Blue Water Industries to Sell Certain Aggregates Operations to Martin Marietta
JACKSONVILLE, Fla., Feb. 12, 2024 (GLOBE NEWSWIRE) -- Blue Water Industries LLC announced today it has entered into a definitive agreement with Martin Marietta Materials, Inc. (NYSE: MLM) under which Martin Marietta will acquire 20 active aggregates operations in Alabama, South Carolina, South Florida, Tennessee, and Virginia from Blue Water Industries’ affiliate (“BWI Southeast”) for $2.05 billion in cash.
Blue Water Industries is a privately-held, pure-play construction aggregates producer in the United States. Its footprint spans seven states, including Florida, Tennessee, North Carolina, South Carolina, Alabama, Mississippi, and Virginia, and serves some of the fastest growing regions of the Southeast United States.
Ted Baker, CEO of Blue Water Industries, stated, "We are pleased to partner with Martin Marietta, an industry leader with strong values and a distinguished safety record. I would like to thank our company's dedicated employees, along with our partners at Blue Water Advisors for their investment and meaningful support over the years."
The BWI Southeast transaction is expected to close later this year, subject to regulatory approvals and other customary closing conditions.
Blue Water Industries will continue to operate its aggregates operations in North Carolina and central Florida, as well as its marine terminal business.
Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Blue Water Industries. The Greystone Group is serving as financial advisor to Blue Water Industries.
About Blue Water Industries LLCBlue Water Industries LLC is a wholly owned subsidiary of Blue Water Industries Holdings LLC, which was formed in 2017 as a partnership among John D. Baker II, Ted Baker II, and an investment fund managed by Blue Water Advisors to acquire, develop, and operate a portfolio of high-quality construction aggregates assets in the United States.
About Blue Water Advisors LPBlue Water Advisors LP is a private equity firm focused on investing in high quality businesses in real assets and essential industries in partnership with industry-leading families, founders, and operators. For more information about Blue Water Advisors, please visit www.bwalp.com.
Contact Annie Chen info@bwalp.com Source: Blue Water Advisors LPThe views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.