Summit Materials, a heavy building materials company formed last year by investors including Blackstone Capital Partners V, has made a majority investment in Continental Cement.
Continental’s new cement manufacturing and waste processing facilities are located in Hannibal, Missouri, 100 miles north of St Louis.
With distribution terminals in St Louis, Missouri and Bettendorf, Iowa, Continental supplies cement to customers in Missouri, Iowa and Illinois. Cement has been manufactured at the Hannibal site since 1903.
Continental’s management team, led by chief executive Mike Johnson and senior vice president Tom Beck will remain in place.
Tom Hill, chief executive of Summit, says: “Continental Cement is an excellent company with a highly experienced management team. We are delighted to have the opportunity to partner with Continental and to expand our presence in the Midwest.”
Summit Materials was formed in 2009 by Hill and a group of investors that include members of its management team, Blackstone Capital Partners V, Silverhawk Capital Partners and Charles "Chip" Goodyear, former chief executive of BHP Billiton.
