"We don't have the turmoil you sometimes see in family-owned businesses. By continuing to access this document from within Australia, you represent to MOODYS that you are, or are accessing the document as a representative of, a wholesale client and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to retail clients within the meaning of section 761G of the Corporations Act 2001. "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. Smyrna Ready Mix prints upsized secured notes to yield 6%; terms info@smyrnareadymix.com One of SRM's raw materials divisions, Hollingshead Cement, supplies bulk cement for numerous applications, including ready-mix concrete, block, concrete products, precast concrete and soil stabilization. Social Responsibilty Although it was not an inexpensive proposition to do so, and with little money of their own, the couple scraped together enough to erect what is today known as Smyrna Plant 1, a larger and still fully operational facility at 4500 Hickory Grove Road in Murfreesboro. Featured Products SRM acquires North Alabama based Keenum Concrete. The asset based revolving credit facility, which expires in 2026, is governed by a springing fixed-charge coverage ratio of 1.0x, that comes into effect if availability under the asset based revolving credit facility is less than 15% of the total revolver availability.The stable outlook reflects Moody's expectation that Smyrna will grow revenue organically, maintain good operating performance, generate solid free cash flow, and remain committed to modest leverage. Meritain Information Privacy Policy Emile El Nems VP - Senior Credit Officer Corporate Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. Credit Application SRM Acquires Indiana based Spurlino Materials. SRM Concrete's reach and presence is unmatched in the industry. In fact, he added, "There is not one complaint against Power Equipment that I could ever make. Terex MP, global manufacturer of materials processing and lifting machinery, announced the purchase of MARCO, a manufacturer of bulk material handling conveyors, based in Mt. Interestingly, the younger Hollingshead said that in 2014, SRM Concrete was able to buy out the ready-mix company that had earlier denied his father the products he needed for his one-man projects, which, in turn, led to the creation of the large multi-service firm. SRM Concrete | Quality Concrete, Unmatched Service SRM Concrete is a family owned and operated ready-mix company founded by Melissa and Mike Hollingshead in 1999. SRM Concrete is pleased to announce the acquisition of USC-Atlantic, LLC, a subsidiary of U.S. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. The deal was upsized from $515 million and pricing finalized at the wide end of guidance, according to market sources. . Price talk for the seven-year covenant-lite term loan B is L+375-400, with a 0.75% Libor floor, offered at 99. Privacy Policy (615) 355-1028 All rights reserved.CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODYS (COLLECTIVELY, PUBLICATIONS) MAY INCLUDE SUCH CURRENT OPINIONS. info@smyrnareadymix.com MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. With very little money and three trucks, we built a concrete plant in our own backyard at 4500 Hickory Grove Road in Murfreesboro, Tenn. Metro Ready Mix Concrete | The Greystone Group Having Ryan as president of one of SRM's major divisions, and his other son, Jeff, serve as both company CEO and the family member in charge of the ready-mix operations, has allowed Mike Hollingshead in 2021 to enjoy his status as founder and owner. SRM acquires Florida based Griswold Concrete and KMR Concrete. Cloudflare Ray ID: 7c09a60ae9f8f118 MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. Smyrna Ready Mix Concrete to acquire 23 ready-mix concrete plants from The German company Bscher started in 1961 as a concrete plant and its business grew with, among others, a container service. SRM Concrete is the largest ready-mix concrete supplier in the United States with locations spanning 16 states. Included in this acquisition are 28 ready-mix locations in New York, New Jersey, and Pennsylvania. SMYRNA READY MIX CONCRETE LLC : DBA Name: SRM CONCRETE - PIQUA CONCRETE - SRM JONES AND STONE DRILLING - HOLLINGSHEAD CEMENT : Physical Address: 1000 HOLLINGSHEAD CIRCLE MURFREESBORO, TN 37129 Phone: (615) 355-1028 Mailing Address: 1136 SECOND AVE NORTH NASHVILLE, TN 37208 USDOT Number: 1738904 : State Carrier ID Number: Cementos Argos said that the divestment is part of its plan to . 152.228.212.223 1136 Second Avenue North. Privacy Policy That indicates a yield to maturity of around 4.76%-5.20%. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. 