Vulcan Materials Company acquired U.S. Concrete, Inc. for $1.294 billion total equity value ($74.00 per share in cash), a transaction completed in August 2021, structured as all cash (funded via a $2.2 billion Truist senior unsecured bridge loan commitment at signing). The deal was a Merger.
U.S. Concrete, Inc. operates in Aggregates and Concrete. Vulcan acquired all outstanding shares of U.S. Concrete, a leading supplier of aggregates and ready-mixed concrete, via a merger with Grizzly Merger Sub I, Inc. U.S. Concrete, headquartered in Euless, Texas, ran 27 aggregates operations serving California, Texas and the Northeast that shipped 12.6 million tons in 2020, plus strategically located ready-mixed concrete operations. The deal added access to a blue-water source of high-quality aggregates reserves in California and expanded Vulcan into New York and New Jersey metros. It was expected to add approximately $190 million of EBITDA before synergies.
This transaction is a logical and exciting step in our growth strategy as we further bolster our geographic footprint ... a merger of two corporate cultures that value people, technology, operating disciplines, customer service and the entrepreneurial spirit.
U.S. Concrete is an important Vulcan customer in a number of key areas, and this transaction is a logical and exciting step in our growth strategy as we further bolster our geographic footprint. Ronnie Pruitt and his team have done an excellent job growing and operating its business, and we look forward to welcoming the U.S. Concrete employees to the Vulcan family.Tom Hill, Chairman and CEO, Vulcan Materials Company
Advisory firms were not disclosed for this transaction.