WL Ross & Co. Acquires Three Companies
Permian Basin Materials (PBM), a newly formed affiliate of WL Ross & Co., has acquired Crockett County Mining Ltd., Highland Concrete Co. and Wallach Concrete Inc. Funds managed by WL Ross will own 80 percent of PBM, and existing shareholders from the three businesses will own a combined 20 percent. The companies will continue to operate under their existing trade names.
The combined operations of PBM will be a regional producer of sand, gravel, limestone aggregates and ready mix concrete in the Permian Basin areas of west Texas and eastern New Mexico. In total, PBM will own or lease 10 aggregates mines and 16 ready mix plants in the region. PBM says its collective operational capabilities and footprint will allow it to better serve the marketplace and its customers.