Vulcan Materials Company acquired Florida Rock Industries, Inc. for approximately $4.7 billion (cash and stock); 2007 acquisition spend of $4,737.3 million was dominated by Florida Rock, a transaction completed in November 2007, structured as combination (cash and stock; ~$3.35 billion drawn under credit facilities to fund the cash portion and settle options).
Florida Rock Industries, Inc. operates in Aggregates, Cement, Concrete. Vulcan acquired Florida Rock Industries, a leading producer of construction aggregates, cement, concrete and concrete products in the southeastern and mid-Atlantic states. The transaction was structured through a new holding company (formerly Virginia Holdco, Inc., renamed Vulcan Materials Company) with Legacy Vulcan and Florida Rock becoming wholly owned subsidiaries. It added approximately 1.7 billion tons of proven and probable reserves and led Vulcan to reorganize into Aggregates, Asphalt mix and Concrete, and Cement segments.
The mergers further diversify the geographic scope of our operations, expanding our presence in attractive Florida markets and in other high-growth southeastern and mid-Atlantic states, and adding approximately 1.7 billion tons of proven and probable mineral reserves.
Advisory firms were not disclosed for this transaction.