Manufacturers – June 2023

St. Louis-based Afinitas has combined its Forming Systems and Concrete Accessories sales teams into single organization that will better align its operations and provide more comprehensive service to customers in North America. Industry veteran Barry Bauer will lead the Forming/Concrete Accessories team as vice president of Sales. He joined Afinitas earlier this year, bringing considerable experience from his time at…

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Quikrete assimilates Forterra Precast as sister Rinker Pipe brand

Atlanta-based Quikrete Holdings LLC acquired all outstanding Forterra Inc. shares late last month and established the Irving, Texas concrete pipe, drainage structure, structural precast and ductile iron pipe giant as a wholly owned subsidiary. The incoming assets significantly extend the drainage and short-span bridge market footprints of sister Quikrete businesses, Rinker Pipe and Contech Engineered Solutions; add precast, prestressed plants…

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Quikrete closes on Forterra, creating pipe and precast powerhouse

Sources: Quikrete Holdings Inc., Atlanta; CP staff Quikrete Holdings has acquired all outstanding Forterra Inc. shares and established the concrete pipe, drainage structure, structural precast and ductile iron pipe producer as a wholly owned subsidiary. The incoming assets significantly extend the drainage and short-span bridge market footprints of sister Quikrete businesses, Rinker Pipe and Contech Engineered Solutions, and bring a…

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Forterra, Quikrete outline $200M in asset deals with CP&P, Foley

Sources: Forterra Inc., Irving, Texas; CP staff In December U.S. Securities and Exchange Commission filings, concrete pipe leader Forterra reports Purchase Agreements with Virginia’s Eagle Corp. and Georgia’s Foley Products Company Inc., both anticipating U.S. Department of Justice Antitrust Division-stipulated asset divestitures leading to approval of a merger with Atlanta-based Quikrete Holdings Inc.  A $2.3 billion merger plan was announced…

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Forterra builds Heartland footprint with Barbour Concrete deal

Sources: Forterra Inc., Irving, Texas; CP staff Concrete pipe and precast market leader Forterra has acquired the business of Barbour Concrete Co. and Barbour Building Systems, an Independence, Mo. producer of structures for drainage, stormwater management, utility and other infrastructure applications. 

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Vulcan dives deep into ready mixed with U.S. Concrete deal

Sources: Vulcan Materials Co., Birmingham, Ala.; U.S. Concrete Inc., Euless, Texas; CP staff Vulcan Materials and U.S. Concrete have entered into a definitive merger agreement projected to close the second half of 2021. The former will acquire all U.S. Concrete common stock for $74 in cash, representing a total equity value of just under $1.3 billion. The agreement sets the stage for…

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Quikrete’s biggest, best bet yet: Forterra

Quikrete Holdings Inc. continues one of the most impressive deal making streaks to date for a private North American construction materials player. After making a name in hardware stores and lumberyards, then evolving plant footprint and stockkeeping unit offerings for big box home improvement retailing, the producer has reached deep into engineered or specified construction.

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Forterra Board approves Quikrete takeover offer

Sources: Forterra Inc., Irving, Texas; Quikrete Holdings Inc., Atlanta; CP staff Principals project a fourth quarter closing on a $2.75 billion deal in which Quikrete Holdings will acquire all outstanding Forterra shares and debt. The cash transaction has the potential to bring under one roof the top two players in manufactured concrete drainage structures— integrating assets that have evolved from…

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Investors commit $10M to mineralized aggregate developer Blue Planet

A $10 million funding round positions Blue Planet Systems Corp. to advance a carbon capture and utilization system netting fine to coarse, concrete-grade synthetic limestone. The Los Gatos, Calif., company is approaching commercialization of a process that converts diluted carbon dioxide from fossil fuel-powered electricity generating stations, cement or steel mills, and petroleum refineries to carbonate for mineralization into calcium…

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Arbitrator closes HeidelbergCement earnout claim in Forterra’s favor

Sources: Forterra Inc., Irving, Texas; CP staff

A neutral accounting arbitrator has determined that no earnout payment from concrete pipe and precast giant Forterra is due to HeidelbergCement AG under terms of a 2015 Hanson Building Products business spinoff, initially valued at $1.2 billion. HeidelbergCement had sought a $100 million earnout payment based on the fiscal 2015 performance of Hanson Building Products, whose Dallas-based suitor, Lone Star Fund IX (U.S.) LP, adopted the Forterra brand. The Delaware Court of Chancery deferred an EBITDA (earnings before interest, taxes, depreciation and amortization) calculation—central to the earnout payment clause—to the arbitrator in conjunction with a late-2017 dismissal of a HeidelbergCement suit.

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