H.I.G. Capital, LLC, a leading global private equity investment firm with $21 billion of equity capital under management, is pleased to announce that its portfolio company, ACG Materials , a leading, vertically integrated producer and processor of high-quality industrial minerals and aggregates including gypsum, limestone, sand, gravel and downstream food, pharmaceutical and plaster products, has acquired North Florida Rock, Ltd.
NFR is a market leading miner and processor of limestone products sold into infrastructure, agriculture and building products applications. NFR owns and operates a quarry in Marianna, Florida and ships rocks across the Florida Panhandle, Alabama, and Georgia.
"We are excited about the strategic expansion of our operations into the Southeastern U.S.," commented Paul Harrington, Chief Executive Officer of ACG Materials. "NFR not only allows us to grow outside our core Oklahoma, Texas, and Pacific Northwest markets, but also significantly expands our customer footprint and portfolio of limestone products within our expertise of mineral processing. NFR has had a long successful history dating back to 1998, and we will be sure to serve as great stewards of the business going forward."
"We are pleased to support ACG Materials in its acquisition of North Florida Rock," commented Keval Patel, a Managing Director of H.I.G. Capital. "The investment further establishes ACG as a national, pure-play industrial minerals and aggregates provider and continues our strategy to expand ACG's geographic reach and end market diversification. The Southeastern U.S. remains a key expansion area for ACG and, as the market leader across the Florida Panhandle, NFR will help accelerate our growth in this region."
NFR is the sixth add-on acquisition that ACG Materials has made since H.I.G. acquired the Company at the end of 2012.