New Enterprise Stone & Lime Co. Inc. (NESL) has acquired all the outstanding stock of Hempt Bros. Inc. The strategic acquisition consists of three aggregate plants, four hot mix asphalt plants, two ready mixed concrete plants, paving and heavy highway construction in the Harrisburg, Pa., area.
The facilities are ideally situated between NESL’s existing Pennsylvania locations in Chambersburg and Allentown, expanding its construction materials footprint and market scope into the Harrisburg market.
NESL believes this business is highly-regarded in the community, with outstanding people, assets and attractive operating characteristics.
The company is looking forward to adding this acquisition as infrastructure talks ramp up in Washington, D.C. The company expects this acquisition will provide further synergies and profits to NESL’s primary business of construction materials in the current fiscal year.
Speaking of the acquisition, Paul Detwiler III, chief executive officer of New Enterprise Stone & Lime Co., commented, “We are excited to add this great family owned business to our corporate family. This acquisition expands our footprint into the Harrisburg area and was completed with virtually no additional long-term debt. This philosophy enhances our ability to grow operating profit and reduce leverage – a cornerstone of our operating plan. Furthermore, this acquisition is consistent with our strategic plan of adding great locations to our construction material business and upon acquisition is expected to be accretive to profits as we exit the pandemic and get back to the ‘new normal.'”