Granite Construction Incorporated (NYSE:GVA) acquired Memphis Stone & Gravel Company and Lehman-Roberts Company for approximately $280 million on November 30, 2023. he purchase price was funded by the Company?s new $150 million senior secured term loan, as described further below, a draw of $100 million under the Company?s existing revolver and cash on hand. With long-established brand names that carry significant industry value, both acquired companies will continue to serve under each original business name with the addition of ?A Granite Company. The companies? senior leadership team, led by Pat Nelson, will remain in place to manage and develop the business as part of the Granite group of companies. Transaction is expected to be accretive to EBITDA, we are maintaining our 2024 adjusted EBITDA margin range of 9% to 11%?. Alain Dermarkar and Kyle Park of Shearman & Sterling acted as legal advisor to Granite Construction.

Granite Construction Incorporated (NYSE:GVA) completed the acquisition of Memphis Stone & Gravel Company and Lehman-Roberts Company on November 30, 2023.