ACG Materials, a portfolio company of H.I.G. Capital, has acquired North Florida Rock Ltd. Financial terms weren’t announced. NFR mines and processes limestone products sold into infrastructure, agriculture and building products applications.
MIAMI–(BUSINESS WIRE)–H.I.G. Capital, LLC (“H.I.G.”), a leading global private equity investment firm with $21 billion of equity capital under management, is pleased to announce that its portfolio company, ACG Materials (“ACG” or the “Company”), a leading, vertically integrated producer and processor of high-quality industrial minerals and aggregates including gypsum, limestone, sand, gravel and downstream food, pharmaceutical and plaster products, has acquired North Florida Rock, Ltd (“NFR”).
NFR is a market leading miner and processor of limestone products sold into infrastructure, agriculture and building products applications. NFR owns and operates a quarry in Marianna, Florida and ships rocks across the Florida Panhandle, Alabama, and Georgia.
“We are excited about the strategic expansion of our operations into the Southeastern U.S.,” commented Paul Harrington, Chief Executive Officer of ACG Materials. “NFR 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. NFR has had a long successful history dating back to 1998, and we will be sure to serve as great stewards of the business going forward.”
“We are pleased to support ACG Materials in its acquisition of North Florida Rock,” commented 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 U.S. remains a key expansion area for ACG and, as the market leader across the Florida Panhandle, NFR will help accelerate our growth in this region.”
NFR is the sixth add-on acquisition that ACG Materials has made since H.I.G. acquired the Company at the end of 2012.
About North Florida Rock
Established in 1998, NFR is a market leading miner and processor of limestone products sold into infrastructure, agriculture and building products applications. NFR owns and operates a quarry in Marianna, Florida and ships rocks across the Florida Panhandle, Alabama, and Georgia.
About ACG Materials
ACG Materials, based in Norman, Oklahoma, mines, mills, processes, and distributes industrial minerals and aggregates including gypsum, anhydrite, limestone, sand, gravel and downstream food, pharmaceutical and plaster products across a diverse set of end markets including building products, energy, industrials, infrastructure, agriculture, food and pharmaceuticals. The Company operates out of 21 locations throughout Oklahoma, Texas, Florida, Kansas, Nevada, Washington, and British Columbia. ACG Materials was founded as Harrison Gypsum, LLC in 1955. For more information, call 1-800-624-5963, or visit www.acgmaterials.com.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with $21 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and México City, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.