ACG Materials, a portfolio company of H.I.G. Capital, has acquired North Florida Rock, a miner and processor of limestone products. The buy of North Florida Rock is the sixth add-on acquisition that ACG has completed since H.I.G. acquired the company at the end of 2012.
North Florida Rock’s products are used in infrastructure, agriculture and building products applications. The company owns and operates a quarry near Tallahassee in Marianna, FL and ships rocks across the Florida Panhandle, Alabama, and Georgia.
ACG Materials is a diversified minerals miner and processor with 20 mines, 4 downstream processing facilities and over 500 million tons of reserves across Oklahoma, Texas, Nevada, Washington and British Columbia. The company supplies varying grades of gypsum, anhydrite, limestone, caliche, sand & gravel, and aggregate products that serve industries such as building products (wallboard, plasters, decorative home goods), agriculture (fertilizer), infrastructure (roads, bridges), oil & gas (roads and well pads) and food & pharmaceuticals (animal feed, beer, baked goods). ACG Materials was founded as Harrison Gypsum in 1955 and is headquartered in Norman, OK (www.acgmaterials.com).
H.I.G. Capital acquired ACG Materials in 2012. In 2013 the company acquired several aggregates sites in South Texas and expanded again in 2014 to give the company 12 operating pits in the region. In 2014 the company also acquired MK Crushing, with locations in Oklahoma and Kansas, to add to its limestone reserves. In January 2015, ACG acquired JA Jack (www.jajack.com), a Seattle-based limestone producer that specializes in high-quality limestone products such as grits and flours. In August 2015, ACG completed the buy of Art Wilson Company (www.awgypsum.com). Art Wilson mines, processes, and markets anhydrite, gypsum and limestone products used in agricultural, industrial, and commercial applications across Nevada, California, Washington, Oregon, and Idaho.
“We are pleased to support ACG Materials in its acquisition of North Florida Rock,” said Keval Patel, a Managing Director of H.I.G. Capital. “The investment further establishes ACG as a national, pure-play industrial minerals and aggregates provider and continues our strategy to expand ACG’s geographic reach and end market diversification. The Southeastern US remains a key expansion area for ACG and, as the market leader across the Florida Panhandle, North Florida Rock will help accelerate our growth in this region.”
“We are excited about the strategic expansion of our operations into the Southeastern US,” said Paul Harrington, CEO of ACG Materials. “North Florida Rock not only allows us to grow outside our core Oklahoma, Texas, and Pacific Northwest markets, but also significantly expands our customer footprint and portfolio of limestone products within our expertise of mineral processing.”
H.I.G. specializes in providing capital to small and medium-sized companies and invests in management-led buyouts and recapitalizations of manufacturing or service businesses. H.I.G. has more than $20 billion of capital under management. The firm was founded in 1993 and is based in Miami with additional offices in Atlanta, Boston, Chicago, Dallas, New York, San Francisco, London, Hamburg, Madrid, Milan, Paris, and Rio de Janeiro (www.higcapital.com).
© 2017 Private Equity Professional | May 3, 2017
