Vulcan Materials acquisition history

Vulcan acquired Florida Rock Industries, a leading producer of construction aggregates, cement, concrete and concrete products in the southeastern and mid-Atlantic states. The transaction was structured through a new holding company (formerly Virginia Holdco, Inc., renamed Vulcan Materials Company) with Legacy Vulcan and Florida Rock becoming wholly owned subsidiaries. It added approximately 1.7 billion tons of proven and probable reserves and led Vulcan to reorganize into Aggregates, Asphalt mix and Concrete, and Cement segments. approximately $4.7 billion (cash and stock); 2007 acquisition spend of $4,737.3 million was dominated by Florida Rock.

Vulcan Construction Materials, LLC agreed to acquire the aggregates business of SPO Partners, Aggregates USA LLC, which operated 31 facilities serving high-growth markets in Georgia, Florida, Tennessee, South Carolina and Virginia. The portfolio included three granite quarries in Georgia (two with rail capabilities), 16 rail distribution yards across Georgia, South Carolina and Florida, and 12 limestone quarries in eastern Tennessee and southwest Virginia. Vulcan indicated it might divest several Tennessee quarries to expedite regulatory approval; the deal closed during 2017. $900 million in cash (approximately $287.3 million of assets were immediately divested at closing; net material acquisition consideration in 2017 was $793.5 million).

We are pleased to have reached agreement with SPO Partners for these strategic assets, which enhance our ability to serve high growth markets throughout the southeastern U.S. With the addition of these quarries and related assets, Vulcan will be able to capitalize on continuing increases in state highway funding programs in Georgia, Florida, South Carolina, Tennessee, and Virginia, and on the continued private sector growth across the region.Tom Hill — Chairman and Chief Executive Officer, Vulcan Materials Company

Vulcan acquired all outstanding shares of U.S. Concrete, a leading supplier of aggregates and ready-mixed concrete, via a merger with Grizzly Merger Sub I, Inc. U.S. Concrete, headquartered in Euless, Texas, ran 27 aggregates operations serving California, Texas and the Northeast that shipped 12.6 million tons in 2020, plus strategically located ready-mixed concrete operations. The deal added access to a blue-water source of high-quality aggregates reserves in California and expanded Vulcan into New York and New Jersey metros. It was expected to add approximately $190 million of EBITDA before synergies. $1.294 billion total equity value ($74.00 per share in cash).

U.S. Concrete is an important Vulcan customer in a number of key areas, and this transaction is a logical and exciting step in our growth strategy as we further bolster our geographic footprint. Ronnie Pruitt and his team have done an excellent job growing and operating its business, and we look forward to welcoming the U.S. Concrete employees to the Vulcan family.Tom Hill — Chairman and CEO, Vulcan Materials Company

Vulcan agreed to acquire Wake Stone Corporation, a leading pure-play aggregates supplier in the Carolinas, established in 1970. The acquisition was expected to provide more than 60 years of quality hard rock reserves serving attractive high-growth geographies, most notably Raleigh, North Carolina. The transaction closed in the fourth quarter of 2024 and, together with Superior Ready Mix, was deemed collectively material in Vulcan's FY2024 10-K. not individually disclosed (Wake Stone and Superior Ready Mix were collectively material, with combined purchase consideration of approximately $2,090.7 million).

We look forward to welcoming Wake Stone to the Vulcan family. Established in 1970, Wake Stone has successfully built a leading aggregates franchise that shares many of the same values as Vulcan. Our people are at the heart of our business, and we are excited to work with the talented Wake Stone team.Tom Hill — Chairman and Chief Executive Officer, Vulcan Materials Company

Vulcan agreed to acquire Superior Ready Mix Concrete, L.P., a leading Southern California building materials company founded in 1958. The acquisition adds six aggregates operations with more than 50 years of quality aggregates reserves to Vulcan's California franchise, plus two asphalt plants and thirteen ready-mixed concrete locations. The transaction was expected to close by the end of 2024 and was recorded among Vulcan's 2024 business acquisitions. not individually disclosed (part of Wake Stone and Superior combined consideration of approximately $2,090.7 million).

Since its beginnings in 1958, Superior has had an unwavering commitment to excellence and a long and successful track record of providing high quality products and services to its customers. Our continuous improvement culture is about making the best even better, and we look forward to working with the Superior team to do just that.Tom Hill — Chairman and Chief Executive Officer, Vulcan Materials Company