The transaction was approved by the boards of directors of both companies and is expected to close in the middle or end of this month.
Will Magill, Quikrete’s president and chief operating officer, said the acquisition of Contech “aligns two great companies and will significantly advance our growth strategy.”
“Both Quikrete and Contech have pursued successful strategies to grow their respective businesses and we are excited to bring these two companies together,” Mike Rafi, Contech’s chief executive officer, said in a statement. “We are highly complementary organizations and our combined value proposition will deliver competitive advantages for our customers.”
Founded in 1986, Contech is one of the largest private companies in the Cincinnati area with more than 60 facilities across North America and appoximately 1,400 employees.
Contech maintains a portfolio around six application areas: bridges, erosion control, pipe, rehabilitation and reline, retaining walls and stormwater management. One of its top brands, Keystone Hardscapes, was among the first segmental retaining wall offerings in North America, and aligns Quikrete and Pavestone programs.
The transaction brings Quikrete — the leader in packaged concrete and a major hardscape unit player through its Pavestone business — a broad concrete, steel and HDPE product line, plus related services, for civil engineering markets.
Along with Pavestone and namesake packaged concrete, Quikrete has a strong foothold in residential and commercial markets through Custom Building Products, Daubois, QPR, Spec Mix and Target Technologies subsidiaries. Quikrete products are manufactured and distributed from nearly 150 facilities in the United States, Canada, Puerto Rico and South America.