GE Capital, Corporate Finance announced it is serving as administrative agent on $72.5 million of senior secured credit facilities to Permian Basin Materials LLC, a newly formed affiliate of WL Ross & Co. LLC (WL Ross).
The credit facilities are being used to support the simultaneous acquisitions of Crockett County Mining, Ltd., Highland Concrete Co., and Wallach Concrete, Inc., and for ongoing working capital needs. GE Capital Markets served as sole lead arranger and bookrunner on the transactions.
The combined operations of Permian Basin Materials will be a leading producer of construction aggregates and concrete for general construction and energy markets in the Permian Basin region of west Texas and southeast New Mexico, one of the world’s oldest and highest yielding oil regions. In total, Permian Basin Materials will own or lease 10 aggregates mines and 16 ready-mix concrete plants in the region.
“GE Capital has been a valued financing partner of ours for years,” said Patrick Machir, senior vice president, WL Ross. “We value their industry knowledge, structuring expertise and excellent capital markets capabilities.”
“We are pleased to support the exciting formation of Permian Basin Materials,” said Bob McCarrick, chief commercial officer–lending at GE Capital, Corporate Finance. “We specialize in providing capital to help acquire and build middle-market companies.”