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CRH, Summit make a deal

By |  May 17, 2022

Photo: Hinkle logo

Summit Materials sold Kentucky-based Hinkle Contracting Co. to an affiliate of CRH Americas Materials.

According to Summit, the divestiture supports the company’s Elevate Summit strategy that includes a portfolio optimization designed to drive the company forward with the priority of being a materials-led company with selective participation in high return downstream businesses. 

The Hinkle sale is Summit’s 10th business divestiture since launching the Elevate Summit strategy in March 2021.

“Hinkle was among Summit’s early acquisitions and an integral part of the company’s foundational growth,” says Anne Noonan, Summit Materials CEO. “Moving forward, we are pleased to have reached a mutually beneficial transaction with CRH Americas for Hinkle at an attractive valuation of over 10 [times] 2021 adjusted EBITDA (earnings before interest, tax, depreciation and amortization), delivering value to our stakeholders. We are committed to working with CRH Americas on a smooth transition for the Hinkle employees and customers.”

Featured photo: P&Q Staff

Kevin Yanik

About the Author:

Kevin Yanik is the editor-in-chief of Pit & Quarry magazine. Yanik can be reached at 216-706-3724 or kyanik@northcoastmedia.net.

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