WL Ross & Co. Forms Affiliate, Acquires Companies
- Published: Monday, 07 October 2013 15:45
- Written by Rock Products News
Permian Basin Materials (PBM), a newly formed affiliate of WL Ross & Co. LLC, has completed the simultaneous acquisitions of Crockett County Mining, Ltd., Highland Concrete Co. and Wallach Concrete Inc.
Funds managed by WL Ross will own 80 percent of PBM and existing shareholders from the three businesses will own a combined 20 percent. The companies will continue to operate under their existing trade names.
The combined operations of PBM will be a leading, regional producer of sand and gravel, limestone aggregates and ready mix concrete in the Permian Basin areas of West Texas and eastern New Mexico. In total, PBM will own or lease 10 aggregates operations and 16 ready mix plants in the region. PBM’s collective operational capabilities and footprint will allow it to better serve the marketplace and its customers, the company said.
“We are very excited about bringing together these three businesses to form a significant construction materials platform in an area of the country that we expect will experience dynamic growth,” said Stephen Toy, managing director of WL Ross. “By partnering with existing shareholders, we believe the platform is well positioned to capitalize on regional growth while driving efficiencies from optimizing the footprint of the separate entities.”
Wallach Concrete President Robert Wallach commented, “The Wallach family is very excited to be a part of the new venture that WL Ross is putting together and looking forward to being involved in the growth and opportunities ahead.”
Larry Bates a partner at Crockett County Mining added, “We are also very pleased to partner with WL Ross and look forward to the opportunities that lie ahead for our companies.”