New York City, New York, 11/10/11: Summit Materials is pleased to announce the recent acquisitions of Industrial Asphalt, Inc., Asphalt Paving Company of Austin, Inc. and Ramming Paving Company, Ltd. in Austin, Texas.
Industrial Asphalt, Inc. led by Jill Shackelford, is based in South Austin and operates a quarry and two asphalt plants. Asphalt Paving, led by Joseph Jackson is also based in Austin and is a longstanding paving business. Ramming Paving Company, Ltd (“Ramming”), led by John Ramming, is a quarry, asphalt, and paving services company with operations in Austin and San Antonio. All the management teams will remain in place and will continue developing the businesses under Summit management. Tom Hill, CEO of Summit Materials, commented, “We are very pleased to welcome the new companies and their employees to Summit. These businesses are a great combination, and together with RK Hall in northeast Texas, they expand Summit’s presence in the state.”
Jill Shackelford, the President of Industrial Asphalt, remarked, “While having worked with Asphalt Paving in the past, I am delighted to be joining up with Summit and Ramming.” John Ramming, CEO of Ramming, stated, “We have been following the growth of Summit since its inception, and are proud to become a part of it. We are looking forward to working with Industrial Asphalt and Asphalt Paving to better serve our customers in Austin and San Antonio.”
For Summit Materials:
About Summit Materials
Summit Materials was formed in 2009 to develop a leading business in the aggregates and heavy-side building materials sector through strategic acquisitions. Summit Materials was founded by its CEO Tom Hill and a group of investors that include members of its management team, Blackstone Capital Partners V L.P., and Silverhawk Capital Partners. Tom Hill is the former CEO of Oldcastle Inc., the U.S. division of CRH, Plc.
To date Summit Materials has completed 20 acquisitions, and through its three regions, East, Central, and West, it conducts operations in Kentucky, Tennessee, Virginia, Kansas, Missouri, Utah, Wyoming, Colorado, Texas, Arkansas, Oklahoma, Iowa, and Idaho. Further information is available at www.summit-materials.com
About The Blackstone Group
Blackstone (NYSE: BX) is one of the world’s leading investment and advisory firms. Blackstone seeks to create positive economic impact and long-term value for its investors, the companies it invests in, the companies it advises and the broader global economy. The firm accomplishes this through the commitment of its people and flexible capital. Blackstone’s alternative asset management businesses include the management of private equity funds, real estate funds, hedge fund solutions, credit-oriented funds and closed-end mutual funds. The Blackstone Group also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com
About Silverhawk Capital Partners
Silverhawk is an independent investment group established in 2005 to invest in management buyouts and other private equity transactions in the Industrial, Energy/Natural Resources and Business Service sectors. The partners of Silverhawk have invested as a team and operated businesses since 1989. Further information is available at www.silverhawkcapitalpartners.com