B.C.-based Polaris bought by U.S. company

VANCOUVER, B.C. — U.S. Concrete has acquired Polaris Materials, an aggregate company with offices in B.C.

According to a press release, U.S. Concrete paid an aggregate of approximately $300.7 million to former Polaris shareholders.

Option holders and holders of deferred share units were paid an aggregate of roughly $8.4 million pursuant to the arrangement. U.S. Concrete now owns all of Polaris.

“We are extremely excited to close the acquisition of Polaris. This acquisition will enable us to self-supply a majority of our current Northern California aggregate requirements and to further expand our footprint into other supply constrained markets along the West Coast, including Southern California,” said U.S. Concrete’s president, CEO and vice-chairman, William Sandbrook, in a press release. “The addition of Polaris to the U.S. Concrete family is further evidence of our commitment to increased vertical integration into aggregates to capitalize on attractive long-term growth opportunities for our shareholders. We look forward to working with our First Nations partners in the Orca Quarry, the Kwakiutl Band and ‘Namgis First Nation, as the strength of those relationships are a vital part of the success of the business, today and for the future.”

Polaris’ common shares will be taken off the Toronto Stock Exchange later this month.

Polaris’ construction aggregates interests consist of an 88 per cent ownership in the Orca Sand and Gravel Quarry in B.C., a 70 per cent ownership in the Richmond Terminal in California, which receives and distributes the Orca products, and a 70 per cent ownership in the Eagle Rock Quarry project. In addition, the company also has some rights to property in the Port of Long Beach in California.