Mid market private equity firm One Equity Partners, Warburg Pincus and Green Cement Investments have agreed to sell Eco Material Technologies, a North American supplier of supplementary cementitious materials, to CRH for a total consideration of $2.1bn.
Eco Material was formed in 2022 from the merger of Boral Limited’s North American fly ash business and Green Cement, a manufacturer of near-zero-carbon cement alternatives.
Eco Material is headquartered in Utah and operates a national network of fresh and harvested fly ash, pozzolans, synthetic gypsum and green cement operations distributed across a network of over 125 utility source locations, production facilities and terminals.
The company partners with leading electric utilities to process and recycle approximately seven million tons of fly ash and three million tons of synthetic gypsum and other materials annually, with significant additional capacity currently under construction.
The proposed transaction is subject to regulatory approval and customary closing conditions and is expected to close in 2025.
Jefferies is serving as financial advisor and Latham & Watkins is serving as legal advisor to Eco Material.
