One Equity Partners (OEP), Warburg Pincus, and Green Cement Investments have reached an agreement to sell Eco Material Technologies to CRH for a total of $2.1 billion. Eco Material Technologies is a leading independent supplier of Supplementary Cementitious Materials (SCMs) in North America.
Eco Material was formed in 2022 through a merger of Boral Limited’s North American fly ash business and Green Cement Inc. The Utah-based company operates a national network of over 125 locations that process and recycle fly ash, synthetic gypsum, and other materials. The company annually processes approximately seven million tons of fly ash and three million tons of synthetic gypsum.
The deal is subject to regulatory approval and is expected to close in 2025.
Advisors: Jefferies is serving as financial advisor and Latham & Watkins is serving as legal advisor to Eco Material.
KEY QUOTES:
“During our partnership, Eco Material has achieved significant growth by scaling industry-leading technological solutions and continuing to expand its network of cement alternatives across North America.”
Matt Hughes, Partner at OEP
“We are proud of the progress our partnership has generated, and we are confident that CRH will shepherd in a new chapter of growth by leveraging its national distribution network and innovation capabilities to better serve the combined companies’ customers.”
Roy Ben-Dor, Managing Director and Head of Energy Transition and Sustainability at Warburg Pincus
“We thank One Equity Partners and Warburg Pincus for their investment and partnership, which were instrumental in building the strong foundation from which we now embark on this next chapter. We’re incredibly proud of the growth we have achieved together since 2022, and we are excited for our future with CRH and the opportunities ahead of our combined organizations.”
Grant Quasha, CEO of Eco Material
