Summit Materials makes two acquisitions
Summit Materials, a building materials company formed by the former CEO of Oldcastle, has announced two acquisitions to further build its platform of companies in Salt Lake City.
Summit has concluded the purchase, for an undisclosed price, of Kilgore Paving and Maintenance, an asphalt production and paving company, and the aggregates, ready-mix concrete and construction assets of Harper Cos. Both businesses, which are based in Salt Lake City, have merged to form Harper-Kilgore, an integrated materials and construction company. Jason Kilgore, the former owner of Kilgore Paving and Maintenance, will run Harper-Kilgore.
Tom Hill, CEO of Summit, said in a prepared statement: "We are very pleased to form our third regional platform in Salt Lake City through these acquisitions. Utah is an attractive business environment, and we are delighted to establish a position in this market."
Summit Materials was formed in 2009 by Hill, the former CEO of Oldcastle, and a group of private investors that include Capital Partners V L.P., Silverhawk Capital Partners and Charles "Chip" Goodyear, former CEO of BHP Billiton. The firm says it intends "to develop a leading business in the aggregates and heavy-side building materials sector through strategic acquisitions." Other Summit companies are Hamm Inc. in Perry, Kan. (acquired September 2009), Hinkle Contracting Co. in Paris, Ky. (February 2010), Cornejo & Sons in Wichita, Kan. (April 2010) and Continental Cement Co. in Hannibal, Mo. (May 2010).