SRM Concrete, a privately held company based in Nashville, Tenn., has acquired eight concrete production plants in central Arkansas from Argos USA.
The deal was part of a larger transaction that included SRM's acquisition of Argos concrete production plants in Augusta and Savannah, Ga.; Myrtle Beach, S.C.; and Richmond, Va., according to Mike Terry, a company spokesman.
The newly acquired Arkansas plants are in Alexander, Benton, Cabot, Conway, Jacksonville, Little Rock, Mabelvale and North Little Rock. Together, they employ 73 people. Employment levels will remain unchanged, Terry said.
Mike Hollingshead, SRM's president, has already met with the company's new Arkansas employees.
"We are excited about the acquisition of the plants in Little Rock because they have played an important role in the growth of Little Rock and the surrounding communities," Hollingshead said in a news release. "After meeting with all the employees, I am enthusiastic about our potential in the Little Rock market and can see that everyone will blend in well with our company's vision on service."
Central Arkansas is a good fit for SRM, said Jeff Hollingshead, the company's chief executive officer.
"The Little Rock market is thriving, and we are excited to expand our footprint across this region," he said in the release.
At the same time, SRM also executed separate transactions to acquire concrete plants in Indiana, Florida, south Georgia and Texas.
"We continue to seek opportunities to strengthen our presences in existing markets while growing in new markets," Jeff Hollingshead said.
SRM Concrete now has locations in 12 states with more than 2,500 employees. It delivers concrete to contractors, home builders or do-it-yourself homeowners. Its markets also include Alabama, Florida, Georgia, Indiana, Kentucky, Michigan, Ohio, South Carolina, Texas, Tennessee and Virginia.
The SRM Concrete transaction was part of a larger sale of 28 concrete production plants in the United States that was expected to generate $95 million for Argos USA, according to reports in Colombia media. The sale leaves Argos USA with 208 U.S. plants.
Argos USA is the U.S. affiliate of Grupo Argos, a global materials producer and energy company based in Medellin, Colombia.
Business on 12/17/2019