Thomas Concrete, a Swedish-based concrete producer with 132 plants in four countries, has bought Coastal Concrete, operator of plants in South Carolina and Georgia.
Founded in 1985 and headquartered in Pooler, Ga., Coastal Concrete manufactures and distributes ready-mixed concrete and aggregates to customers in the residential and commercial construction markets. Coastal Concrete maintains a strong market position in the high-growth coastal South Carolina and Georgia markets, operating 10 concrete plants that produce more than 400,000 cubic yards of concrete annually.
“The combination with Thomas Concrete Group is a value add proposition for the company, its employees, and customers," said Scott Webb, a director in Carl Marks Advisors’ investment banking group, which advised Coastal. "The transaction enhances Thomas’s operational footprint and creates a platform primed for growth and continued success.” Previously, Carl Marks Advisors advised Coastal during its restructuring after the construction market collapse in 2008.
The sale increases Sweden-based Thomas Concrete's presence in the Southeast, with 60 plants in Georgia, South Carolina, and North Carolina. Its U.S. headquarters in in Atlanta.
"We have a clear strategy focused on developing our company as the best in the industry,” says Hans Karlander, Thomas Concrete Group’s president and CEO. “We are therefore continuously evaluating opportunities for structural changes and potential acquisitions in the five countries where we operate – Sweden, Norway, Germany, Poland and the U.S. We must continue to improve profitability while laying a solid foundation for the future."