Summit Materials Completes Acquisitions of Altaview Concrete and Con-Agg of MO and Announces Western Region Management Hires
September 21, 2010 – Summit Materials, LLC (Summit), a building materials company, today announced that it has concluded the acquisitions of Altaview Concrete, Inc., an aggregates and ready-mix concrete company based in Salt Lake City, Utah and Con-Agg of MO, LLC (Con-Agg), an aggregates and ready-mix concrete company based in Columbia, Missouri.
Altaview Concrete becomes part of Summit’s recently formed Harper-Kilgore group of companies in Salt Lake City and will assume responsibility for the Harper ready-mix concrete operations. Con-Agg is a strong geographic fit with Summit’s existing businesses in Kansas and Missouri. The existing management teams at Altaview Concrete and Con-Agg will remain in place and continue to run and develop the businesses.
Summit also announced that Shane Evans and Bill Raimer have joined the company as Regional President and Regional CFO respectively with overall responsibility for Summit’s recently acquired companies in Utah and future business expansion in the western US. Prior to joining Summit, Shane and Bill led the management team at Oldcastle Materials’ Rocky Mountain / Midwest Division.
Tom Hill, CEO of Summit stated, “We are delighted to team up with companies of the calibre of Altaview Concrete and Con-Agg. Their top-class management teams and employees are a great addition to Summit. We are also very pleased to have Shane and Bill join Summit. They are very experienced managers who will work well with the strong team we now have in Utah.”
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., Silverhawk Capital Partners and Charles “Chip” Goodyear, former CEO of BHP Billiton. Tom Hill is the former CEO of Oldcastle Inc., the US division of CRH, Plc. Other Summit companies are Hamm, Inc. in Perry, Kansas (acquired September 2009), Hinkle Contracting Company in Paris, Kentucky (February 2010), Cornejo & Sons in Wichita, Kansas (April 2010), Continental Cement Company in Hannibal, Missouri (May 2010), and Harper-Kilgore in Salt Lake City, Utah (August 2010).
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, funds of funds, credit-oriented fund, collateralized loan obligation vehicles (CLOs) 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
Contacts:
Summit Materials:
Michael Brady
202-339-9509
Blackstone:
Heather Lucania
212-583-5452
Silverhawk:
Matt Sheehy
203-861-2905