Sources: Knife River Corp., Bismarck, N.D.; CP staff
Knife River has entered into a definitive agreement to acquire Strata Corp., a Grand Forks, N.D. independent with 28 ready mixed concrete and three asphalt plants, plus 75 aggregates sites, extensive reserves and related rail assets. Valued at $454 million and projected to close by mid-year, the transaction will mark Knife River’s largest since a June 2022 spin off from MDU Resources Group. It will be financed with cash on hand and proceeds from the issuance of long-term debt, and significantly expand the Knife River Central Region.
“Strata is respected among peers and in its communities, and well-known for its strong culture and expertise,” says Knife River CEO Brian Gray. “It is a great success story—growing from a single gravel operation into a leading supplier of construction materials that employs over 900 team members during the peak season. We look forward to completing the transaction and welcoming the Strata team to the Life at Knife.”
“It’s not easy building a family business and it’s even harder coming to the point where you are ready to step away from it,” notes Strata Chairman and majority shareholder James Bradshaw, who oversaw much of the producer’s growth during 46 years as president and evolved the business from its roots as Bradshaw Gravel Supply, founded in the early 1900s. Both companies have a culture of putting people first and operating with integrity, he affirms, adding “We want what is best for our team and their future.”
“Strata’s high-quality assets allow us to expand our service territory within a region we know well,” concludes Knife River CEO Brian Gray. “We believe this acquisition is a prime example of our ‘Competitive EDGE’ strategy to profitably grow our business,” referencing the company’s EBITDA Margin Improvement, Discipline, Growth and Excellence pursuit.