The J.P. Morgan-led deal launched with a lender call today, and commitments are due at 5 p.m. SRM acquires Detroit based McCoig Concrete. Locations CEO, Jeff Hollingshead stated, We are excited to expand into this incredible market. 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 LLC is a provider of ready-mix concrete, aggregates, and other concrete-related products and services. 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. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.Smyrna Ready Mix Concrete, LLC is a manufacturer and retailer of ready-mixed concrete in Tennessee, Florida, Kentucky, Ohio, Indiana, Texas, Georgia, Colorado, Alabama, Arkansas, Michigan, South Carolina, North Carolina, Mississippi, Wyoming and Virginia. SRM acquires Premier Concrete and Elite in Georgia. We just feel comfortable with them. 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.". info@smyrnareadymix.com SRM Concrete is the largest privately-owned ready-mix concrete manufacturer in the country. 2022 SRM Concrete, All Rights Reserved. SRM 401(k) Profit Sharing Plan and Trust Annual Notice, 1000 Hollingshead Circle SRM opens new plant in St. Augustine, Florida. Careers, Place An Order Thu December 23, 2021 Eric Olson - CEG CONTRIBUTING EDITOR. Company Store (MSFJ) is a wholly-owned credit rating agency subsidiary of MJKK. Featured Products This addition is one of SRMs largest acquisitions to date with over 600 new team members. What was once a simple ready-mix plant is now a company capable of handling the multiple needs of countless numbers of building contractors. 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. 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. (MJKK) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moodys Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Contact Us Contact Us An unusual choice for most folks, certainly, but Mike did so only because he was often frustrated in getting the materials he needed to run his small concrete business. Aggregate Equipment Guide is a project of Construction Equipment Guide, putting machines in front of buyers for over 60 years. Corporate and facility ratings are B+/B1, with a 3 recovery rating from S&P Global Ratings. 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. smyrna ready mix concrete llc smyrna ready mix llc srm concrete smyrna ready mix srmconcrete smyrna ready mix concrete Smyrna Ready Mix Global Presence Search All Employees close alert. 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. Eric Johnson, president and founder of Ceasars Equipment, grew up around the aggregate business and has always had a passion for aggregate machines. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (ASSESSMENTS), AND OTHER OPINIONS INCLUDED IN MOODYS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. SRM acquires 24 plants from Argos in the Dallas/Fort Worth market. Our company continues to expand, but our mission to provide every customer with quality concrete and unmatched service remains the same. SRM Concrete's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. Privacy Policy 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.. close alert. The company also has been involved in many commercial jobs throughout its territories. SAN DIEGO (August 5, 2014) - The Greystone Group announced today that it served as exclusive financial advisor to Harper Industries, Inc. in the sale of its subsidiary, Metro Ready Mix Concrete to Smyrna Ready Mix Concrete.Metro Ready Mix is the 3 rd transaction managed by Greystone for Harper in the past 5 years. Bloomberg Chief Washington Correspondent Joe Mathieu delivers insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. Smyrna Quarry - 88 5967 Hickory Grove Rd Murfreesboro, TN 37129 TN Travis Wagner . 50.69421 \\ 3.17456 \\ 213.32.24.66 \\ Roubaix \\ Hauts-de-France. BBB reports on known marketplace practices. With very little money and three trucks, we built a concrete plant in our own backyard at 4500 Hickory Grove Road in Murfreesboro, Tenn. 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. From manufacturers such as Cedarapids, Doppstadt, Extec, Kleemann, McCloskey, Metso, Nordberg, Pioneer, Powerscreen, Screen Machine, Superior, Terex, and more. "We, of course, are ready-mix driven, so as we acquire ready-mix companies, if we see a need to have a quarry in that area, we will look to obtain one close by," he said. SEE APPLICABLE MOODYS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYS CREDIT RATINGS. SRM acquires Georgia based CAB Concrete and Candler Ready Mix. Through both growth and acquisition, the company has amassed a heavy equipment fleet of more than 400 pieces. "Dad was in the ready-mix business working for himself finishing driveways and patios locally, but he kept getting poor service from a distributor due to the larger jobs they had going," said Ryan Hollingshead, Mike's son, and the current president of SRM Aggregates, a division of the larger company. SRMs Komatsu PC490-11 excavator loads an HD325-8 40-ton quarry truck. SRM acquires concrete company in Danville, Kentucky. (615) 922-8300 (Espaol), SRM 401(k) Profit Sharing Plan and Trust Annual Notice. From the company's limestone mines, many in Tennessee and Alabama where the rock is abundant, 10 different aggregate sizes are produced, he said, although other products can be created with screen changes. Our Team 1136 Second Avenue North. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles. The deal was upsized from $515 million and pricing finalized at the wide end of guidance, according to market sources. About Us SRM acquires Florida based Griswold Concrete and KMR Concrete. "I want to deal with people I trust and that goes a long way. 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. MSFJ is not a Nationally Recognized Statistical Rating Organization (NRSRO). latest-news-headlines "We crush rock here at Smyrna, but of all our many locations, this plant means more to us because we were born and raised within a quarter mile of this facility," Ryan said. Contact Us Smyrna Ready Mix Concrete focuses on providing building material services across the commercial and residential construction segments. All customer reviews are handled by the BBB where the company is Headquartered or a central customer review processing location. SRM acquires Vulcan Materials in Richmond, Virginia. 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. MOODYS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYS ANALYTICS, INC. Nashville, TN 37208. 