Peckham Industries acquired liquid asphalt terminal assets from The Gorman Group as part of a larger transaction wherein the entirety of Gorman is being sold.
According to Peckham, the terminal in Rensselaer, New York, is the largest privately held asphalt terminal on the East Coast. The deal will provide Peckham with additional opportunities to supply internal and external hot-mix asphalt plants and emulsion mills in the New York and New England region.
“This acquisition allows us to further integrate and grow our presence in the Hudson Valley region of New York, one of the most rapidly growing parts of the state,” says Damian Murphy, president of Peckham Industries. “We recognize the prominent history of Gorman and the significant contribution the business has made to the region. This terminal will enable Peckham to utilize the multimodal access offered by the Rensselaer terminal for expanded sourcing options, as well as increased proximity to our customers – all of which create opportunities to distribute asphalt in the most cost-efficient manner possible.
“This acquisition is a very proud moment for Peckham Industries,” Murphy adds, “and we look forward to the integration of these two family-owned and operated companies.”
Tony Gorman, president of Gorman, shares in Murphy’s excitement over the deal.
“Our shared values as family-owned companies will ensure a seamless transition as we work through the integration process,” Gorman says. “We are pleased that our terminal and employees will be a part of the growth of Peckham Industries in the surrounding region.”
FMI Capital Advisors served as the financial advisor to the Gorman family for this transaction.
