PB Materials Holdings has bought Damron Sand & Gravel, a Lubbock, Texas-based sand and gravel provider.
The acquisition expands PBM’s existing aggregate and ready-mix concrete operations in West Texas and Eastern New Mexico. “It will position the company to better serve the marketplace and its customers and capitalize on regional growth,” PB Materials said in a statement.
David Vickers, chief executive, PBM said: “We are excited to add Damron and its long history of successfully supplying sand and gravel to the region to PB Materials. The operations will augment our existing asset base further enabling PB Materials to provide a high level of quality and service to our customers.”
PB Materials is majority owned by funds managed by WL Ross & Co. Patrick Machir, principal at WL Ross and director of PBM said: “The acquisition is a sound strategic fit with PB Materials’ existing footprint. It will broaden the scope of the company’s aggregate capabilities and enhance its sand & gravel reserve position.”