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. The deal was upsized from $515 million and pricing finalized at the wide end of guidance, according to market sources. SRM Concrete is the largest ready-mix concrete supplier in the United States with locations spanning 16 states. Smyrna Ready Mix Concrete, LLC manufactures and supplies concrete products. SRM opens sand plant in Crab Orchard, Tennessee. SRM Concrete has pursued an active acquisition strategy, having successfully acquired and integrated over eightycompanies since 2005. SRM opens new plant in Punta Gorda, Florida. "It has been a privilege to work with Harper Industries over the past . But that's not to say he isn't involved with SRM's operations. (615) 355-1028 Credit Application Transcript:The Supply Chain Crisis That Could Wreck the Bourbon Industry, Eskom Latest: Outages Intensify; Five CEO Candidates Shortlisted, Corporate America Focuses on Cost Cuts and Layoffs Not Growth, Peru Inflation Falls Below 8%, Supporting Central Bank Ambitions, IMF Chief Says Rising Rates Exposed Banking Vulnerabilities, Blackstones Real Estate Trust Limits Withdrawals for Sixth Straight Month, JPMorgans Venture Arm Makes Fertility Bet in $25 Million Deal, Jack Ma Joins University of Tokyo as Visiting Professor, Snap Hires Former Meta Execsto Bolster Ad Business, The White House Is Probing How Companies Use AI to Surveil and Manage Workers, McCarthy Says He Supports Aid to Ukraine, Urges Russia to Leave, Durbin Promises to Move Ahead With Supreme Court Ethics Legislation Despite Pushback, Dimon Defies Big-Bank Critics, Winning FDIC Auction to Keep Expanding, I Bond Rate Drops to 4.3% asCooling Inflation Drags YieldLower, Whats Trending Today: JPMorgan Buys First Republic, Virginia Tornado, Hollywood Writers Strike, Chinese Tourists, Loyal Wynn Guests Key for NewUAE Resort, Officials Say, JPMorgan Jumps to the Rescue at First Republic For a Price, If the BankingCrisis Offers One Lesson, Let It Be This, JPMorgan, First Republic and the Curse of the SecondBest, The Boring Old Box Truck Gets the Tesla Treatment, For Banks Under Stress, Theres a Federal Backstop That Provides Help Without Stigma, What the US Can Learn From Europes ESG Mistakes, Trump Is Denied Mistrial Over Unfair Rulings in E. 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. 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. . /marketintelligence/en/news-insights/latest-news-headlines/smyrna-ready-mix-prints-upsized-secured-notes-to-yield-6-terms-61038516 . Moodys SF Japan K.K. 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. content ET on Oct. 29. Visit Website. Proceeds will be used to fund certain acquisitions, to refinance existing debt and for general corporate purposes. Visit Website (513) 871 . Social Responsibilty Within six months of launching the company, other area concrete finishers began ordering. Mike and Melissa Hollingshead founded Smyrna Ready Mix and build first plant in backyard. 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. Careers, Place An Order 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 following rating actions were taken:Upgrades:..Issuer: Smyrna Ready Mix Concrete, LLC. Corporate Family Rating, Upgraded to Ba3 from B1. Probability of Default Rating, Upgraded to Ba3-PD from B1-PD.Senior Secured Regular Bond/Debenture, Upgraded to Ba3 (LGD4) from B1 (LGD4)Assignments:..Issuer: Smyrna Ready Mix Concrete, LLC.Gtd Senior Secured Term Loan B, Assigned Ba3 (LGD4)Outlook Actions:..Issuer: Smyrna Ready Mix Concrete, LLC.Outlook, Remains StableRATINGS RATIONALESmyrna's Ba3 Corporate Family Rating reflects the company's market position as one of the leading regional producers of construction materials in Tennessee, Florida, Georgia, Colorado Kentucky, Texas and Michigan, increasingly vertically integrated assets and broad customer base. 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. Hollingshead Mixer Company LLC 200 Dekko Dr Avilla, IN 46710 IN Steve Howard (260) 897-4397: Steve . After seeing 140,000 visitors and a positive mood in all participating industries, ConExpo-Con/AGG closed with an extremely positive result. 2022 SRM Concrete, All Rights Reserved. The dedication and determination from an outstanding group of Mixer Operators drives the business growth and has allowed SRM Concrete to add more than 6,300 team members in 19 states. 51 Champion Rd. CEO, Jeff Hollingshead stated, "We are excited to . 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. 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. 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. The level of drive, determination and faith that the Hollingshead family possesses is clearly behind SRM Concrete's success. SRM Acquires Indiana based Spurlino Materials. info@smyrnareadymix.com As a matter of policy, BBB does not endorse any product, service or business. 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." "That is what made him want to put up his own concrete plant.". Back in 1999, Mike and Melissa Hollingshead decided that they needed to build a ready-mix concrete plant in their own Middle Tennessee backyard. Headquartered in Smyrna, Tennessee, we serve customers in 19 states with more than 6,300 team members. "[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. In addition, Moody's credit rating is supported by the company's solid EBITDA margins and commitment to maintain modest leverage and good liquidity. Following this acquisition, SRM employs over 6,000 team members with locations that span 19 states. 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. Company profile page for Smyrna Ready Mix Concrete LLC including stock price, company news, press releases, executives, board members, and contact information 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: *In Canada, trademark(s) of the International Association of Better Business Bureaus, used under License. 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. 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. 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.". There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. SRM acquires Sagamore Ready Mix in the Indianapolis market. Click to reveal SRM acquires Reed Ready Mix based in Huntsville, Alabama. 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.
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