Granite Construction completed its acquisition of Dickerson & Bowen, an aggregate, asphalt and highway construction company serving central and southern Mississippi.
Granite describes the deal as a bolt-on to its 2023 acquisition of Lehman-Roberts Co. and Memphis Stone & Gravel. Granite financed the Dickerson & Bowen acquisition through cash on hand.
“We are excited to complete this acquisition of an outstanding materials-focused business that expands our footprint in the Southeast,” says Kyle Larkin, president and CEO of Granite. “This purchase continues our ‘strengthen and expand’ capital allocation strategy by investing in vertically integrated construction and materials operations that have been our core business for over 100 years.
“I expect Granite to continue to grow both organically and through M&A as we continue to implement our strategy,” Larkin adds. “Although we remain very selective, we are continually evaluating M&A opportunities within our existing footprint, as well as in new geographies.”
The completion of the Dickerson & Bowen purchase comes shortly after Granite published its second-quarter financial results. Granite’s materials segment experienced a series of gains in the second quarter, including in revenue and gross profit.
“I am pleased with our strong second quarter,” Larkin says. “Our teams continue to execute on our plan, and we are seeing the expected results.”
