Greystone Advises Midwest Products Group on Sale to Quikrete
SOUTHLAKE, TEXAS (May 20, 2019) – Greystone Advisors, LLC, a leading investment bank focused on the construction materials industry, announced today that it advised Midwest Products Group (“MPG” or the “Company”) on its sale to Best Block, LLC, an affiliate of The QUIKRETE® Companies (“QUIKRETE®”). Headquartered in Jefferson City, Missouri, MPG is one of the largest privately owned producers and distributors of masonry and landscape building materials in the country. Founded in 1947 as Midwest Block and Brick, the Company serves ten Midwestern states from 19 facilities with more than 320 employees.
Tim Oitzman, President of Greystone, said “We were pleased to be able to represent Pat Dubbert and the Farmer family in the divestiture of MPG. As one of the premier producers and distributors of masonry and building materials in the Midwest, it was a privilege to manage the transaction. We have enjoyed a relationship with the Farmers for nearly 20 years.”
MPG was an affiliate of the Farmer Companies, a leading integrated supplier of construction materials. Kirk Farmer of Farmer Companies said, “We are grateful to have been a part of the growth of MPG along with the many talented people in the organization for the past three decades. While it was a difficult decision for the family, we decided it was in everyone’s best interest to divest MPG and focus on expanding our core business of aggregates, concrete, asphalt and other heavy construction materials.”
Pat Dubbert, CEO of MPG, will continue to manage the Company along with the existing MPG management team. “We are pleased to have found a buyer that will continue to expand our business and value the relationships we have with our customers and employees,” said Dubbert.
Will Magill, President and COO of QUIKRETE®, said, “We are excited to add MPG to the QUIKRETE® family of companies and expand our footprint in the Midwest region. The acquisition strengthens our position in masonry and landscape building materials in the region and fits with our overall growth strategy allowing us to better serve our customer base.”
QUIKRETE®, based in Atlanta, is the largest manufacturer of packaged concrete and cement mixes in North America, and an innovative leader in the commercial building and home improvement industries. In addition, QUIKRETE® offers related products through numerous wholly-owned subsidiaries including Spec Mix®, Keystone® Hardscapes, Pavestone®, Custom Building Products®, Contech®, Rinker Materials, Target Technologies®, Daubois® and QPR®. Collectively, The QUIKRETE® Companies operate in approximately 300 facilities in the U.S., Canada, Puerto Rico and South America, allowing for unsurpassed distribution and product depth. Technical centers across the QUIKRETE® network also ensure that professionals and consumers alike are provided with the most innovative and highest quality products available on the market.
Greystone is a considered a leading M&A advisor to the construction materials industry, having managed over 60 industry related 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.