Company is excited to partner with OEP, Warburg Pincus, Green Bond holders and our 1,100 new team members on its journey towards decarbonizing the materials industry, starting with the cement sector, which generates approximately 8 percent of global carbon dioxide emissions.”
“Bringing together Green Cement and Boral creates immediate synergies, positions the Company to take advantage of new growth opportunities, and will enable it to have an even greater positive environmental impact by repurposing harmful waste into carbon-reducing products,” notes OEP Managing Director Matt Hughes.
“Fly ash represents one of the largest streams of industrial waste in the country, creating the unique opportunity for Eco Material to simultaneously solve a serious environmental challenge for utilities while lowering the carbon footprint of high-emitting industries like cement,” adds Warburg Pincus Managing Director Roy Ben-Dor.