Denver-based Summit Materials, Inc., a leading vertically integrated construction materials company, announced yesterday a definitive agreement to acquire Silverthorne-based Everist Materials, LLC, subject to customary closing conditions. The transaction is expected to close on or before February 28, 2017.
“Summit is a great fit for Everist,” stated Tom Everist, owner of Everist Materials. “As we went through the ownership transition process, I wanted to make sure we found the right buyer for our business, one who would value our commitment to excellence, our customer-centric approach to doing business and the important role our valued employees have – and will have – in the long-term success of this business.”
Everist Materials LLC traces its roots back to 1876 when Lucious L.G. Everist founded the company in Havana, Illinois. In the 1960’s LG Everist expanded into Colorado by supplying aggregates for the Eisenhower Tunnel in Summit County. Today, Everist Materials owns and operates assets in six contiguous market areas strategically located along I-70 west of Denver from Idaho Springs to Silverthorne, stretching south along Highway 9 through Frisco to Fairplay and north along Highway 40 through Fraser, Kremmling and Steamboat Springs.
“The pending acquisition of Everist will enable Summit to expand its integrated, materials-based model in Colorado,” stated Tom Hill, CEO of Summit. “We are pleased to welcome the Everist team, to the Summit family of companies. They bring proven operations, high-caliber assets and longestablished customer relationships that provide a great fit with our existing business in Colorado.”
Summit’s existing operations in Colorado include Elam Construction, an aggregates, ready mix, asphalt and paving company based out of Grand Junction, and Grand Junction Pipe, an irrigation supply business also based in Grand Junction. Both Elam Construction and Grand Junction Pipe we acquired by Summit in 2011.
“As one of the largest suppliers of aggregates, ready-mixed concrete and asphalt in west-central Colorado, Everist will significantly expand our existing operations in the region to include markets bordering Denver,” continued Hill. “We view this region as an exciting opportunity for Summit, where a combination of transportation infrastructure projects along the I-70 corridor and robust private construction spending activity stand to benefit our business in the years ahead.”
Over time, Summit’s practice has been to acquire successful companies, provide good employee benefits to maintain stability and invest for expansion and growth. Summit will acquire all of the Everist’s operations, including its aggregates, asphalt and ready mix plants, vehicles, equipment, and the company will continue to operate from its headquarters on 28755 Hwy 9 in Silverthorne.