Summit still busy on the acquisition front

By |  August 1, 2018

Hill

Summit Materials has completed 11 acquisitions so far this year, including four transactions that closed since the company’s first-quarter update in May.

The total spend across the 11 acquisitions is about $228 million, including about $75 million for the four bolt-on acquisitions completed since the last update.

Among Summit’s most recent acquisitions is Olathe Assets, which has two quarries, two asphalt plants and two construction and landfill sites. These assets expand the company’s existing operations into the southwest Kansas City metropolitan area.

In addition, Summit acquired Buckingham Slate, which represents an aggregate pickup. The Buckingham purchase expands Summit’s market position and reserve base in central Virginia.

Buildex, an aggregate business based in western Missouri, was also acquired and provides a complementary product offering to Summit’s existing portfolio in the region.

A fourth acquisition made was XIT, an aggregate company that expands Summit’s operations in north Texas.

“Recent acquisitions have served to further establish our leadership in well-structured, materials-based markets in Texas, Kansas, Missouri and Virginia,” says Tom Hill, CEO of Summit Materials.

“Across these 11 transactions, we have added more than 300 million tons of aggregates reserves to our portfolio,” he adds. “The acquisition pipeline remains active as we look ahead to the remainder of the year, with multiple transactions currently in various stages of diligence.”

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