Posted on July 17, 2024
Heidelberg Materials North America announced today that it has entered into a definitive purchase agreement to acquire Highway Materials, Inc., one of the largest independent aggregates and asphalt producers in the Greater Philadelphia market. Included with this acquisition are four crushed stone quarries, nine hot-mix asphalt plants, two clean fill operations, a concrete recycling facility, a construction services business and more than 350 employees.
“The addition of the Highway Materials business, with its broad range of products and more than 80 years of history in Pennsylvania, is a great opportunity to strengthen the company’s aggregate reserves in this core market while also growing our recycling operations,” said Matteo Rozzanigo, President of the Northeast Region for Heidelberg Materials North America.
Earlier this month, the company successfully acquired Victory Rock, a producer of high-quality aggregates for concrete and asphalt as well as other related products with two well-positioned quarries in the greater Texas Triangle.
“The acquisition of Victory Rock further solidifies our existing footprint in Texas and expands our reach in the key growth markets of Austin, Killeen/Temple and Fort Worth,” said Chris Hobby, President of the Southwest Region for Heidelberg Materials North America.
With these two acquisitions plus the previously announced acquisition of Texas-based Aaron Materials, Heidelberg Materials North America further strengthens its materials and recycling businesses in its core markets of Texas and Pennsylvania. The purchase price for these transactions totaled approximately $380 million with a combined expected post synergies EBITDA of around $50 million.
“We are excited to welcome the Highway Materials, Victory Rock and Aaron Materials employees to Heidelberg Materials,” said Chris Ward, President and CEO of Heidelberg Materials North America. “The addition of these operations complements our existing aggregates businesses in Texas and Pennsylvania while also adding to our rapidly growing portfolio of circular solutions across North America.”
