Mar 28 2007
Granite Construction Incorporated announced today the signing of a definitive agreement to acquire certain assets of The Superior Group of Companies ("Superior"), a Pacific Northwest based construction materials producer and asphalt paving company for an estimated purchase price at closing of between $56.8 million and $59.8 million in cash. The acquisition is the latest step in the Company's geographic expansion strategy. The Company anticipates that the transaction will close within the next thirty days.
James H. Roberts, Senior Vice President and Granite West Manager said, "This acquisition provides our Granite West business with a presence in the high growth market of central and eastern Washington and northern Oregon. As a strong player in the asphalt paving business, Superior fits strategically within our plan to expand our vertically integrated business throughout the West."
Under the signed agreement, Granite will purchase certain assets of Superior, including 16 asphalt plants, approximately 50 million tons of permitted reserves (owned and lease-rights), construction equipment and rolling stock and all associated shops and buildings.
Under the Company's recently announced organizational realignment, this acquisition will become a part of Granite West's Northwest Operating Group. Newly appointed Granite West Vice President, Jay McQuillen, will oversee the Northwest Operating Group, which includes operations located in the states of Washington, Oregon, Nevada, Idaho, Utah and Alaska. McQuillen has been with Granite for 21 years and has served as the Branch Manager of the Southern California Branch since 2000.