Nashville, TN 37208. Privacy Policy SRM acquires Kentucky based Grant County Ready Mix and Gallatin County Ready Mix. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. The division is only a few years old but already counts 16 quarries that include plants to create crushed limestone, river rock and natural sand products. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. (281) 837-5300. "We now have over 300 concrete plants, and we have another set of deals coming up in the first quarter of 2022," Ryan Hollingshead said. Privacy Policy Click to reveal We list equipment in all the major aggregate categories including conveyors, feeders, stackers, crushers, magnets, screening equipment, washing equipment, and more. The deal was upsized from $515 million and pricing finalized at the wide end of guidance, according to market sources. BBB Business Profiles may not be reproduced for sales or promotional purposes. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288235.At least one ESG consideration was material to the credit rating action(s) announced and described above.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. The outlook remains stable.The rating upgrades reflect Moody's expectation of the continued strengthening of Smyrna's credit profile following the successful integration of several bolt-on acquisitions during 2020 and 2021, a larger and more geographically diversified revenue base, greater predictability of free cash flow, and a commitment by the management team to maintain modest leverage.The Ba3 rating assigned to the $650 million senior secured term loan facility maturing in 2029 and to the $1,100 million Senior Secured Notes maturing in 2028, is on par with the CFR reflecting their position as the preponderance of debt in Smyrna's capital structure. When it is time to replace or add new units, SRM Concrete has chosen to purchase all its machinery from Power Equipment's Nashville branch, a testament to the expertise of the dealership that a construction services company of SRM's size would rely so heavily upon it. Read more. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. 2022 SRM Concrete, All Rights Reserved. Smyrna Ready Mix Concrete LLC is in market today with a $315 million term loan B, according to sources. Meritain Information Smyrna Ready Mix Concrete serves construction industry in the United States. 152.228.212.223 Smyrna Ready Mix Concrete, better known as SRM Concrete, offers a range of services, but its concentration on ready-mix, mining and materials production has made it one of the fastest growing operations in the eastern half of the United States. Our Team MOODYS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.Additional terms for Japan only: Moody's Japan K.K. "That is what made him want to put up his own concrete plant.". At-a-glance. "At SRM, we consider safety an investment in our employees, and we want to make sure that our people can clock in and out every day. Contact Us Access the headquarters listing for Smyrna Ready Mix Concrete, LLC. Smyrna Ready Mix Concrete launches $315M TLB; commitments due Oct. 29, Essential IR Insights Newsletter - March 2023, Continuous Financial Health Management of Suppliers, A Cloud Migration Plan for Corporations featuring Snowflake, In Search of Resilience Part 1 - A Data-Driven Scoreboard. This is largely driven by Moody's view that the US economy will improve sequentially and remain supportive of the company's underlying growth drivers.The proposed term loan includes an ability to incur incremental indebtedness up to either $500 million, or the greater of 100% of LTM EBITDA so long as the pro forma net leverage ratio does not exceed 3.85x for first lien debt and 4.35x for junior debt.FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGSThe ratings could be upgraded if the company improves free cash flow and maintains a conservative financial strategy such that debt-to-EBITDA is sustained below 3.5x, adjusted retained cash flow to net debt is approaching 20%, and EBIT-to-interest expense is approaching 3.0x.The ratings could be downgraded if the company's operating performance and liquidity deteriorates and financial strategy becomes aggressive such that debt-to-EBITDA is sustained above 4.5x, adjusted retained cash flow to net debt is below 10%, and EBIT-to-interest expense is sustain below 2.0x.The principal methodology used in these ratings was Building Materials published in September 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1287900. content Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. ET on Oct. 29. SAN DIEGO (August 5, 2014) - The Greystone Group announced today that it served as exclusive financial advisor to Harper Industries, Inc. in the sale of its subsidiary, Metro Ready Mix Concrete to Smyrna Ready Mix Concrete.Metro Ready Mix is the 3 rd transaction managed by Greystone for Harper in the past 5 years. Established in 1999 by Mike and Melissa Hollingshead in Smyrna, Tennessee, the family-owned company owns and operates an expansive network of ready-mix concrete plants, quarries, cement terminals, and other ancillary services. For a complete list of our locations and to learn more about SRM Concrete, please visit smyrnareadymix.com. Smyrna Ready Mix Concrete, LLC manufactures and supplies concrete products. Featured Products close alert. Visit Website (936) 295-7672. Through SRM Products, the parent company has expanded into building and maintaining facilities to support its different construction services, such as warehouses that stock and deliver a variety of concrete related products, including rebar, wire mesh, form lumber, masonry materials, waterproofing materials, decorative and color materials and finishing tools. "I want to deal with people I trust and that goes a long way. Privacy Policy Meritain Information Access the headquarters listing for Smyrna Ready Mix Concrete, LLC. (615) 355-1028 SRM acquires North Alabama based Keenum Concrete. The company also has been involved in many commercial jobs throughout its territories. Careers, Place An Order 2022 SRM Concrete, All Rights Reserved. We offer a wide variety of concrete mix designs, admixtures, reinforcing products, aggregates, and more to mee Read More Contact Who is Smyrna Ready Mix Headquarters 1000 Hollingshead Cir, Murfreesboro, Tennessee, 37129, United States Phone Number (615) 355-1028 Website www.smyrnareadymix.com Revenue $340.1M Industry Building Materials CREDIT RATINGS, NON-CREDIT ASSESSMENTS (ASSESSMENTS), AND OTHER OPINIONS INCLUDED IN MOODYS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. This website is using a security service to protect itself from online attacks. Making sure SRM Concrete follows safe practices within its various divisions is something that has proven to be a demanding task, considering the far-flung nature of the company, its vast number of employees and the type of work that is performed. Locations Headquartered in Smyrna, Tennessee, we serve customers in 19 states with more than 6,300 team members. SRM Concrete's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. SRM acquires Premier Concrete and Elite in Georgia. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. 51 Champion Rd. 2022 SRM Concrete, All Rights Reserved. CEO, Jeff Hollingshead stated, "We are excited to . SRM Concrete's reach and presence is unmatched in the industry. "It really is because of the Power Equipment branch we use, and the whole team that includes Jeff Walker, as well as the phenomenal machine service Robbie Allen provides," Ryan said. The company operates within two primary segments: (i) ready-mixed concrete, which accounts for more than 90% of revenue, and (ii) aggregates and other construction materials, which accounts for the remaining % amount.Smyrna's revenue for the last twelve months ending December 31, 2021, was about $1.5 billion.REGULATORY DISCLOSURESFor further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. SRM acquires 24 plants from Argos in the Dallas/Fort Worth market. SRM 401(k) Profit Sharing Plan and Trust Annual Notice, 1000 Hollingshead Circle SRM acquires Bigos Precast based in Fowlerville, Michigan. SRM Acquires Indiana based Spurlino Materials. "Going forward, we expect this management team to remain focused on execution, pursue additional tuck-in acquisitions, and remain committed to a conservative financial policy. About Us The J.P. Morgan-led deal launched with a lender call today, and commitments are due at 5 p.m. SEE APPLICABLE MOODYS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYS CREDIT RATINGS.
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