Marriott & Co. Serves as Exclusive Financial Advisor to Asphalt Roads & Materials Company, Inc.
Richmond, Va. — Marriott & Co., a premier middle market investment banking firm based in Richmond, VA, is pleased to announce that it served as the exclusive financial advisor to Asphalt Roads & Materials Company, Inc. (“AR&M” or the “Company”) in its sale to The Lane Construction Corporation (“Lane”), a Cheshire, CT-based subsidiary of Salini Impregilo Group (MTA: SAL). The transaction closed on April 4, 2016. Financial terms of the transaction were not disclosed.
Headquartered in Virginia Beach, VA for nearly 80 years, AR&M is a leading vertically-integrated provider of asphalt manufacturing, paving and other complementary construction services to public and private customers. Moving forward, they will join Virginia Paving Company’s operations, a division of Lane.
“We are excited about the transaction with Lane,” said Rick Haycox, former President of AR&M. “The joining of our two companies builds upon past traditions of two like-minded companies and will allow us to continue to serve our customers at the highest level.”
Justin Marriott, Managing Director of Marriott & Co., said, “We thoroughly enjoyed working with Rick Haycox and the rest of the AR&M team on this important transaction. The cultural fit between Lane and AR&M was evident throughout the duration of the process, and we are thrilled to achieve such a successful outcome for all parties.”
Added Mr. Haycox, “I would like to thank the Marriott & Co. team for their hard work and professional guidance throughout the transaction process. They played a key role in generating such a positive result for our company.”
Kaufman & Canoles, P.C., led by Rob Goodman, provided legal advice to AR&M on the transaction.
About Asphalt Roads & Materials Company, Inc.:
Founded in 1938, Asphalt Roads & Materials Company, Inc. is a leading vertically-integrated provider of asphalt manufacturing, paving and other complementary construction services to public and private customers. The Company operates an asphalt plant in Virginia Beach and provides its customers with expansive capabilities including paving, milling, excavation, stone grading, and pipe work. The ability to provide all of these services in a timely, professional and cost-effective manner position AR&M as a true “one-stop shop” to its customers.
About The Lane Construction Corporation:
Founded in 1890, The Lane Construction Corporation is one of America’s leading construction companies, specializing in heavy civil construction services and products in the transportation, infrastructure and energy industries. Lane is headquartered in Cheshire, Connecticut and has annual revenues of more than $1 billion. Lane has a unique combination of capabilities including public-private partnerships/innovative financing and joint ventures; large, complex design-build and bid-build projects; as well as the ability to produce and install asphalt, aggregates and concrete.
Lane is a subsidiary of Salini Impregilo Group, a global leading player in the construction of major infrastructures that operates in more than 50 countries, across five continents, with more than 30,000 employees. Salini Impregilo Group is headquartered in Italy and is listed on the Milan Stock Exchange (MTA: SAL).
About Marriott & Co.:
Headquartered in Richmond, Virginia, Marriott & Co. (www.marriott-co.com) is a premier, independent boutique investment-banking firm focused on advising closely held private companies across a wide variety of industries. The firm provides merger and acquisition advisory and capital raising services primarily to family-held businesses and entrepreneurial business owners in the middle market. Marriott & Co.’s unique entrepreneurial culture enables the firm to tailor its services to meet the needs of its clients, and the firm’s professionals have an unparalleled understanding of the challenges and opportunities facing these companies and their owners today. By delivering senior banker attention, a high-touch approach to client service and best-in-class process execution to every assignment it undertakes, Marriott & Co. has established a long track record of closing successful transactions for clients all over the U.S.
Contact: Justin Marriott
Phone: (804) 344-0952