PB Materials Completes the Acquisition of Ready-Mix Concrete and Aggregate Assets
ODESSA, TX PB Materials Holdings, Inc., a leading, regional producer of aggregates and ready mix concrete in the Permian Basin that is majority owned by funds managed by WL Ross & Co. LLC, has completed the simultaneous acquisitions of substantially all of the assets of ARM Trucking Limited Company, Kermit Concrete Co. LLC and WUUD Aggregate, LLC. ARM Concrete and Kermit Concrete are leading providers of ready-mix concrete in Lubbock, Texas, and Kermit, Texas, and the surrounding markets. WUUD Aggregate provides sand and gravel in the Permian Basin and has a significant reserve position in the region.
Christopher Crouch, Chief Executive Officer of PB Materials Holidngs, Inc. said, "We are excited to add this group of assets and welcome the employees of the three businesses to the PBM team. The operations are a sound fit with our existing strategic asset base in the Permian Basin and further allow PB Materials to provide high quality service and construction materials to our customers in the region."
The combined assets acquired by PBM will add to the Company's current operations by providing additional vertical integration throughout PBM's footprint in west Texas and eastern New Mexico and expanding the Company's existing aggregate and ready-mix concrete operations in its core markets. The acquisition will enable the Company to better serve the marketplace and its customers and benefit from regional growth trends.
Patrick Machir, Principal at WL Ross and Director of PB Materials Holidngs, Inc. said, "The acquisition continues PB Materials' strategy of acquiring strategic assets that augment PBM's footprint and position the business to capitalize on growth opportunities in the Company's end-markets. The acquired operations will expand PBM's ready-mix and aggregate capabilities, enhance its aggregate reserve position and strengthen its ability to serve its customer base in the region."