Summit Materials Completes Merger with Quikrete
Summit Materials (NYSE: SUM), a leading producer of aggregates and cement, has completed its previously announced merger with Quikrete Holdings. The transaction values Summit at $52.50 per share in cash, representing a total enterprise value of approximately $11.5 billion, including debt.
Following the completion of the merger, Summit Materials has ceased trading on the NYSE and has become a privately held subsidiary of Quikrete. Morgan Stanley & Co. and Evercore served as financial advisors to Summit, while Wells Fargo acted as exclusive financial advisor to Quikrete and provided debt financing commitment for the merger.
Summit Materials (NYSE: SUM), un produttore leader di aggregati e cemento, ha completato la fusione precedentemente annunciata con Quikrete Holdings. La transazione valuta Summit a $52,50 per azione in contanti, rappresentando un valore totale d'impresa di circa $11,5 miliardi, comprese le passività.
Dopo il completamento della fusione, Summit Materials ha cessato di essere quotata in borsa e è diventata una filiale privata di Quikrete. Morgan Stanley & Co. e Evercore hanno svolto il ruolo di consulenti finanziari per Summit, mentre Wells Fargo ha agito come consulente finanziario esclusivo per Quikrete e ha fornito impegni di finanziamento per il debito per la fusione.
Summit Materials (NYSE: SUM), un productor líder de agregados y cemento, ha completado su fusión anteriormente anunciada con Quikrete Holdings. La transacción valora a Summit en $52.50 por acción en efectivo, representando un valor total empresarial de aproximadamente $11.5 mil millones, incluyendo deudas.
Tras la finalización de la fusión, Summit Materials ha cesado su cotización en la NYSE y se ha convertido en una filial privada de Quikrete. Morgan Stanley & Co. y Evercore actuaron como asesores financieros de Summit, mientras que Wells Fargo actuó como asesor financiero exclusivo de Quikrete y proporcionó un compromiso de financiamiento para la deuda para la fusión.
서밋 소재 (NYSE: SUM), 집합체 및 시멘트의 선두 생산업체가 퀵리트 홀딩스와의 합병을 완료했습니다. 이 거래는 서밋의 가치를 현금으로 $52.50 per share로 평가하며, 부채를 포함한 총 기업 가치는 약 $11.5 billion입니다.
합병 완료 후 서밋 소재는 NYSE에서 거래를 중단하고 퀵리트의 사모 자회사로 전환되었습니다. 모건 스탠리 & 코와 에버코어는 서밋의 재무 자문을 담당한 반면, 웰스 파고는 퀵리트의 독점 재무 자문을 맡고 합병을 위한 부채 자금 조달 약속을 제공했습니다.
Summit Materials (NYSE: SUM), un producteur leader d'agrégats et de ciment, a finalisé sa fusion précédemment annoncée avec Quikrete Holdings. La transaction valorise Summit à 52,50 $ par action en espèces, représentant une valeur totale d'entreprise d'environ 11,5 milliards $, y compris la dette.
Suite à l'achèvement de la fusion, Summit Materials a cessé de négocier sur le NYSE et est devenue une filiale privée de Quikrete. Morgan Stanley & Co. et Evercore ont agi en tant que conseillers financiers pour Summit, tandis que Wells Fargo a agi en tant que conseiller financier exclusif pour Quikrete et a fourni un engagement de financement par emprunt pour la fusion.
Summit Materials (NYSE: SUM), ein führender Hersteller von Baustoffen und Zement, hat seine zuvor angekündigte Fusion mit Quikrete Holdings abgeschlossen. Die Transaktion bewertet Summit mit 52,50 $ pro Aktie in bar, was einen Gesamtunternehmenswert von etwa 11,5 Milliarden $ einschließlich Schulden darstellt.
Nach Abschluss der Fusion hat Summit Materials den Handel an der NYSE eingestellt und ist eine private Tochtergesellschaft von Quikrete geworden. Morgan Stanley & Co. und Evercore dienten als Finanzberater für Summit, während Wells Fargo als exklusiver Finanzberater für Quikrete fungierte und eine Verpflichtung zur Schuldverschreibung für die Fusion bereitgestellt hat.
- All-cash transaction at $52.50 per share provides immediate value to shareholders
- Total enterprise value of $11.5 billion represents significant deal size
- Strategic merger with industry leader Quikrete strengthens market position
- Delisting from NYSE removes public trading opportunity for investors
- Significant debt financing involved in the transaction
- Loss of independent investment opportunity in aggregates and cement sector
Insights
The completion of Summit Materials' acquisition by Quikrete marks a transformative $11.5 billion deal that reshapes the construction materials landscape. The transaction's structure, featuring an all-cash consideration at
The merger combines Summit's extensive aggregates and cement operations with Quikrete's established presence in concrete products, creating a vertically integrated powerhouse. This consolidation addresses several strategic imperatives: operational synergies through combined distribution networks, enhanced pricing power in local markets and improved supply chain resilience.
The involvement of Wells Fargo in both advisory and financing capacities is noteworthy, suggesting a well-structured debt package that supports the transaction. This deal continues the construction materials sector's consolidation trend, where scale and vertical integration are increasingly critical for maintaining competitive advantages and managing cyclical market dynamics.
For the broader industry, this merger signals potential further consolidation as mid-sized players may seek strategic alternatives to remain competitive. The privatization of Summit also reduces public investment options in the aggregates sector, potentially driving increased investor attention to remaining public players.
Summit's common stock has ceased trading on the NYSE and will no longer be listed on any public market. Additionally, the Company has become a privately held subsidiary of Quikrete.
Advisors
Morgan Stanley & Co. LLC and Evercore are acting as financial advisors to Summit, and Davis Polk & Wardwell LLP is acting as legal advisor. Wells Fargo is acting as exclusive financial advisor to Quikrete, and Troutman Pepper Locke LLP and Covington & Burling LLP are acting as legal counsel. Wells Fargo has provided a debt financing commitment for the Merger.
About Summit Materials, Inc.
Summit Materials is a market-leading producer of aggregates and cement with vertically integrated operations that supply ready-mix concrete and asphalt in select markets. Summit is a geographically diverse, materials-led business of scale that offers customers in the United States and British Columbia, Canada high quality products and services for the public infrastructure, residential and non-residential end markets. Summit has a strong track record of successful acquisitions since its founding and continues to pursue high-return growth opportunities in new and existing markets. For more information about Summit Materials, please visit www.summit-materials.com.
About Quikrete Holdings, Inc.
Quikrete Holdings, Inc. (Quikrete) is a privately owned family business founded in 1940. It is a leading building materials company based in Atlanta, Georgia. From the original yellow bag of premixed concrete, today Quikrete's portfolio of brands includes Quikrete, Spec Mix, Rinker Materials,
Contacts:
Andy Larkin
VP, Investor Relations
Summit Materials, Inc.
andy.larkin@summit-materials.com
720-618-6013
Jim Barron/Benjamin Spicehandler/Danielle Berg
FGS Global
Summit@fgsglobal.com
Patrick Lenow
Vice President, Marketing & Communications
Quikrete Holdings, Inc.
404-634-9100
Patrick.Lenow@quikrete.com
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SOURCE Summit Materials, Inc.
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