SOUTHLAKE, TEXAS | April 9, 2024 – The Greystone Group announced today that it advised Blue Water Industries LLC (“Blue Water”) on the sale of certain aggregates operations to Martin Marietta Materials, Inc.  (NYSE: MLM) for $2.05 billion in cash.  The transaction, which closed on April 5, 2024, consisted of 20 active aggregate operations in Alabama, South Carolina, South Florida, Tennessee and Virginia (“BWI Southeast”).  Greystone managed the transaction and acted as exclusive financial advisor to Blue Water.   Additional details of the transaction can be found at Blue Water Industries to Sell Certain Aggregates Operations (globenewswire.com).

“We have enjoyed a relationship with the Baker family for over 20 years and it was a pleasure and a privilege to be able to advise them on the sale of BWI Southeast” said Tim Oitzman, founder and president of Greystone.  “Greystone has been a trusted advisor for many years, and their knowledge of the aggregates industry was of great value to us on this transaction” said Ted Baker, CEO of Blue Water. 

About Blue Water Industries LLC

Blue Water Industries is a privately-held, pure-play construction aggregates producer in the United States.  Its footprint spans seven states, including Florida, Tennessee, North Carolina, South Carolina, Alabama, Mississippi and Virginia, and serves some of the fastest growing regions in the Southeast United States.  Blue Water was formed in 2017 as a partnership among John D. Baker II, Ted Baker II and an investment fund managed by Blue Water Advisors to acquire, develop and operate a portfolio of high-quality construction aggregates in the United States.  For additional information about Blue Water, please visit www.bluewaterindustries.com

About Blue Water Advisors LP

Blue Water Advisors LP is a private equity firm focused on investing in high-quality businesses in real assets and essential industries in partnership with industry-leading families, founders and operators.   For more information about Blue Water Advisors, please visit www.bwalp.com.

About Martin Marietta Materials

A member of the S&P 500 Index, Martin Marietta is an American-based company and a leading supplier of building materials – including aggregates, cement, ready mixed concrete and asphalt.  Martin Marietta owns a network of operations spanning 28 states, Canada and the Bahamas.  For more information about Martin Marietta, please visit www.martinmarietta.com.

About Greystone

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.