Atlanta-based Quikrete Holdings Inc. closed its acquisition of key cement, aggregate and concrete operator Summit Materials. The deal was consummated early last month per terms of Quikrete Holdings’ November 2024 offer of $52.50/share, representing an enterprise value of $11.5 billion, about $2 billion of which is assumed debt. Cementos Argos (31 percent stake, acquired February 2024) of Colombia led shareholders in formally approving the offer days prior to Quikrete Holdings acquiring all outstanding Summit Materials shares.
The Summit Materials portfolio spans Argos USA and legacy Continental Cement cementitious material production and distribution assets, plus aggregate sites from the Appalachian region to Arizona and Wasatch Front to the Gulf of America. They afford significant supply chain reinforcement for Quikrete Holdings’ sprawling packaged raw and cement-based materials, concrete masonry and hardscape unit, pipe, precast, and prestressed concrete operations.
The buyout ended Summit Materials trading on the New York Stock Exchange, one business day after Virginia and Florida market peer Titan America SA’s initial public offering on the same Wall Street venue.