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Bode Concrete in San Francisco, California

Greystone Advises Bode Concrete on its Sale to U.S. Concrete

SAN DIEGO (October 2012) – The Greystone Group announced today that it served as exclusive financial advisor to Bode Gravel Co. and Bode Concrete LLC (collectively “Bode”), in its sale to U.S. Concrete, Inc. (NASDAQ: USCR). 

Bode is a premier supplier of concrete in the San Francisco Bay Area.  With two ready mix plants and a fleet of 41 mixer trucks, Bode produced approximately 243,000 cubic yards of concrete in 2011.  U.S. Concrete acquired Bode for a purchase price is $24.5 million payable in cash at closing, subject to adjustment for working capital, plus potential earn-out payments contingent upon reaching negotiated volume hurdles, in an aggregate amount of up to $7 million (plus accrued interest, if any) payable over a six-year period.

U.S. Concrete president and CEO, William J. Sandbrook, said “We are extremely pleased to have completed this acquisition.  Bode Concrete has a long and proud history of servicing the greater San Francisco construction market as the city’s preeminent supplier of ready mix concrete.  We look forward to continuing Bode’s reputation of environmental stewardship, quality production and unparalleled customer service as we welcome them into our network of operations in the greater Bay area.”

“Greystone’s proven knowledge of the construction materials industry and dedication and active participation throughout the process was critical to the successful completion of the Bode transaction” said Dan Boardman, president and shareholders’ representative of Bode.  This marks the 4th construction materials transaction managed by Greystone this year.

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