Summit Materials in line for cement IPO?

Summit Materials in line for cement IPO?
01 October 2014

Summit Materials LLC, which is co-founded by Blackstone Group LP, is preparing an initial public offering (IPO) this year as concrete deals intensify, according to sources quoted by Bloomberg.

The sharesale will be manage by Goldman Sachs Group Inc and Citigroup Inc and it is expected that the Denver-based cement company could be valued at about US$2.5bn in the IPO.

Summit Materials was formed about five years ago by CEO Tom W Hill, previously North American head of building materials at CRH plc. Investors include Blackstone and Silverhawk Capital Partners. Since its creation Summit Materials has carried out more than 30 acquisitions, including Mainland Sand & Gravel Ulc of Canada on 5 September and Texan company Troy Vines Inc last April.

Published under Cement News