Greystone Advises Boral on sale of its Denver Aggregate and Ready Mix Business
SAN DIEGO (June 28, 2018) – Greystone Group LLC is pleased to announce the sale of Ready Mixed Concrete Company (“RMCC”) to Brannan Sand and Gravel Company, LLC (“Brannan”). Greystone acted as the exclusive financial advisor to Boral North America (“BNA”) in this transaction.
RMCC, which was wholly owned by BNA, is a leading supplier of ready mix concrete, sand and gravel in the greater Denver metro area. RMCC operates six ready mix plants and is integrated with an aggregate operation in Fort Lupton, Colorado. BNA is the U.S. division for Boral Limited (ASX: BLD), a large international building products and construction materials group based in Sydney, Australia.
Boral’s CEO and Managing Director, Mike Kane, said that while the Colorado construction materials business has performed well, these are the only concrete and quarry operations that Boral owns in the USA and the business was considered non-core. Boral retained the Greystone Group in February 2018 to explore divestiture options for RMCC. Boral has relied on Greystone to divest other U.S. construction materials divisions, including its Boral Best Block business to Quikrete in 2012, its ready mix business in Oklahoma in 2013 and its Davis, Oklahoma Quarry to Martin Marietta in 2015.
“We have enjoyed a long-term relationship with Greystone. They have been providing Boral with strategic planning advice for nearly 20 years, both on acquisitions and divestitures. They are a trusted advisor and we appreciate having them on our team” said David Mariner, President of Boral North America.
“We are thankful for our long-term clients like Boral. We have enjoyed working with their entire team over the years. We started working with Mike Kane when he was the CEO of Pioneer Concrete of America in the early 1990s and remain grateful to have maintained that relationship for nearly 20 years” said Tim Oitzman, Managing Director of Greystone.
About Brannan Sand and Gravel
Brannan is a leading vertically integrated construction materials company serving the Denver metro area. Brannan produces and supplies asphalt and ready mix concrete products and provides asphalt paving and specialized construction services in the greater Denver metro area. The Company operates out of four divisions: Brannan Sand and Gravel, Brannan Ready Mix, Brannan Material Sales and Brannan Construction.
Greystone is 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.