PB Materials Holdings Inc. has completed the acquisition of substantially all of the assets of Damron Sand & Gravel. Damron is a leading provider of sand and gravel to the Lubbock, Texas, and surrounding markets with a significant reserve position in the region.
The acquisition will expand PBM’s existing aggregate and ready-mix concrete operations in west Texas and eastern New Mexico. It will position the company to better serve the marketplace and its customers and capitalize on regional growth.
David Vickers, chief executive officer of PBM, commented, “We are excited to add Damron and its long history of successfully supplying sand & gravel to the region to PB Materials. The operations will augment our existing asset base further enabling PB Materials to provide a high level of quality and service to our customers.”
Patrick Machir, principal at WL Ross & Co. and director of PBM, said, “The acquisition is a sound strategic fit with PB Materials’ existing footprint. It will broaden the scope of the company’s aggregate capabilities and enhance its sand & gravel reserve position.”