Arcosa says StonePoint is one of 25 aggregates companies in the US with approximately 9 million tonnes of annual production across 20 locations, and more than 40 years of reserve life.
Antonio Carrillo, CEO at Arcosa, says: “The acquisition adds a pipeline of organic growth opportunities and bolt-on acquisitions in attractive new geographies, as well as a top-notch operating team with extensive experience in construction materials.”
The acquisition was funded with proceeds from the previously announced private offering of $400 million of 4.375% senior unsecured notes.
“We are also pleased to execute our inaugural debt issuance of $400 million in senior notes,”Carrillo continues.
“Arcosa’s debut offering was well-received by fixed income investors and provides an attractive source of long-term capital. Our balance sheet and liquidity remain strong after the acquisition, and we look forward to integrating StonePoint and continuing to look for other disciplined capital allocation opportunities in attractive infrastructure markets.”
StonePoint operates in the Gulf Coast (Texas, Louisiana, Mississippi), Tennessee/Kentucky, and Pennsylvania/West Virginia.
Aroca acquired StonePoint from an affiliate of Sun Capital Partners.