GREYSTONE ADVISES CHARLEY’S CONCRETE ON SALE TO SRM CONCRETE
SOUTHLAKE, TEXAS | April 4, 2022 – Greystone Group announced today that it advised Charley’s Concrete Co., Ltd. and its affiliates (“Charley’s”) on the sale to Smyrna Ready Mix Concrete, LLC (“SRM Concrete”). Greystone initiated and managed the transaction and acted as exclusive financial advisor to Charley’s. The terms of the transaction were not disclosed.
Founded by Charles Pennington in 1985, Charley’s has become the largest independent ready mix producer in the Greater Dallas-Fort Worth Metroplex. Operating 9 ready mix plants on 6 sites and a fleet of 114 mixers, Charley’s produced over 1.1 million cubic yards of concrete in 2021 and is integrated with a sand distribution business north of Fort Worth that supplies nearly 600,000 tons of high quality concrete sand. “Brent has built a tremendous team of dedicated employees and has been able to significantly grow the business that his father started over 35 years ago. Brent is highly respected in the industry and by his employees and we were honored to advise him in this transaction,” said Tim Oitzman, President of Greystone. This is the 5th transaction that Greystone has closed in the construction materials industry in the past 7 months.
Commenting on the transaction, Brent Pennington said, “It was important for me to sell to a family owned company with similar values that would be good to my employees. This was one of the most difficult decisions I’ve had to make and I’m grateful that Greystone was there to guide me through this process.”
About SRM Concrete
SRM Concrete is the largest privately-owned ready-mix concrete manufacturer in the country. Established in 1999 by Mike and Melissa Hollingshead in Smyrna, Tennessee, the family-owned company owns and operates an expansive network of ready-mix concrete plants, quarries, cement terminals, and other ancillary services. SRM Concrete focuses on providing building material services across the commercial and residential construction segments.
Greystone is considered a leading M&A advisor to the construction materials industry, having managed over 70 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.