Sale of Southern Star closes, Colombia

Sale of Southern Star closes, Colombia
Published: 02 November 2005

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.