Greystone Advises 37 Building Products on Divestiture of 51 Sand & Gravel and American Concrete to Martin Marietta
SOUTHLAKE, TX | August 28, 2020 – The Greystone Group announced today that it advised 37 Building Products, Ltd. (“37 BP”) on the sale of its sand and gravel assets owned by 51 Sand & Gravel and ready mix assets owned by American Concrete to Martin Marietta Materials. Greystone initiated and managed the transaction and acted as exclusive financial advisor to 37 BP. The terms of the transaction were not disclosed.
Founded by Wayne Jones in 1997, American Concrete has been one of the fastest growing ready mix suppliers in Fort Worth, Texas, and is integrated with 51 Sand & Gravel southwest of Fort Worth. “Wayne built a fantastic business during the past 23 years and created a great culture for his employees. We were fortunate to have the opportunity to work with him and the 37 Building Products team,” said Tim Oitzman, President of Greystone. This is one of only a few transactions closed in the construction materials industry since the onset of COVID-19. 37 Building Products retained the assets of 37 Trucking, LLC, and will continue providing transportation services to the Dallas – Fort Worth metroplex.
Commenting on the transaction, Wayne Jones said, “When I thought about selling my business, it was really important to me that my employees had an opportunity to continue growing and the business culture at Martin Marietta seemed like a great fit. Tim and the team at Greystone came highly recommended, and their expertise and knowledge of the industry was apparent from our first meeting. They found the right buyer and were efficient at executing the transaction.”
About Martin Marietta Materials
Martin Marietta (NYSE: MLM), a member of the S&P 500 Index, is an American-based company and a leading supplier of building materials, including aggregates, cement, ready mixed concrete and asphalt, through a network of operations spanning 27 states, Canada and the Bahamas.
About The Greystone Group
Greystone is considered a leading M&A advisor to the construction materials industry, having managed over 60 industry transactions. Our focus on the construction materials industry allows us to provide unique and valuable insight to both our sell-side and buy-side clients. Since inception in 1996, we have developed unparalleled industry relationships and strong market knowledge which helps our clients achieve optimal results in their M&A transactions.