Audax Group (“Audax”) announced it has completed the sale of Silver State Materials, LLC (“Silver State”) to California Portland Cement Company. Based in Las Vegas, Nevada, Silver State is a provider of ready-mixed concrete and aggregates for residential and commercial construction in the Las Vegas market. Audax, together with management,acquired the company in March 2006 and subsequently sourced and integrated three add-on acquisitions. This marks Audax’ second success in the concrete and aggregate space, having sold Southern Equipment Company d/b/a Ready Mixed Concrete Company in 2006.
Geoffrey S. Rehnert, Co-Chief Executive Officer, Audax Group, said “Steve Hill and his team at Silver State did a terrific job working with us to successfully source and integrate multiple acquisitions that strengthened the company’s market position in Las Vegas. We wish Steve and his team continued success.”
Steven D. Hill, President and Chief Executive Officer of Silver State, said, “Working closely with Audax Group we were able to build Silver State into a leading provider of concrete and aggregates in the Las Vegas market. Having a partner with prior experience investing in ready-mixed concrete helped us establish best practices across our business while providing valuable expertise which was key to achieving this successful outcome.” Steve will remain with Silver State in a senior executive role following the sale.
Ropes & Gray LLP advised Audax Group. Harris Williams & Co. and McColl Partners, LLC co-advised Silver State.