NEW ENTERPRISE, Pa.–(BUSINESS WIRE)–New Enterprise Stone & Lime Co., Inc. (“NESL” or the “Company”) announced that it had today acquired all the outstanding stock of Hempt Bros., Inc. The strategic acquisition consists of three aggregate plants, four hot mix asphalt plants, two ready mixed concrete plants, paving and Heavy Highway Construction in the Harrisburg, Pennsylvania area. The facilities are ideally situated between NESL’s existing Chambersburg and Allentown locations, expanding its construction materials footprint and market scope into the Harrisburg, Pennsylvania market. NESL believes this business is highly-regarded in the community, with outstanding people, assets and attractive operating characteristics.
The Company is looking forward to adding this acquisition as infrastructure talks ramp up in Washington, D.C. The Company expects this acquisition will provide further synergies and profits to NESL’s primary business of construction materials in the current fiscal year.
Speaking of the acquisition, Paul Detwiler, III, Chief Executive Officer of New Enterprise Stone & Lime Co., Inc., commented “We are excited to add this great family owned business to our corporate family. This acquisition expands our footprint into the Harrisburg area and was completed with virtually no additional long-term debt. This philosophy enhances our ability to grow operating profit and reduce leverage – a cornerstone of our operating plan. Furthermore, this acquisition is consistent with our strategic plan of adding great locations to our construction material business and upon acquisition is expected to be accretive to profits as we exit the pandemic and get back to the “new normal”.
About New Enterprise Stone & Lime Co., Inc.
New Enterprise Stone & Lime Co., Inc. is a leading privately held, vertically integrated construction materials supplier and heavy/highway construction contractor in Pennsylvania and western New York. Our core businesses include: (i) construction materials (aggregate production (crushed stone and construction sand and gravel), hot mix asphalt production and ready mixed concrete production) and (ii) heavy/highway construction (heavy construction, hot mix asphalt paving and other site preparation services). For more information, please visit the Company’s website at www.nesl.com.
Forward-Looking Statements
Statements included herein may constitute forward looking statements. These statements are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in the Company’s reports. The Company undertakes no duty to update any forward looking statements made herein.
Contacts
At the Company:
Eric Thiele
Chief Financial Officer
ethiele@nesl.com
814-766-2211
Investor Relations:
Gregory FCA
Joe Hassett, SVP
610-228-2110
joeh@gregoryfca.com
