ET on Oct. 29. 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. Today, SRM is still rooted in providing superior customer service, just as it was in the early days when the personal touch was key to the growth of Mike Hollingshead's company. Within six months of launching SRM Concrete, though, other area concrete finishers took note of the new plant and began ordering from the family business. In addition, SRM Concrete Pumping Services is strategically located in the Midwest, Mid-South, and Deep South, while in Nashville, Houston, Detroit and Panama City, Fla., another of its divisions offers harbor delivery services to customers that need their raw materials moved quickly and efficiently. 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. Smyrna Ready Mix Concrete to acquire 23 ready-mix concrete plants from Aggregate Equipment Guide is the best source for news, how-to's and equipment for the Aggregate Industry. Smyrna Ready Mix Concrete serves construction industry in the United States. The deal was upsized from $515 million and pricing finalized at the wide end of guidance, according to market sources. Smyrna Ready Mix Concrete, LLC is located in Myrtle Beach, SC and is a supplier of Ready-Mixed Concrete. SRM Concrete | Quality Concrete, Unmatched Service SMYRNA, TN - November 25th, 2022. Smyrna Ready Mix Concrete, LLC - Yahoo Finance SRM 401(k) Profit Sharing Plan and Trust Annual Notice, 1000 Hollingshead Circle Although now headquartered in Nashville, the Hollingshead family company has not forgotten the site and the service that helped put it on the map years ago. Nashville, TN 37208. SEE APPLICABLE MOODYS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYS CREDIT RATINGS. Smyrna Ready Mix Concrete, better known as SRM Concrete, offers a range of services, but its concentration on ready-mix, mining and materials production has made it one of the fastest growing operations in the eastern half of the United States. Visit Website (936) 295-7672. We list equipment in all the major aggregate categories including conveyors, feeders, stackers, crushers, magnets, screening equipment, washing equipment, and more. Rating Action: Moody's upgrades Smyrna's CFR to Ba3; Assigns Ba3 to senior secured debt; outlook stableGlobal Credit Research - 10 Mar 2022New York, March 10, 2022 -- Moody's Investors Service (Moody's) upgraded Smyrna Ready Mix Concrete, LLC's (Smyrna) Corporate Family Rating (CFR) to Ba3 from B1, Probability of Default Rating (PDR) to Ba3-PD from B1-PD, and the rating on the company's senior secured notes to Ba3 from B1. SRM acquires Sequatchie Concrete assets in Middle TN. I know everyone on every site by name, and on the ready-mix side that is difficult because of the sheer number of people we have, but as a family-owned company we all have an open-door policy, so any Hollingshead can be reached, if needed.". With its concrete production, SRM concentrates its attention on residential projects, he said, adding that it is working at many large home developments along the East Coast. (615) 922-8300 (Espaol), SRM 401(k) Profit Sharing Plan and Trust Annual Notice. 1136 Second Avenue North. Company Store MOODYS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.Additional terms for Japan only: Moody's Japan K.K. After meeting with the companys new team members, SRM Chairman, Mike Hollingshead stated, We are looking forward to building relationships with our new SRM team members and their families for years to come.. SRM opens Harbor in Panama City Beach, Florida. 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. . SRM opens new plant in St. Augustine, Florida. Headquartered in Smyrna, Tennessee, we serve customers in 19 states with more than 6,300 team members. With very little money and three trucks, we built a concrete plant in our own backyard at 4500 Hickory Grove Road in Murfreesboro, Tenn. What was once a simple ready-mix plant is now a company capable of handling the multiple needs of countless numbers of building contractors. Smyrna Ready Mix LLC today completed its $830 million offering of eight-year senior secured notes via J.P. Morgan, BNP Paribas, BofA Securities, and Goldman Sachs. SRM Concrete's presence, products, and services enable us to win in today's competitive marketplaces. SRM Concrete is the largest privately-owned ready-mix concrete manufacturer in the country. Back in 1999, Mike and Melissa Hollingshead decided that they needed to build a ready-mix concrete plant in their own Middle Tennessee backyard. Featured Products Careers, Place An Order 2022 SRM Concrete, All Rights Reserved. SRM acquires Detroit based McCoig Concrete. Smyrna Ready Mix Concrete launches $315M TLB; commitments due Oct. 29 This document is intended to be provided only to wholesale clients within the meaning of section 761G of the Corporations Act 2001. SRM Concrete's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. Ryan Hollingshead (L), president of SRM Aggregates, and Mike Hollingshead, founder of SRM Concrete. The company serves bulk cement throughout the Southeast and Midwest United States. All complaints are handled by the BBB where the company is Headquartered or a central customer complaint processing location. For Buyers: View Search History and Save Searches; Save Supplier Listings and Add Notes; BBB Business Profiles are provided solely to assist you in exercising your own best judgment. SRM acquires Federal Materials Concrete based in Paducah, Kentucky. (615) 355-1028. