Ramming Paving Company Ltd. Has Been Acquired by Summit Materials
HOUSTON, November 14, 2011 - GulfStar Group is pleased to announce the acquisition of Ramming Paving Company Ltd., RTI Hot Mix, RTI Materials and affiliated companies (collectively "Ramming" or the "Company") by Summit Materials, LLC. GulfStar served as financial advisor to Ramming throughout the transaction, which closed on October 28, 2011.
Ramming, founded in 1993 by John Ramming, is an integrated construction materials company and is one of the largest independent aggregate and asphalt producers serving the greater Austin and San Antonio, Texas markets. Ramming Paving offers a full range of services in all aspects of the asphalt industry including paving, patching, striping, seal coating and recycling. RTI Hot Mix provides hot and cold mix asphalt from its two asphalt plants located in Georgetown and Buda, Texas. RTI Materials operates an aggregate quarry in Georgetown, Texas, supplying crushed aggregates ranging from base to concrete and hot mix aggregates.
"GulfStar was instrumental in helping us achieve our objectives," said John Ramming. "They navigated us through the entire process and developed a plan that fit our strategic goals. We are very pleased with GulfStar's services and are excited about joining Summit Materials."
Summit Materials was formed in 2009 to develop a leading business in the aggregates and heavy-side building materials sector through strategic acquisitions. Summit Materials was founded by its CEO Tom Hill and a group of investors that include members of its management team, Blackstone Capital Partners V L.P. and Silverhawk Capital Partners. Tom Hill is the former CEO of Oldcastle Inc., the U.S. division of CRH, Plc.
The GulfStar Group transaction team included Managing Director Alan Blackburn, Vice President Justin Moers and Associate Jay Stone. "We were very pleased to work with John Ramming and his team on this transaction," said Alan Blackburn. "We believe the Company will significantly strengthen Summit Materials' market presence in central Texas."
About GulfStar Group
GulfStar Group is a leading middle market investment and merchant bank headquartered in Houston, Texas, with a strong market presence in Austin, Dallas, Louisiana and Oklahoma. GulfStar specializes in providing merger and acquisition advisory services, institutional private placements of equity and debt, restructuring and turnaround advisory services and general corporate finance advisory services to companies with revenues or enterprise values generally ranging from $25 million to $350 million. Since its formation in 1990, GulfStar has completed over 500 transactions in more than 30 states and six foreign countries across a variety of industries. Through its merchant banking affiliate, the firm also makes equity and subordinated debt co-investments.
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