Quikrete Holdings Inc. has finalized its acquisition of Summit Materials for $52.50 per share in cash, for a total enterprise value of approximately $11.5 billion, including debt.
The deal makes Quikrete a top 10 producer of construction aggregates.
Summit’s common stock has ceased trading on the NYSE and will no longer be listed on any public market. Additionally, the company has become a privately held subsidiary of Quikrete.
Summit Materials produces aggregates and cement with vertically integrated operations that supply ready-mix concrete and asphalt in select markets. Summit is a geographically diverse, materials-led business of scale that offers customers in the United States and British Columbia, Canada, high-quality products and services for the public infrastructure, residential and non-residential end markets.
Summit has a strong track record of successful acquisitions since its founding and continues to pursue high-return growth opportunities in new and existing markets.
Quikrete Holdings Inc. is a privately owned family business founded in 1940. It is a leading building materials company based in Atlanta. From the original yellow bag of premixed concrete, today Quikrete’s portfolio of brands includes Quikrete, Spec Mix, Rinker Materials, U.S. Pipe, Contech Engineered Solutions, Keystone Hardscapes, Pavestone, Custom Building Products, QPR, and other leading brands.
The products produced by the collection of brands include packaged cementitious products, pavers, retaining wall systems, masonry units, tile grouts and thin sets, concrete pipe, box culverts, corrugated metal pipe, ductile iron pipe, engineered stormwater systems, structural precast, and steel pedestrian and vehicular bridges.
The company services the U.S. and Canadian commercial construction, residential and infrastructure markets. This broad array of products and expertise allows Quikrete to provide nearly every product required for most any type of construction project.
Morgan Stanley & Co. LLC and Evercore are acting as financial advisors to Summit, and Davis Polk & Wardwell LLP is acting as legal advisor. Wells Fargo is acting as exclusive financial advisor to Quikrete, and Troutman Pepper Locke LLP and Covington & Burling LLP are acting as legal counsel. Wells Fargo has provided a debt financing commitment for the merger.