Audax Group Announces Acquisition of Ready Mixed Concrete Company.BOSTON -- Audax Group today announced it has completed the $210 million acquisition of Southern Equipment Company d/b/a Ready Mixed Concrete Company ("Ready Mixed"), the leading provider of ready-mixed concrete in North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. , and southern Virginia, from private shareholders. The company, founded in 1935, has an extensive network of concrete plants and mixing trucks that deliver concrete to thousands of customers in its markets. Geoffrey S. Rehnert, Co-CEO of Audax Group, said "Ready Mixed is the market leader in its regions with a strong management team that has a proven track record of growing revenues and integrating acquisitions. We look forward to working with the management team to build on its historical success and continue its growth within its existing footprint and contiguous markets." Jay Loftin, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Ready Mixed, said "This transaction is a milestone in the company's history. Management is grateful to Temple Sloan and George Turner whose ownership played a key role in the success of our business. We look forward to our new partnership with Audax, and we are excited to work with them to continue to grow this excellent company." Laney G. Orr, III, Managing Director, of The Orr Group and Eric P. Andreozzi, Managing Director, of McColl Partners, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control advised Ready Mixed. A successful high yield bond offering was led by JPMorgan and co-led by Jefferies & Company, Inc. Paul F. Van Houten and Ken Chow of Ropes & Gray LLP LLP - Lower Layer Protocol advised Audax Group. W. Gerald Thornton of Manning, Fulton & Skinner, P.A. and Lynwood E. Mallard mallard: see duck. mallard Abundant “wild duck” (Anas platyrhynchos, family Anatidae) of the Northern Hemisphere, ancestor of most domestic ducks. The mallard is a typical dabbling duck in its general habits and courtship display. of Kilpatrick Stockton, LLP advised Ready Mixed. Ready Mixed is the 6th acquisition since the end of June for Audax Group's private equity business. In addition to Ready Mixed, Audax has recently purchased Denver Biomedical bi·o·med·i·cal adj. 1. Of or relating to biomedicine. 2. Of, relating to, or involving biological, medical, and physical sciences. , Inc., Dynisco LLC, Coast Crane Company, Consumers Marine Electronics, and Alpha Technologies U.S., L.P. On September 1st Audax sold its controlling stake in nashelmo to Gardner Denver for $223.5 million. ABOUT AUDAX GROUP Audax Group, founded in 1999, is a leading investor in middle market companies. With offices in Boston and New York, Audax manages in excess of $1 billion in equity and mezzanine debt capital. For more information visit the Audax Group website http://www.audaxgroup.com |
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