SUBSEQUENT EVENT

12 Months Ended

Dec. 31, 2019

Subsequent Events [Abstract]

SUBSEQUENT EVENT

SUBSEQUENT EVENT

Acquisition of Aggregates Company in New York

On February 24, 2020, we acquired all of the equity of Coram Materials Corp. and certain of its affiliates (collectively, “Coram”) for $142.0 million, subject to certain post-closing adjustments (the “Acquisition”). Coram is a sand and gravel products provider located on Long Island, New York. Coram’s operations supply natural sand to the New York City area, which is used in concrete and other applications across industry sectors and within all construction categories. Coram owns approximately 41.9 million tons of proven and permitted reserves and approximately 7.5 million tons of proven, but unpermitted reserves. The Acquisition increases the vertical integration of our New York City operations. We funded the purchase price for the Acquisition by borrowing $140.0 million on our Revolving Facility, and we have additional committed financing to further support our liquidity needs. We will seek to refinance or replace this borrowing as conditions permit. The remaining $2.0 million of the purchase price will be paid over the next two years.