Blue Water Industries (BWI Southeast) completed its sale of 20 active aggregate operations in Alabama, South Carolina, South Florida, Tennessee and Virginia to Martin Marietta.
The deal is valued at $2.05 billion.
“The BWI Southeast acquisition naturally complements Martin Marietta’s existing geographic footprint in the dynamic Southeast region by allowing us to expand into new growth platforms in SOAR-specific target markets – including Nashville and Miami,” says Ward Nye, chairman, president and CEO of Martin Marietta. “Combined with the recent acquisition of Albert Frei & Sons Inc. in Colorado, these two pure-play aggregates transactions provide approximately 1 billion tons of proven, high-quality reserves and are expected to generate more than $180 million of annualized EBITDA.”
Blue Water Industries and its affiliates will continue to operate its aggregate operations in North Carolina and central Florida, as well as its marine terminal business.
“We are pleased to entrust these operations to Martin Marietta, an industry leader with strong values and a distinguished safety record,” says Ted Baker, CEO of Blue Water Industries. “I would like to thank our company’s dedicated employees, along with our partners at Blue Water Advisors for their investment and meaningful support over the years.”
