Troutman Pepper client Quikrete Holdings, Inc. announced it has entered into a definitive agreement to acquire Summit Holdings, Inc. for $52.50 per share in cash, for a total enterprise value of approximately $11.5 billion, including debt. The transaction combines Summit’s leading aggregates, cement, and ready-mix concrete businesses with Quikrete’s leading concrete and cement-based products. The transaction is expected to close in the first half of 2025, subject to Summit shareholder approval, regulatory approvals, and other customary closing conditions. Read a press release about the transaction.
A team of Troutman Pepper attorneys, including Partners David Ghegan, Steven Khadavi, Brad Boericke, and Mark Wilhelm, and Associates Tricia McNeill, Hannah Offerle, and Monica Vu are serving as legal counsel for the transaction. Dozens of other Troutman Pepper partners, associates, and legal professionals contributed to this transaction.
Quikrete is a privately owned family business founded in 1940. It is a leading building materials company based in Atlanta, Georgia. From the original yellow bag of premixed concrete, today Quikrete’s portfolio of brands includes Quikrete, Spec Mix, Rinker Materials, U.S. Pipe, Contech Engineered Solutions, Keystone Hardscapes, Pavestone, Custom Building Products, QPR, and other leading brands. The products produced by the collection of brands include packaged cementitious products, pavers, retaining wall systems, masonry units, tile grouts and thin sets, concrete pipe, box culverts, corrugated metal pipe, ductile iron pipe, engineered storm water systems, structural precast, and steel pedestrian and vehicular bridges. The company services the US and Canadian commercial construction, residential, and infrastructure markets.
Consistently recognized as a top-tier national practice, Troutman Pepper’s corporate attorneys regularly handle multimillion- and multibillion-dollar transactions. Core areas of service include capital markets transactions and other significant domestic and cross-border transactions, mergers and acquisitions, corporate governance, securities laws compliance, and corporate finance. The firm has particular expertise in the private equity and private fund services space, advising clients on matters from fund formation to investments and exit transactions.
Original source can be found here.