ST. LOUIS, Nov. 03, 2021 (GLOBE NEWSWIRE) --
Saint Louis, MO, October 2021 – ButcherJoseph & Co. (“ButcherJoseph”) advised Fred Weber, Inc. (“Fred Weber” or the “Company”) on the sale of its aggregates and asphalt assets to New Frontier Materials (“New Frontier). The terms of the agreement were not disclosed. The transaction closed in July of 2021.
Fred Weber is sharpening its strategic focus by spinning off its aggregates and asphalt assets. The company will concentrate its resources on overseeing concrete pipe producer, Fred Weber Reinforced Concrete Products as well as its growing contract services business.
Doug Weible, Chairman & CEO of Fred Weber, explained, “This transaction represents an important step in our years long effort to reposition Fred Weber for sustainable long-term growth. We have appreciated the hard work and dedication that the New Frontier team demonstrated in pursuing the transaction and have every hope that they will continue to deliver the same high-quality products and services that our customers have come to expect over the years. Now that the transaction is complete, we are looking forward to the next stage of Fred Weber’s trajectory as we focus on providing our expertise to mining and quarry operations throughout the country.”
Mike Clarke, a 35-year industry veteran who became CEO of New Frontier upon completion of this transaction said, "I am excited and honored to lead New Frontier. These operations have served the St. Louis community for decades and we will faithfully build on that commitment. We bring a long-term perspective and intend to grow by focusing on premium products and delivering superior customer service. I look forward to advancing the New Frontier philosophy with a continued focus on employee safety, environmental stewardship, and community relations. I am humbled to step into the shoes of accomplished CEO Doug Weible and wish him much continued success at Fred Weber."
ButcherJoseph Managing Partner Keith Butcher commented, “We were grateful to have been able to advise Fred Weber as they executed a transaction that permitted them to achieve several critical strategic objectives at the same time. The team at Fred Weber worked incredibly hard to identify the right buyer and negotiate terms that would be acceptable to the stakeholders involved. Having witnessed the impressive results of their hard work and dedication first hand, we are excited to see what they will accomplish next.”
About Fred Weber, Inc.
Fred Weber, Inc. is a full-service construction materials expert headquartered in Maryland Heights, Missouri. The Company supplies and delivers various grades of crushed stone, sand, asphaltic concrete as well as a wide range of surface and underground mining services.
About New Frontier Materials
New Frontier Materials was formed in 2020 to partner with, acquire, and grow companies in the aggregates and construction materials industry. The company believes in responsible ownership and stewardship of the local workforce, environment, and community.
About ButcherJoseph & Co.
ButcherJoseph & Co. is a boutique investment banking firm specializing in ESOPs, mergers and acquisitions, private debt & capital sourcing and valuation advisory services for middle market companies. Our industry recognized team of professionals has executed 200+ transactions exceeding $15 billion in total value. ButcherJoseph is headquartered in St. Louis with a presence in Washington, DC and offices in Chicago, Charlotte, Scottsdale, and Nashville.
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