Martin Marietta makes another major deal

By Kevin Yanik| February 13, 2024

Martin Marietta came to terms on an agreement to acquire 20 active aggregate operations in the Southeast from affiliates of Blue Water Industries (BWI Southeast).

The acquired BWI Southeast operations are located in Alabama, Florida, South Carolina, Tennessee and Virginia, with the deal totaling $2.05 billion.

Blue Water Industries will continue to operate its aggregate operations in North Carolina and central Florida, as well as its marine terminal business. The deal’s impact on Florida is specific to South Florida, Blue Water Industries says.

“These transactions are wholly consistent with the company’s SOAR (Strategic Operating Analysis & Review) 2025 aggregates-led product strategy,” says Ward Nye, chairman, president and CEO of Martin Marietta. “Importantly, the BWI Southeast acquisition complements Martin Marietta’s existing geographic footprint in the dynamic Southeast region by allowing us to expand into new growth platforms in SOAR-specific target markets, including Nashville and Miami.”

Combined with Martin Marietta’s recent acquisition of Colorado’s Albert Frei & Sons, Nye says the two deals provide the company with about 1 billion tons of reserves that are expected to generate more than $180 million in annualized EBITDA.

“We are pleased to partner with Martin Marietta, an industry leader with strong values and a distinguished safety record,” says Ted Baker, CEO of Blue Water Industries. “I would like to thank our company’s dedicated employees, along with our partners at Blue Water Advisors, for their investment and meaningful support over the years.”

Blue Water Industries formed in 2017 as a partnership to acquire, develop and operate a portfolio of aggregate asset in the U.S.