Press Release
March 31, 2014
Graniterock and FMG in Exclusive Acquisition Talks
Local Quality Construction Companies Discuss Joining Forces
Graniterock and FMG Co., Inc., have signed a Letter of Intent contemplating Graniterock‘s acquisition of all outstanding shares of FMG stock. The closing of the proposed acquisition is subject to Graniterock‘s performance of satisfactory due diligence, and the negotiation of a definitive stock purchase agreement, which the parties anticipate will be complete in the next several weeks.
According to the terms of the deal, FMG will operate as a wholly owned subsidiary of Graniterock, and will continue its 15-year tradition of providing exemplary customer service under the FMG brand.
FMG customers will experience no disruption in their service. FMG will continue its traditional asphalt milling, grinding, pulverizing, and cold in-place recycling work, both up to and after the anticipated acquisition. After the closing of the anticipated deal, Graniterock will perform any AC paving work in the FMG backlog, and FMG will discontinue its paving operations.
“The companies‘ corporate cultures are closely aligned, and we are excited to be able to welcome Mike McElroy and his strong team into the Graniterock family,” said Rodney Jenny, Executive Vice President and Construction Division Manager for Graniterock.
FMG Co., Inc. is dedicated to providing the highest level of asphalt milling, grinding, pulverizing, and cold in-place recycling for our customers throughout California. The company, based in San Jose, serves the Bay Area and Central Coast, and also operates in the Central Valley from its Fresno facility. FMG is committed to establishing lasting relationships with its customers by exceeding their expectations and gaining their trust through exceptional reliability, value and performance. The company has been built on a foundation of integrity, honesty, and performance allowing us to accomplish its goals.
Graniterock has been headquartered in Watsonville, California, since its founding in 1900. The Company’s employees work in branch locations in South San Francisco, Redwood City, San Jose, Salinas, Monterey, Oakland, Watsonville, Felton, Cupertino, and Santa Cruz. Graniterock supplies construction materials including ready-mix concrete, hot mix asphalt, building materials, landscaping supplies, rock, sand and gravel. Graniterock Construction Division is a significant regional heavy engineering contractor building roadways, airports and private commercial and residential projects. Graniterock received the 1992 Malcolm Baldrige National Quality Award and the 1994 Governor’s Golden State Quality Award.
For more information, contact:
Rodney Jenny, 408.574.1421
Keith Severson, 831.768.2063
Graniterock, 888.ROCK.100
Graniterock and FMG Co., Inc., have signed a Letter of Intent contemplating Graniterock‘s acquisition of all outstanding shares of FMG stock. The closing of the proposed acquisition is subject to Graniterock‘s performance of satisfactory due diligence, and the negotiation of a definitive stock purchase agreement, which the parties anticipate will be complete in the next several weeks.
According to the terms of the deal, FMG will operate as a wholly owned subsidiary of Graniterock, and will continue its 15-year tradition of providing exemplary customer service under the FMG brand.
FMG customers will experience no disruption in their service. FMG will continue its traditional asphalt milling, grinding, pulverizing, and cold in-place recycling work, both up to and after the anticipated acquisition. After the closing of the anticipated deal, Graniterock will perform any AC paving work in the FMG backlog, and FMG will discontinue its paving operations.
“The companies‘ corporate cultures are closely aligned, and we are excited to be able to welcome Mike McElroy and his strong team into the Graniterock family,” said Rodney Jenny, Executive Vice President and Construction Division Manager for Graniterock.
FMG Co., Inc. is dedicated to providing the highest level of asphalt milling, grinding, pulverizing, and cold in-place recycling for our customers throughout California. The company, based in San Jose, serves the Bay Area and Central Coast, and also operates in the Central Valley from its Fresno facility. FMG is committed to establishing lasting relationships with its customers by exceeding their expectations and gaining their trust through exceptional reliability, value and performance. The company has been built on a foundation of integrity, honesty, and performance allowing us to accomplish its goals.
Graniterock has been headquartered in Watsonville, California, since its founding in 1900. The Company’s employees work in branch locations in South San Francisco, Redwood City, San Jose, Salinas, Monterey, Oakland, Watsonville, Felton, Cupertino, and Santa Cruz. Graniterock supplies construction materials including ready-mix concrete, hot mix asphalt, building materials, landscaping supplies, rock, sand and gravel. Graniterock Construction Division is a significant regional heavy engineering contractor building roadways, airports and private commercial and residential projects. Graniterock received the 1992 Malcolm Baldrige National Quality Award and the 1994 Governor’s Golden State Quality Award.
For more information, contact:
Rodney Jenny, 408.574.1421
Keith Severson, 831.768.2063
Graniterock, 888.ROCK.100
