Troutman Pepper Locke represented Quikrete Holdings, Inc., a building materials company servicing the U.S. and Canadian infrastructure, commercial, and residential markets, in its acquisition of Summit Holdings, Inc., a leading producer of aggregates and cement, for a total enterprise value of approximately $11.5 billion, including debt.
In connection with the financing of the acquisition, Troutman Pepper Locke represented Quikrete in a $3.95 billion term loan facility and a $1.50 billion revolving loan facility, as well as a Rule 144A offering of $3.95 billion aggregate principal amount of 6.375% senior secured notes due 2032 and $1.50 billion aggregate principal amount of 6.750% senior notes due 2033.
A team of attorneys, including corporate partners David Ghegan, Steven Khadavi, Mark Wilhelm, and associate Hannah Offerle, finance partners Brad Boericke, Tricia McNeill, and Jonathan Homer, capital markets partner Betty Segaar and associates Jacob Richards, Steven Soffer, Stuart Craft, and Carlo Dehart, served as legal counsel in connection with the acquisition financing. Dozens of other Troutman Pepper Locke partners, associates, and legal professionals also contributed to this transaction.
Quikrete is a privately owned family business founded in 1940. It is a leading building materials company based in Atlanta. From the original yellow bag of premixed concrete, today Quikrete’s portfolio of brands includes Quikrete, Spec Mix, Rinker Materials, U.S. Pipe, Contech Engineered Solutions, Keystone Hardscapes, Pavestone, Custom Building Products, QPR, and other leading brands. The products produced by the collection of brands include packaged cementitious products, pavers, retaining wall systems, masonry units, tile grouts and thin sets, concrete pipe, box culverts, corrugated metal pipe, ductile iron pipe, engineered storm water systems, structural precast, and steel pedestrian and vehicular bridges. The company services the U.S. and Canadian commercial construction, residential, and infrastructure markets.