H.I.G. Capital LLC (HIG), a private-equity investment firm, announced that its portfolio company, ACG Materials – a vertically integrated producer and processor of industrial minerals and aggregates including gypsum, limestone, sand, gravel and downstream food, pharmaceutical and plaster products – has acquired North Florida Rock Ltd (NFR).
NFR is a producer and processor of limestone products sold into infrastructure, agriculture and building products applications. NFR owns and operates a quarry in Marianna, Fla., and ships rocks across the Florida Panhandle, Alabama and Georgia.
“We are excited about the strategic expansion of our operations into the Southeastern U.S.,” commented Paul Harrington, chief executive officer of ACG Materials. “NFR not only allows us to grow outside our core Oklahoma, Texas and Pacific Northwest markets, but also significantly expands our customer footprint and portfolio of limestone products within our expertise of mineral processing. NFR has had a long successful history dating back to 1998, and we will be sure to serve as great stewards of the business going forward.”
“We are pleased to support ACG Materials in its acquisition of North Florida Rock,” commented Keval Patel, a managing director of HIG. “The investment further establishes ACG as a national, pure-play industrial minerals and aggregates provider and continues our strategy to expand ACG’s geographic reach and end market diversification. The Southeastern United States remains a key expansion area for ACG and, as the market leader across the Florida Panhandle, NFR will help accelerate our growth in this region.”
NFR is the sixth add-on acquisition that ACG Materials has made since HIG acquired the company at the end of 2012.
ACG Materials, based in Norman, Okla., was founded as Harrison Gypsum LLC in 1955. The company operates out of 21 locations throughout Oklahoma, Texas, Florida, Kansas, Nevada, Washington and British Columbia.