Martin Marietta is an American aggregate producer. Image: Victoria//stock.adobe.com
Martin Marietta has confirmed it has completed its acquisition of aggregate operations from Blue Water Industries.
Martin Marietta has acquired 20 active aggregate operations in Alabama, South Carolina, South Florida, Tennessee, and Virginia for $2.05 billion in cash.
“The BWI Southeast acquisition naturally 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,” Martin Marietta chairman and chief executive Ward Nye said.
“Combined with the recent acquisition of Albert Frei & Sons, Inc. in Colorado, these two pure-play aggregates transactions provide approximately 1 billion tons of proven, high-quality reserves and are expected to generate more than $180 million of annualized EBITDA.”
Blue Water Industries and its affiliates will continue to operate its aggregates operations in North Carolina and central Florida, as well as its marine terminal business.
Wachtell, Lipton, Rosen & Katz served as legal advisor to Blue Water Industries. The Greystone Group served as financial advisor to Blue Water Industries.
“We are pleased to entrust these operations to Martin Marietta, an industry leader with strong values and a distinguished safety record,” Blue Water Industries chief executive Ted Baker said.
“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.”
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