More on Summit Materials, Inc. purchase of Razorback Concrete
More on Summit Materials, Inc. purchase of Razorback Concrete
Longtime local business to be acquired by national materials company
dburk@razorbackconcrete. com WEST MEMPHIS — Publicly owned Summit Materials, Inc. (NYSE: SUM), a leading vertically integrated construction materials company, today announced a definitive agreement to acquire privately owned, Arkansasbased Razorback Concrete Company, subject to customary closing conditions. The transaction is expected to close on or before February 28, 2017. The purchase price was not disclosed.
In a recent meeting with Razorback employees, company owners Kent and Keith Ingram said: “Summit found our 52year-old company a very attractive addition to their family of companies and consequently are making a very large investment here. They value our long history and good business reputation, our very strong customer relationships, the potential for growth and expansion in this region and — most of all, they value our employees and managers, the people who make our business stable and healthy and who look after and serve our customers.”
Founded in 1965, Razorback has more than 200 employees with aggregates operations (RazorRock Materials), and 18 ready mix concrete plants in 16 locations across eastern and central Arkansas. They are the largest ready mix concrete company in the state with a deep and experienced senior management team. The Ingram brothers have both long been active in community affairs and civic affairs, serving on numerous boards of directors. Kent is a former state senator (1981-1990) and Keith currently serves in that body, representing District 24. He is also the Senate minority leader. He served several terms as a state congressman and two terms as West Memphis Mayor. Both will remain involved with Razorback after the transaction is completed.
“The pending acquisition of Razorback will enable Summit to expand its integrated, materials-based model throughout northeastern Arkansas,” stated Tom Hill, CEO of Summit. “We are pleased to welcome them, along with accomplished leaders Kent and Keith Ingram and their team at Razorback, tothe Summit family of companies. They bring proven operations, high-caliber assets and long-established customer relationships that provide an ideal entry point into early-cycle markets where we see long-term potential for profitable growth.”
Kent Ingram commented: “We have been approached several times over the years about a sale, but found that those opportunities did not provide the best long term situation for our employees and our customers. Summit is a great fit. We have studied them and they have studied us for quite some time. Keith and I are confident that this company’s future will be in very good hands.”
Summit’s practice has always been to acquire successful companies, provide good employee benefits to maintain stability and invest for expansion and growth. Summit will acquire all of the company’s operations, including real estate, aggregates and ready mix plants, vehicles, equipment and all other assets. Razorback will continue to operate from its headquarters on North Sixth Street in West Memphis. The company’s management, including Razorback General Manager, Keith Wetsell, and Dan Hogan, RazorRock Materials GM will remain with the business and continue its growth and development under Summit’s ownership. Keith Ingram added: “Summit is a very big, successful company and they understand and value our company’s heritage, employee expertise and longevity, local customer relationships and community involvement. We will continue to operate as Razorback Concrete and RazorRock. Summit has many subsidiary companies and all of them operate under their own local names and identities.”
Summit CEO Hill also remarked: “Importantly, given Razorback’s proximity to Summit’s existing cement distribution terminal in Memphis, Tennessee, the acquisition is consistent with our long-term strategy to develop select materialsbased positions in markets along the Mississippi River served by our cement business. We believe the Arkansas market is poised for higher construction activity levels over the longer term, driven by positive employment and population trends and increased public infrastructure spending.”
About Summit Materials
Summit Materials is a leading vertically integrated materials-based company that supplies aggregates, cement, ready-mix concrete and asphalt in the United States and British Columbia, Canada. Summit is a geographically diverse, materials-based business of scale that offers customers a single- source provider of construction materials and related downstream products in the public infrastructure, residential and nonresidential, and end markets. Summit has a strong track record of successful acquisitions since its founding and continues to pursue growth opportunities in new and existing markets. For more information about Summit Materials, please visit w w w . s u m m i t materials.com.
About W. Kent Ingram
Since 1965, Kent Ingram has served as President of Razorback Concrete Company which is headquartered in West Memphis. This familyowned business has 18 plants in 16 Arkansas cities, and has more than 200 employees. Kent also serves as President of RazorRock Materials, another family-owned business with five locations in Arkansas. Today, Razorback Concrete is one of the largest ready-mix producers in the state.