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. close alert. "I can assure you that my dad is heavily involved in everything he can get his hands on," Ryan said with a laugh. 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. Contact Information. 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. Ceasars Equipment Finds 'Sweet Spot' With 10-Ft. Screener, Keestrack Plug-In Electric Crushing, Screening Converts Demo Waste to Construction Material, First Powerscreen Premieretrak 600E in Ireland Goes to Collen Bros, VIDEO: Rokbak RA30 Delivers On All Fronts for Skene Group, Terex MP Announces Purchase of MARCO Conveyors, Autonomous Crushing With SBM Mineral Processing's REMAX 600, SBM Mineral Processing: Hybrid 'By Nature', Alta Helps L.A. "My main goal is keeping everyone safe," Ryan said. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODYS PRIOR WRITTEN CONSENT.MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.All information contained herein is obtained by MOODYS from sources believed by it to be accurate and reliable. From manufacturers such as Cedarapids, Doppstadt, Extec, Kleemann, McCloskey, Metso, Nordberg, Pioneer, Powerscreen, Screen Machine, Superior, Terex, and more. Meritain Information SRM Concrete is pleased to announce the acquisition of USC-Atlantic, LLC, a subsidiary of U.S. We have a good relationship that is carried over to our business. The J.P. Morgan-led deal launched with a lender call today, and commitments are due at 5 p.m. The division is only a few years old but already counts 16 quarries that include plants to create crushed limestone, river rock and natural sand products. 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. 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. Martin Marietta, Argos, Charley's deals close SRM Concrete's robust Q1 MOODYS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. "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. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Smyrna Ready Mix, LLC. | Better Business Bureau Profile Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. For more information about Smyrna Ready Mix Concrete, visit www.smyrnareadymix.com. "[Dad] did not have a clue going in about what he was doing, and he had to work through that, but he had the good Lord's grace on his side," Ryan added. SRM acquires Vulcan Materials in Richmond, Virginia. Credit Application With very little money and three trucks, we built a concrete plant in our own backyard at 4500 Hickory Grove Road in Murfreesboro, Tenn. Proceeds will be used to fund certain acquisitions, to refinance existing debt and for general corporate purposes. 2023, International Association of Better Business Bureaus, Inc., separately incorporated Better Business Bureau organizations in the US, Canada and Mexico and BBB Institute for Marketplace Trust, Inc. All rights reserved. Through hard work and the grace of God, Smyrna Ready Mix grew. Smyrna Ready Mix Concrete, LLC - Myrtle Beach, SC - Ready-Mixed Concrete Social Responsibilty For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Privacy Policy While Rokbak continues to build a global reputation for robust and reliable articulated haulers, just 50 mi. Huntsville, TX 77340. Smyrna Ready Mix Concrete | Better Business Bureau Profile Meritain Information Featured Products /marketintelligence/en/news-insights/latest-news-headlines/smyrna-ready-mix-prints-upsized-secured-notes-to-yield-6-terms-61038516 Looking for more information? Through both growth and acquisition, the company has amassed a heavy equipment fleet of more than 400 pieces. Privacy Policy SRM Concrete opened the second quarter confirming the acquisition of 67 ready mixed plants in five states. Privacy Policy Concrete, Inc., which is wholly owned by Vulcan Materials Company. Company Store SRM acquires Reed Ready Mix based in Huntsville, Alabama. "We started here and now consider it our signature quarry for digging limestone that we use to make numerous things, like concrete and asphalt for road construction.". About Us Cloudflare Ray ID: 7c09a60ae9f8f118 SRM Concrete | Quality Concrete, Unmatched Service SRM provides quality ready mix concrete and construction materials to our customers throughout sixteen states. Lenders are offered six months of 101 soft call protection. Meritain Information (615) 355-1028 But that's not to say he isn't involved with SRM's operations. Contact Us SRM acquires Kentucky based All-Rite Ready Mix and Tucker Ready Mix. Careers, Place An Order Contact Us 2022 SRM Concrete, All Rights Reserved. Moody's also assigned a Ba3 rating to the company's proposed senior secured credit facility. "We don't have the turmoil you sometimes see in family-owned