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. Careers, Place An Order Financing also includes a $100 million ABL revolver due 2025 with a springing fixed-charge covenant, S&P Global Ratings said in a report. Moody's assigns B1 CFR to Smyrna; B1 to sr. secured credit facility Price talk for the seven-year covenant-lite term loan B is L+375-400, with a 0.75% Libor floor, offered at 99. US: Argos USA has agreed to sell a total of 23 US ready-mix concrete batching plants to Smyrna Ready Mix Concrete for US$93m. SRM acquires Federal Materials Concrete based in Paducah, Kentucky. ET on Oct. 29. CONTACT US CONCRETE CALCULATOR CUSTOMER LOGIN Products & Services ConcreteSRM MaterialsBlockProductsPumpingHollingshead CementHollingshead Harbor Customers Murfreesboro, TN 37129 Pro forma for the proposed financing and the bolt-on acquisitions, Moody's projects Smyrna's leverage will be 3.9x at December 31, 2022 (including Moody's adjustments).Over the past three years, Smyrna has materially grown its profitability (organically and through acquisitions), invested in the business, and maintained a disciplined approach to balance sheet management and liquidity." For almost 40 years, SBM Mineral Processing has been consistently using diesel-electric drive systems and is a supplier of cross-technological hybrids for track-mobile jaw and impact crushers from under 50,000 to 350,000 lbs. 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. Smyrna Ready Mix Concrete, LLC - Myrtle Beach, SC - Ready-Mixed Concrete SRM Concrete's presence, products, and services enable us to win in today's competitive marketplaces. SRM acquires concrete company in Danville, Kentucky. At-a-glance. Average of 11 Customer Reviews. "My main goal is keeping everyone safe," Ryan said. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 2022 Moodys Corporation, Moodys Investors Service, Inc., Moodys Analytics, Inc. and/or their licensors and affiliates (collectively, MOODYS). Murfreesboro, TN 37129 JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Gretchen French Associate Managing Director Corporate Finance Group JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Releasing Office: Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. Smyrna Ready Mix Employee Directory Smyrna Ready Mix corporate office is located in 1000 Hollingshead Cir, Murfreesboro, Tennessee, 37129, United States and has 828 employees. CEG. Social Responsibilty AND/OR ITS AFFILIATES. BBB Business Profiles are provided solely to assist you in exercising your own best judgment. (615) 922-8300 (Espaol), SRM 401(k) Profit Sharing Plan and Trust Annual Notice. esgSubNav, Discover more about S&P Globals offerings, Global Credit and Risk Symposium: Unlocking Possibilities, pulled a proposed $315 million, seven-year term loan B, Non-call three (first call at par +50% coupon), JW Marriott Sao Paulo Av. It is classified as operating in the Nonmetallic Mineral Product Manufacturing industry. 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 deal was upsized from $515 million and pricing finalized at the wide end of guidance, according to market sources. MOODYS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYS ANALYTICS, INC. Moody's also assigned a Ba3 rating to the company's proposed senior secured credit facility. The Company offers concrete mix designs, admixtures, reinforcing products, stone, gravel, sand, soil, pumping, and hauling includes footers, slabs, and accelerators. (615) 922-8300 (Espaol), SRM 401(k) Profit Sharing Plan and Trust Annual Notice. Access the headquarters listing for Smyrna Ready Mix Concrete, LLC. Proceeds will be used to fund certain acquisitions, refinance existing debt and for general corporate purposes. SRM 401(k) Profit Sharing Plan and Trust Annual Notice, 1000 Hollingshead Circle Credit Application What was once a simple ready-mix plant is now a company capable of handling the multiple needs of countless numbers of building contractors. Market Intelligence The level of drive, determination and faith that the Hollingshead family possesses is clearly behind SRM Concrete's success. 4.6. Read more. Smyrna Ready Mix MOODYS ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. SRM acquires Sequatchie Concrete serving the East TN, North AL, and North GA markets. 