DENVER, Feb. 10,
2025 /PRNewswire/ -- Summit Materials, Inc.
(NYSE: SUM) ("Summit," "Summit Materials" or the "Company"), a
leading producer of aggregates and cement, today announced the
closing of its previously announced definitive agreement to be
acquired by Quikrete Holdings, Inc. ("Quikrete") for $52.50 per share in cash, for a total enterprise
value of approximately $11.5 billion,
including debt.
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.
Advisors
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.
About Summit Materials, Inc.
Summit Materials is a
market-leading producer of 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. For more information about Summit Materials, please
visit www.summit-materials.com.
About Quikrete Holdings, Inc.
Quikrete Holdings,
Inc. (Quikrete) is a privately owned family business founded in
1940. It is a leading building materials company based
in Atlanta, Georgia. 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 storm water systems, structural precast, and
steel pedestrian and vehicular bridges. The company services the US
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.
Contacts:
Andy Larkin
VP, Investor Relations
Summit Materials, Inc.
andy.larkin@summit-materials.com
720-618-6013
Jim Barron/Benjamin Spicehandler/Danielle Berg
FGS Global
Summit@fgsglobal.com
Patrick Lenow
Vice President, Marketing & Communications
Quikrete Holdings, Inc.
404-634-9100
Patrick.Lenow@quikrete.com
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SOURCE Summit Materials, Inc.
