Summit Materials Successfully Merges with Quikrete
Deal News | Feb 10, 2025 | EIN
Summit Materials, Inc., a leading aggregates and cement producer, completed its merger with Quikrete Holdings, Inc., becoming a privately-held subsidiary. Quikrete acquired Summit for $52.50 per share, amounting to an enterprise value of approximately $11.5 billion, including debt. As part of this deal, Summit's shares have stopped trading on the NYSE. Advisors for the transaction included Morgan Stanley & Co. LLC and Evercore for Summit and Wells Fargo for Quikrete. Legal counsel involved Davis Polk & Wardwell LLP for Summit and Troutman Pepper Locke LLP along with Covington & Burling LLP for Quikrete. With Summit’s operations now under Quikrete, the combined entity will leverage its depth across United States and Canadian markets, focused on public infrastructure, residential, and non-residential sectors.
Sectors
- Construction Materials
- Infrastructure
Geography
- United States – Both Summit Materials and Quikrete have extensive operations throughout the United States.
- Canada – Summit Materials also operates within British Columbia, Canada, adding to the geographic diversity of its markets.
Industry
- Construction Materials – Summit Materials and Quikrete are both significant producers within the construction materials industry, specializing in aggregates and cement products for a wide range of applications.
- Infrastructure – Both companies supply materials critical for infrastructure projects across public and private sectors in the US and Canada.
Financials
- $11.5 billion – Total enterprise value of the merger, including debt.
- $52.50 – Purchase price per share of Summit Materials.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Summit Materials, Inc. | Target Company | Company | A leading producer of aggregates and cement operating primarily in the US and Canada. |
| Quikrete Holdings, Inc. | Acquiring Company | Company | A privately owned building materials company based in Atlanta, Georgia. |
| Morgan Stanley & Co. LLC | Financial Advisor to Summit | Company | Advised Summit on financial aspects of the merger. |
| Evercore | Financial Advisor to Summit | Company | Provided financial advisory services to Summit during the merger. |
| Davis Polk & Wardwell LLP | Legal Advisor to Summit | Company | Provided legal advice to Summit in the merger. |
| Wells Fargo | Financial Advisor to Quikrete | Company | Advised Quikrete on financial matters and provided a debt financing commitment for the merger. |
| Troutman Pepper Locke LLP | Legal Advisor to Quikrete | Company | Provided legal services to Quikrete during the merger. |
| Covington & Burling LLP | Legal Advisor to Quikrete | Company | Acted as legal counsel for Quikrete in the transaction. |