businesses. Making sure SRM Concrete follows safe practices within its various divisions is something that has proven to be a demanding task, considering the far-flung nature of the company, its vast number of employees and the type of work that is performed. Smyrna Ready Mix Concrete, LLC manufactures and supplies concrete products. About Us content About Us Visit Website. Close to home, for example, some of SRM's largest contracts have included the building of the downtown Nashville Convention Center, and the nearby Bridgestone Tower. Through SRM Products, the parent company has expanded into building and maintaining facilities to support its different construction services, such as warehouses that stock and deliver a variety of concrete related products, including rebar, wire mesh, form lumber, masonry materials, waterproofing materials, decorative and color materials and finishing tools. Our Team 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. The outlook remains stable.The rating upgrades reflect Moody's expectation of the continued strengthening of Smyrna's credit profile following the successful integration of several bolt-on acquisitions during 2020 and 2021, a larger and more geographically diversified revenue base, greater predictability of free cash flow, and a commitment by the management team to maintain modest leverage.The Ba3 rating assigned to the $650 million senior secured term loan facility maturing in 2029 and to the $1,100 million Senior Secured Notes maturing in 2028, is on par with the CFR reflecting their position as the preponderance of debt in Smyrna's capital structure. 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 Hicks Concrete based in Mulberry, Florida. You can email the site owner to let them know you were blocked. Market Intelligence "That is what made him want to put up his own concrete plant.". 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 remaining % amount.Smyrna's revenue for the last twelve months ending December 31, 2021, was about $1.5 billion.REGULATORY DISCLOSURESFor further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. The Company offers concrete mix designs, admixtures, reinforcing products, stone, gravel, sand, soil, pumping, and hauling includes footers, slabs, and accelerators. Our newly acquired team possesses great experience, and we look forward to bringing SRMs service to our new customers across these new territories.. Visit Website (513) 871 . Quarry, located in La Fargeville, N.Y., has been serving the north country of New York State with crushed limestone, sand and topsoil for the past 25 years. 18of the plants are situated in North Carolina and the remainder in Southwest Florida. Your IP: Investor Contact: Suzanne Osberg Vice President, Investor Relations (919) 783-4691 Suzanne.Osberg@martinmarietta.com MLM-G Our company continues to expand, but our mission to provide every customer with quality concrete and unmatched service remains the same. CEO, Jeff Hollingshead stated, We are excited to expand into this incredible market. The action you just performed triggered the security solution. SRM 401(k) Profit Sharing Plan and Trust Annual Notice, 1000 Hollingshead Circle The headquarters for SRM Concrete are in 1000 Hollingshead Circle Smyrna, TN 37129. ", Ryan said that he knows it is a given that even brand-new equipment is going to have a service issue, "but it is how you handle those problems that matters, and even with Power's other offerings, they have always stepped up and made it right for us.". (MSFJ) is a wholly-owned credit rating agency subsidiary of MJKK. Locations All customer reviews are handled by the BBB where the company is Headquartered or a central customer review processing location. FIND A SUPPLIER: GET A QUOTE: INDUSTRYNET BLOG: ABOUT INDUSTRYNET: MARKETING SOLUTIONS : IndustryNet Account. SRM Acquires Indiana based Spurlino Materials. Further information on the UK endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. SRM acquires Argos Panhandle division in Florida. 50.69421 \\ 3.17456 \\ 213.32.24.66 \\ Roubaix \\ Hauts-de-France. Hollingshead Mixer Company LLC 200 Dekko Dr Avilla, IN 46710 IN Steve Howard (260) 897-4397: Steve . Developed for ease-of-use and operator safety, ESCO's latest innovation the ESCO PosiGrab II hydraulic coupler has undergone extensive testing and benchmarking against similar products. However, MOODYS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.To the extent permitted by law, MOODYS and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODYS or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYS.To the extent permitted by law, MOODYS and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODYS or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYS IN ANY FORM OR MANNER WHATSOEVER.Moodys Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moodys Corporation (MCO), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moodys Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moodys Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000.
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