M&A · Industrials · Concrete Products, Except Block & Brick
Vulcan Materials Co to acquire U.S. Concrete, Inc.
Announced Jun 7, 2021 · Closed Aug 26, 2021
Deal value$1.29BEV $1.98B
Premium30.0%To unaffected price
EV / Adj. EBITDA10.5x1.5x EV / Revenue
ConsiderationAll cash$74.00 per share
Transaction
- Acquirer
- Vulcan Materials Co (VMC)
- Target
- U.S. Concrete, Inc. (USCR)
- Buyer type
- Strategic
- Offer price per share
- $74.00
- Enterprise value
- $1.98B
- Status
- Closed Aug 26, 2021
Deal protections
- Break fee (target pays)
- $50.0M · 3.9%
- Reverse fee (buyer pays)
- $50.0M · 3.9%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Evercore, BNP Paribas
- Evercore fee
- $22.8M
Sector context · Industrials
- Comparable deals
- 26 in the prior 24 months
- Premium
- 30.0% vs. 27.0% sector median
- EV / Adj. EBITDA
- 10.5x vs. 10.5x sector median
- Break fee
- 3.9% vs. 2.5% sector median
Timeline
- AnnouncedJun 7, 2021
- Proxy filedJul 1, 2021
- Definitive proxyJul 13, 2021
- Shareholder voteAug 16, 2021
- ClosedAug 26, 2021
Valuation · fairness opinions
Trading comparablesEvercore$47.25$75.50
Trading comparablesEvercore$53.50$85.75
Precedent transactionsEvercore$60.25$76.75
Discounted cash flowEvercore$47.00$75.75
Future share priceEvercore$56.25$72.25
Discounted cash flowBNP Paribas$58.12$78.78
Analyst price targetsBNP Paribas$39.00$80.00
Offer $74.00
Implied value per U.S. Concrete, Inc. share by analysis, from Evercore and BNP Paribas · DCF discount rate 9%–10%.