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OEP and Warburg Pincus invests in Eco Material

One Equity Partners and Warburg Pincus have made investments in Eco Material, a producer of sustainable cementitious materials.

One Equity Partners and Warburg Pincus have made investments in Eco Material, a producer of sustainable cementitious materials. No financial terms were disclosed.

PRESS RELEASE

NEW YORK, Feb. 10, 2022 /PRNewswire/ — Eco Material Technologies (“Eco Material” or the “Company”), a leading producer of sustainable cementitious materials, today announced that it has completed the acquisitions of Boral Resources (“Boral”), Boral Limited’s (ASX: BLD) North American fly ash business, and Green Cement Inc. (“Green Cement”), a manufacturer of near-zero carbon cement alternatives. Eco Material is a newly-formed company dedicated to decarbonizing the materials industry through scalable and proven technological solutions. As part of the combination, Eco Material received significant investments from One Equity Partners (“OEP”), a middle market private equity firm, Warburg Pincus LLC (“Warburg Pincus”), a leading global growth investor, and historical Green Cement shareholders. Along with these investments, the Company priced and closed $525 million of Green Bonds to facilitate the combination transaction.

Eco Material transforms industrial waste into environmentally-friendly substitutes for everyday products. The Company is the only national marketer and 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 value-added manufactured products like its proprietary Pozzoslag®. Pozzoslag® exceeds the strength, durability, and performance of traditional cement in concrete, while generating approximately 99% lower CO2 emissions. Eco Material also provides mission-critical utility services, including operations support, waste disposal, and environmental remediation.

“Eco Material is truly the best of both worlds, combining the largest network of cement alternatives in the U.S. with an innovative, proven technology that increases their environmental and economic value,” said Grant Quasha, CEO of Eco Material. “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 decarbonizing the materials industry, starting with the cement sector, which generates approximately 8% of global CO2 emissions.”

“We’re very proud to make this investment and form Eco Material,” said Matt Hughes, Managing Director at OEP. “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.”

“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,” said Roy Ben-Dor, Managing Director, Warburg Pincus. “We look forward to leveraging our deep industry knowledge and experience in low-carbon investing to help achieve the Company’s vision,” added Yoan Dipita N’Komba, Vice President, Warburg Pincus.

About Eco Material Technologies
Eco Material Technologies is a leading producer of sustainable cement alternatives in the U.S., serving over 4,000 unique customer locations from its 100+ sites across 45 states. The Company is the leading marketer and distributor of fly ash, with an approximately 50% volume share in the U.S. and the industry’s only true national footprint of logistics networks and distribution channels. Eco Material also has a patented technology to convert fly ash and other materials into innovative, near-zero carbon building materials that react faster, match the one-day performance of, and after 28 days are approximately 20% stronger than traditional cement, all while reducing by approximately 99% the CO2 emissions that are traditionally associated with cement production. The Company also provides mission-critical utility services, including operations support, waste disposal, and environmental remediation.