The Firm represented Summit Materials, Inc. (NYSE: SUM) in connection with its public offering of 22,425,000 shares of class A common stock (including shares sold pursuant to the underwriters’ full exercise of their overallotment option) at a public offering price of $25.75 per share. Summit used all of the proceeds from the offering to purchase 18,675,000 outstanding limited partnership units in Summit Materials Holdings L.P., its direct subsidiary, from certain pre-IPO owners and 3,750,000 newly issued partnership units. Summit intends to use a portion of the proceeds from the newly issued partnership units to fund the deferred purchase price for its recent acquisition of a cement plant in Davenport, Iowa and seven cement distribution terminals situated along the Mississippi River.
Summit, a portfolio company of The Blackstone Group L.P. and Silverhawk Capital Partners, LLC, is one of the fastest growing construction materials companies in the United States. Summit supplies aggregates, cement, ready-mix concrete and asphalt in the United States and British Columbia, Canada. Since its first acquisition more than five years ago, Summit Materials has completed 36 acquisitions and continues to pursue growth opportunities in new and existing markets.
The Simpson Thacher team included Edgar Lewandowski, Ed Tolley, Karen Wang and Ben Heriaud (Capital Markets); Wilson Neely and Jim Cross (M&A); Gary Mandel and Drew Purcell (Tax); Greg Grogan, Jennifer Pepin and Joo Hyun Lee (Executive Compensation and Employee Benefits); Ellen Smiley, James Rapp and Alan Langer (Public Company Advisory Practice); Alden Millard, Brian Gluck and Chinh Vo (Credit); Jonathan Karen, Rajib Chanda, Steven Homan and Eva Kang (Funds); and Michael Isby (Environmental). Jeanne Annarumma and Jennie Getsin also provided invaluable assistance.