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Jean Carroll Case, Workers Well-BeingTops Agenda at Annual Shareholder Meetings, Bara DitchingPrivate Jet for Train Points toGreener Football, What to Know About Red-Flag Warnings, an Ominous WildfireForecast, Germany Sets the New Standard for Cheap, National Mass Transit, Chinas Now Spurning Ugliest Buildings That Symbolized Its Meteoric Rise, Broke Chinese Gen Zs Turn Factory Town into Top Tourist Spot, Nigerias SEC Plans to Allow Asset-Backed Tokens But Not Crypto, Bitcoin Sags After its Longest Streak of Monthly Gains Since 2021, Bitcoin on Course for Longest Streak of Monthly Gains Since 2021. Contact Information. Aggregate Equipment Guide is a project of Construction Equipment Guide, putting machines in front of buyers for over 60 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. "I want to deal with people I trust and that goes a long way. SRM acquires 24 plants from Argos in the Dallas/Fort Worth market. SRM acquires Premier Concrete and Elite in Georgia. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. It means so much more because we are working as a team, and we do everything together outside of work, like go to church and go on vacations.". L.A. SRM acquires Anchor Ready Mix based in Cincinnati, Ohio. (615) 355-1028 FIND A SUPPLIER: GET A QUOTE: INDUSTRYNET BLOG: ABOUT INDUSTRYNET: MARKETING SOLUTIONS : IndustryNet Account. info@smyrnareadymix.com For years now, the Austrian processing specialist SBM Mineral Processing has been one of the technology leaders in economical hybrid drives and intelligent, interactive process controls for track-mounted crushing plants. Back in 1999, Mike and Melissa Hollingshead decided that they needed to build a ready-mix concrete plant in their own Middle Tennessee backyard. Due to the bond offering's size increase, the issuer pulled a proposed $315 million, seven-year term loan B. Smyrna Ready Mix LLC is a provider of ready-mix concrete, aggregates, and other concrete-related products and services. SRM acquires Cornerstone Ready Mix based in Augusta, Georgia. MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. The company's senior secured debt is contractually subordinated to the company's $250 million Asset Based Revolving Credit Facility expiring in 2026 which is secured by the account receivable and inventory.The proceeds from the proposed $650 million offering will be used primarily to fund pending acquisitions. Houston, TX 77049-2660. Martin Marietta to Sell Colorado and Central Texas Ready Mixed Concrete Das Naes Unidas 14401, Torre Hotel Chcara Santo Antnio So Paulo, BR-SP. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided AS IS without warranty of any kind. With very little money and three trucks, we built a concrete plant in our own backyard at 4500 Hickory Grove Road in Murfreesboro, Tenn. MCO and Moodys Investors Service also maintain policies and procedures to address the independence of Moodys Investors Service credit ratings and credit rating processes. Smyrna Ready Mix prints upsized secured notes to yield 6%; terms, Banking Essentials Newsletter: 5th May Edition, Banking Essentials Newsletter: 19th April Edition, According to Market Intelligence, April 2023, Banking Essentials Newsletter: 5th April Edition. Pro forma for the transaction, Smyrna's liquidity position is supported by roughly $15 million of cash, a $250 million asset based revolving credit facility, under which Moody's expects $210 million will remain available, and Moody's expectation that the company will generate around $150 million in free cash flow in 2022. SRM opens new plant in Panama City Beach. (281) 837-5300. Smyrna Ready Mix Concrete, LLC - Yahoo Finance The largest of four transactions announced April 1 netted 37 central Texas, Colorado and Wyoming sites from Martin Marietta Materials, which had indicated an asset sale agreement with SRM Concrete in mid-March. Through hard work and the grace of God, Smyrna Ready Mix grew. SRM CONCRETE Revenue, Growth & Competitor Profile - IncFact.com SRM acquires Argos Panhandle division in Florida. SRM acquires Florida based Superior Concrete, Xpress Materials, and A-Materials. (615) 922-8300 (Espaol), SRM 401(k) Profit Sharing Plan and Trust Annual Notice, SRM Acquires Young Trucking in Southwest Florida, SRM Acquires Titan Ready Mix in Covington, GA, SRM Acquires Darby Ready Mix in Southeast Michigan, SRM Acquires Clinton-Tecumseh Aggregates in Southeast Michigan, SRM Acquires 18 Argos ready-mix locations in NC and Florida, SRM Acquires 37 ready-mix locations in Colorado, Wyoming, and Texas, SRM Acquires Charley's Concrete in the DFW Market, SRM Acquires JJ's Concrete in Central Indiana, SRM Acquires Louisville-based Allstate Ready Mix, SRM Acquires Jones & Stone Drilling in Middle Tennessee, SRM Acquires Bowling Green Concrete in South Central Kentucky, SRM Acquires T&H Concrete Products in Lewisburg, TN, SRM Acquires Indiana Phoenix Mixer Company, Hollingshead Cement Opens Cement Terminal in Middletown, OH.
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