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Summit Materials Announces Divestiture of Hinkle Contracting to CRH Americas Materials

By: via Business Wire

Summit Materials, Inc. (NYSE: SUM) ("Summit," “Summit Materials,” “Summit, Inc.” or the "Company"), a leading vertically integrated construction materials company, today announced the divestiture of Kentucky-based Hinkle Contracting Company, LLC (“Hinkle”) to an affiliate of CRH Americas Materials, Inc., a subsidiary of CRH PLC (“CRH Americas”).

“Hinkle was among Summit’s early acquisitions and an integral part of the Company’s foundational growth,” said Summit Materials CEO Anne Noonan. “Moving forward, we are pleased to have reached a mutually beneficial transaction with CRH Americas for Hinkle at an attractive valuation of over 10x 2021 Adjusted EBITDA, delivering value to our stakeholders. We are committed to working with CRH Americas on a smooth transition for the Hinkle employees and customers.”

The Hinkle divestiture supports the Company’s Elevate Summit Strategy which includes a disciplined and ongoing portfolio optimization designed to drive Summit forward with its strategic priority of being a materials-led company with selective participation in high return downstream businesses. The Hinkle sale represents Summit’s tenth business divestiture since launching the Elevate Summit strategy in March of 2021.

“The implementation of our Elevate Summit long term strategy continues to drive improved execution and financial performance as evidenced by record reported 2021 Net Revenue, Net Income, Adjusted Cash Gross Profit, and Adjusted EBITDA,” continued Noonan. “Our Market Leadership focus, which combines organic growth and portfolio optimization - together with a stronger balance sheet position will provide Summit with the financial flexibility to support future growth through continued greenfield investments and the pursuit of strategic acquisitions to further enhance shareholder value.”

Further details on the Company’s portfolio optimization initiatives, guidance, and EBITDA impact for 2022 will be provided at Summit Materials investor day, scheduled for May 24, 2022. Please see the investor relations page of the Company’s website for meeting details.

Stephens Inc. acted as the exclusive financial advisor to Summit on the transaction.

About Summit Materials

Summit Materials is a leading vertically integrated materials-based company that supplies aggregates, cement, ready-mix concrete and asphalt in the United States and British Columbia, Canada. Summit is a geographically diverse, materials-based business of scale that offers customers a single-source provider of construction materials and related downstream products in the public infrastructure, residential and nonresidential end markets. Summit has a strong track record of successful acquisitions since its founding and continues to pursue growth opportunities in new and existing markets. For more information about Summit Materials, please visit www.summit-materials.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include all statements that do not relate solely to historical or current facts, and you can identify forward-­looking statements because they contain words such as "believes, " "expects," "may," "will," "should," "seeks," "intends," "trends," "plans," "estimates," "projects" or "anticipates" or similar expressions that concern our strategy, plans, expectations or intentions. These forward-looking statements are subject to risks, uncertainties and other factors that may cause our actual results, performance or achievements to be different from future results, performance or achievements expressed or implied by such forward-looking statements. We derive many of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, it is very difficult to predict the effect of known factors, and, of course, it is impossible to anticipate all factors that could affect our actual results.

In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be realized. Important factors could affect our results and could cause results to differ materially from those expressed in our forward-looking statements, including but not limited to the factors discussed in the section entitled "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended January l, 2022. Such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission ("SEC"), which are accessible on the SEC's website at www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law.

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