May 2008 – AggBeat
“Tilcon has been proactively reaching out to our neighbors, schools, and community organization,” according to Tilcon. “This is a day when families can come and learn about the mining industry.”
Caterpillar Motorcycle Brings in $100,000 for Kids’ Charity
The Cat Chopper motorcycle donated by equipment manufacturer Caterpillar Inc. brought in $100,000 from its auction sale on e-Bay.
Jeff Green of Peoria, Ill., where Cat is based, was the winning bidder. Racing legend Richard Petty handed over the Cat Chopper keys to Green during an event at ConExpo-Con/Agg.
The 150-horsepower, six-speed Cat Chopper was created for Caterpillar in 2005 during two episodes of “American Chopper,” and toured 32 states and sections of Canada before Cat donated the motorcycle last May to the Victory Junction Gang Camp for children with medical needs and illnesses. Petty’s family founded the free 72-acre North Carolina camp in June 2004.
Green compared his winning bid to enjoying a dish of Neapolitan ice cream, which has three very different flavors to enjoy all in one dessert. Winning the Cat Chopper also had three-fold rewards all in one win. “I got the Cat Chopper, I met a true racing legend… and I got to help a worthy cause like Victory Junction Gang,” Green says in a written statement from Cat.
Green’s family owns 11 vehicle dealerships in Illinois, and Green says he plans to exhibit the Cat Chopper at Green Chevrolet Hummer and Finish Line Ford, both of which are located in Peoria, Ill., as well as at various community events.
However, Green does plan to enjoy the bike, too. “Once in a great while, I plan to start it up and ride it,” he says.
Mergers & Acquisitions
Merger and acquisition activity in construction materials has continued at a moderate pace. On Feb. 26, 2008, Essroc, the U.S.-based business of Italcementi, the world’s fifth-largest cement producer, announced the acquisition of ready-mixed concrete producer Crider & Shockey. In the past three years, Winchester, Va.-based Crider & Shockey generated annual EBITDA of $6.5 million and produced approximately 883,000 cubic feet of concrete on average. Transaction terms and conditions were not provided.
On March 13, 2008, CRH plc announced an agreement to acquire Pavestone Group LP for an enterprise value of $540 million. With 2007 revenue and EBITDA of $368 million and $65 million, respectively, the valuation represents an approximate EBITDA multiple of 8.3x. Pavestone, headquartered in Dallas, employs more than 1,300 people across its national footprint with 18 concrete paver plants at 16 locations. In addition, the company operates decorative stone bagging plants at 14 of its locations. Pavestone’s operations complement the existing retail business of CRH’s Architectural Products Group (APG), which operates from 30 paver plants and 11 bagging plants in 37 states. The acquisition offers APG a broader national footprint in concrete landscaping products (e.g., pavers, retaining wall products, and other hardscape patio products) with excellent modern production facilities and an experienced workforce.
—by Bill Watkins, managing director, National City Capital Markets. Watkins is a contributing editor and may be reached at 216-222-7134 or at William.Watkins@NationalCity.com.
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