U.S. Concrete Completes Purchase Of Orca Quarry Leased Land And Royalty Agreement - WIRE.RealEstate

U.S. Concrete Completes Purchase Of Orca Quarry Leased Land And Royalty Agreement

Mar 27, 2021 11:56 AM ET

 U.S. Concrete, Inc. a leading supplier of aggregates and ready-mixed concrete in active construction markets across the country, announced today that it has purchased fee simple property and the underlying royalty agreement associated with the Orca Quarry (“Orca”) on Vancouver Island, British Columbia, Canada. The acquisition includes approximately 1,551 acres in four parcels of previously leased land.

“Since the Polaris Materials acquisition in 2017, our strategic direction has been to grow our aggregates profitability and this acquisition eliminates the royalty agreement which immediately improves our aggregates margin and cash generation,” said Ronnie Pruitt, U.S. Concrete President and Chief Executive Officer.  “We take pride in being a disciplined buyer and this purchase provides an extremely attractive multiple. I am confident that Polaris, like all of our aggregates segment expansions, will continue to provide near- and long-term value to our shareholders. Since acquiring Polaris, our efforts in increasing the throughput at our Long Beach terminal, permitting of a new terminal in the Port of Oakland, and expanding through the Black Bear project will support the growth of our supply of high-quality, highly specified material to the aggregates constrained Southern and Northern California markets.”  

About U.S. Concrete
U.S. Concrete, Inc. is a leading supplier of aggregates and concrete for infrastructure, residential and commercial projects across the country. The Company holds leading market positions in the high-growth metropolitan markets of Dallas/Fort WorthSan FranciscoNew York CityPhiladelphia, and Washington, D.C., and its materials have been used in some of the most complex and highly specialized construction projects of the last decade. U.S. Concrete has continued to grow organically and through a series of strategic acquisitions of independent producers in its target markets.

For more information on U.S. Concrete, visit www.us-concrete.com.

See Campaign: http://www.us-concrete.com.
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