As part of the combination, Eco received investments from middle market private equity firm One Equity Partners (OEP), global growth investor Warburg Pincus and historical Green Cement shareholders. Along with these investments, the company priced and closed $525 million of green bonds to facilitate the transaction.
Eco transforms industrial waste into environmentally-friendly substitutes for everyday products. The company is a distributor of fly ash, a byproduct of thermal power generation that is used as an alternative to traditional cement, and maintains patented technologies to convert fly ash and other natural materials into products like its proprietary Pozzoslag.
Eco says Pozzoslag exceeds the strength, durability, and performance of traditional cement in concrete, while generating approximately 99% lower carbon dioxide (CO2) emissions.
Eco CEO Grant Quasha says: "Eco Material is truly the best of both worlds, combining the largest network of cement alternatives in the US with an innovative, proven technology that increases their environmental and economic value. The company is excited to partner with OEP, Warburg Pincus, our Green Bond holders and our 1,100 new team members on its journey towards decarbonising the materials industry, starting with the cement sector, which generates approximately 8% of global CO2 emissions."
OEP managing director Matt Hughes says: "Bringing together Green Cement and Boral creates immediate synergies, positions the company to take advantage of new growth opportunities, and will enable it to have an even greater positive environmental impact by repurposing harmful waste into carbon-reducing products."
Warburg Pincus managing director Roy Ben-Dor says: "Fly ash represents one of the largest streams of industrial waste in the country, creating the unique opportunity for Eco Material to simultaneously solve a serious environmental challenge for utilities while lowering the carbon footprint of high-emitting industries like cement.”
