Breedon has acquired BMC Enterprises for an enterprise value of US $300m (£238.1m).
BMC – originally Breckenridge Material Company – is a supplier of ready-mixed concrete, aggregates and building products headquartered in St Louis, Missouri. It turned over $179m last year and has more than 400 million tonnes of reserves and resources.
Breedon chief executive Rob Wood said: “This transaction will give us a platform that is well-placed to grow in the highly-fragmented US construction market, is culturally aligned with Breedon and has a familiar performance track record.
"The acquisition of BMC represents a compelling opportunity for Breedon to launch our third platform in the USA. BMC has an excellent performance track record over a sustained period and is positioned in an attractive market for future growth.
"As a high-quality aggregates and concrete business that has grown at pace, organically and through acquisitions, with a strong management team and deep local knowledge, BMC's culture and values are fully aligned with the Breedon business model.
"The acquisition is expected to be earnings enhancing for shareholders while allowing Breedon to maintain a conservative and flexible balance sheet to pay dividends and make further bolt-on acquisitions across each of our platforms as opportunities arise.
"We are delighted to welcome our BMC colleagues to Breedon and look forward to working with them to build Breedon's presence in the USA."
Breedon has also filed its results for 2023 showing 7% revenue growth to £1,487.5m, with profit before tax steady at £134.4m (2022: £135.8m).
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