His contributions to healthcare have been significant. Kent served as a member of the Board of Trustees for Crittenden Regional Hospital and was elected Chairman of the Board in 1999. He served as a member of the University of Arkansas Medical Sciences Foundation Board, and was later elected Treasurer of that body. Kent served on the Methodist LeBonheur Health Care Board for nine years. Because of his interest, dedication and efforts on that board, he was honored in 2013 with the Methodist LeBonheur Life Inspiration Award.
Kent was elected in 1981, to fill the unexpired term of his late father, State Senator W.K. Ingram. He went on to serve as senator until 1990.
He has served on the Board of Directors for the West Memphis Chamber of Commerce for many years and was elected President in 1974. Kent also served as a member of the Board of the Arkansas State Chamber of Commerce and as President from 19941996. His support and commitment to the Boy Scouts is well- known. Every year since 1980, Kent and his brother Keith have hosted an annual fund-raising fish fry for the Crittenden County Chickasaw Boy Scouts. Because of his friendship, support, and dedication to scouting, he was the recipient of the prestigious Silver Beaver Award from the Boy Scouts of America.
Kent was elected to the Associated Industries of Arkansas in 1979, and later served as President of the Arkansas State Ready Mix Association. In 2016, Kent was elected to the Hall of Fame for the Arkansas General Contractors Association. Under Kent’s leadership, Razorback’s significant projects include: Nucor-Yamato Steel Mill and Nucor-Hickman Sheet Mill in Blytheville, Dickey-Stevens Baseball Park in North Little Rock, Plum Point Electric Energy Plan and Big River Steel Mill in Osceola, Welspun Pipe Mill in Little Rock, North East Arkansas Baptist Hospital in Jonesboro and numerous Interstate Highway, Bridge and Paving projects including the I-40 Mississippi River Bridge Crossing in Memphis.
Kent graduated from Memphis University School in 1960, and graduated from Little Rock University (now UALR) in January of 1965. While there, he was a founding member of Kappa Sigma Fraternity.
Family has always been Kent’s heart and his top priority. He enjoys spending time with his daughter Hadley and her husband Scott, and two granddaughters Abigail and Scottie. Kent is an avid fly-fisherman, duck hunter and Razorback aficionado. He is a life-long Dodger fan.
About Keith M. Ingram
Keith is Vice President, Razorback Concrete Company, a family-owned business with 18 plants in 16 Arkansas cities. He is a Graduate of Memphis University School; Bachelor of Science in Secondary Education, University of Mississippi, and a Member of First United Methodist Church, West Memphis, AR. Elected in 2012 to the Arkansas State Senate, District 24; Currently serves as Vice Chair, City, County & Local Affairs Committee and member of the Public, Health & Welfare. Elected Senate Minority Leader, January of 2013, and again in 2015. Chairman, Southern Legislative Conference, 2013 Crossroads Coalition LeRoy Dangeau Servant Leadership Award, 2013. Recipient of the Life Inspiration Award from Methodist LeBonheur Healthcare, 2013. Served two terms in the Arkansas House of Representatives (2008-2012); served as member of Insurance and Commerce (and House Utilities Sub- Committee), Revenue and Tax (and House Income Taxes-Personal & Corporate Sub-Committee), Joint Budget, JBC Special Language, and Chairman of Rules Committee.
Awarded the Statesmanship Award by the Arkansas Hospital Association, 2011; Arkansas Municipal League Distinguished Legislator Award, 2009 and 2011; Recipient of the District Award of Merit and the Distinguished Silver Beaver Award from the Chickasaw Council of the Boy Scouts of America (2010); Named Public Health Hero 2009 Arkansas Public Health Assn, UAMS Regional Programs, UAMS College of Public Health, Arkansas Department of Health, Stamp Out Smoking Recipient of the Katie’s Heroes national award in 2015 for his work with DNA Saves.
He is President, Arkansas Sports Hall of Fame; Past President, West Memphis Chamber of Commerce; (four terms); National Ready-Mix Concrete Association, Former Member; Former Chairman, Memphis Redbirds AAA Baseball Foundation; Member, Mayor’s Blue Ribbon Panel on the Regional Medical Center at Memphis; He was named 2002 West Memphis Chamber of Commerce “Citizen of the Year” and is a former Mayor of West Memphis, 1987-1994, 2 terms. He is married to Robin Lipton Lockhart.
From Deborah Burk
