Colombian cement maker Compaña de Cemento Argos SA has completed a $245m acquisition of Southern Star Concrete Inc.
The sellers of the Irving, Texas-based ready-mixed cement producer were private equity firms Texas Growth Fund and Austin Ventures, both of Austin, Texas.
The deal’s completion was announced Tuesday, Nov 1, by McColl Partners LLC, a Charlotte, NC-based investment bank that was financial adviser to Southern Star and its private equity backers.
The Medellin, Colombia-based buyer’s subsidiary, Cementos del Caribe SA, executed the purchase.
The deal was the largest buy in the US by a Colombian company, according to McColl.
"Compaña de Cemento Argos wanted to secure a good outlet for their long-term cement business in the US, and this [deal] was a very good opportunity to grow the business," said Eric Andreozzi, a managing director at McColl.