Granite Construction acquires Memphis Stone & Gravel

Granite Construction acquired Memphis Stone & Gravel Co. and its sister company, Lehman-Roberts Co.

The acquisition expands Granite’s footprint and creates a new growth platform for the company in the Memphis market.

Memphis Stone & Gravel operates three sand and gravel mines and has an additional mine under construction. According to Granite, Memphis Stone & Gravel has exclusive rights to about 57 million tons of “proven and probable” reserves and 24 million tons of measured and indicated reserves.

Lehman-Roberts, meanwhile, operates seven asphalt plants that serve the greater Memphis area and northern Mississippi. 

The senior leadership team at Memphis Stone & Gravel and Lehman-Roberts, led by Pat Nelson, will remain in place to manage and develop the business as part of the Granite group of companies.

“We are very excited to complete this acquisition of an outstanding materials-led business that expands our footprint in the Southeast,” says Kyle Larkin, president and CEO of Granite. “We believe their business model aligns with our previously disclosed strategy to grow our business by focusing on developing home markets that are served by highly successful companies of scale with great leadership.”

Nelson also offered a commentary on the deal on behalf of Memphis Stone & Gravel and Lehman-Roberts.

“We are excited to join Granite as we enter the next phase of our evolution,” Nelson says. “We look forward to continuing to provide our many valued customers with the highest quality aggregates and service for many years to come.”

Featured photo: Memphis Stone & Gravel

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