Lincoln International Represents Ready Mix, Inc. in its Asset Sale to Skanon Investments, Inc.
CHICAGO, April 1, 2010 – The Building and Infrastructure Group of Lincoln International LLC, a leading global mid-market investment bank, today announced that substantially all of the operating assets of Ready Mix, Inc. (NYSE Amex: RMX) (“Ready Mix” or the “Company”) have been acquired by Skanon Investments, Inc. for a purchase price of $9.75 million in cash and the assumption of certain liabilities. Ready Mix also retained certain assets, including the Company’s office building in Phoenix, Arizona. The transaction was previously announced on February 1, 2010. Lincoln International acted as the exclusive investment banking advisor to Ready Mix on this transaction and also rendered a fairness opinion to the Board of Directors of Ready Mix.
Headquartered in Phoenix, Arizona, Ready Mix is a leading manufacturer and distributor of ready mix concrete and sand and gravel products in the Phoenix, Arizona and Las Vegas, Nevada metropolitan regions. Founded in 1997, the Company serves a variety of customers, including contractors, subcontractors, individuals and owners of both private and public construction projects. Ready Mix has five permanent ready mix concrete batch plants, two portable facilities, two aggregate sites and a fleet of approximately 170 owned and leased ready mix concrete trucks and 25 other support vehicles, in addition to maintenance and service vehicles.
Lincoln International worked closely with the Company’s Board of Directors and senior management throughout the sale process which included managing the preparatory, marketing, negotiation and due diligence phases of the transaction. The sale of substantially all of the operating assets of Ready Mix is another important transaction for Lincoln’s highly active Building & Infrastructure Group. “Lincoln’s extensive experience in the building products industry proved invaluable,” said Brad Larson, Chief Executive Officer, Ready Mix. “They quickly created a highly competitive, disciplined sale process that produced a positive outcome in the best interests of Ready Mix.”
About Ready Mix, Inc.
Ready Mix has provided ready mix concrete products to the construction industry since 1997. The Company currently operates three ready mix concrete plants in the metropolitan Phoenix, Arizona area, three plants in the metropolitan Las Vegas, Nevada area, and one plant in Moapa, Nevada. Ready Mix also operates two sand and gravel crushing and screening facilities near Las Vegas, Nevada which provide raw materials for its Las Vegas and Moapa concrete plants.
About Lincoln International
Lincoln International specializes in merger and acquisition advisory services, private capital raising, and restructuring advice on mid-market transactions. Lincoln International also provides fairness opinions, valuations and pension advisory services on a wide range of transaction sizes. With ten offices in Asia, Europe and North America, and strategic partnerships with leading institutions in China and India, Lincoln International has strong local knowledge and contacts in the key global economies. The organization provides clients with senior-level attention, in-depth industry expertise and integrated resources. By being focused and independent, Lincoln International serves its clients without conflicts of interest. More information about Lincoln International can be obtained at www.lincolninternational.com.
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