Ryan Hollingshead (L), president of SRM Aggregates, and Mike Hollingshead, founder of SRM Concrete. SRM acquires North Alabama based Keenum Concrete. MOODYS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYS ANALYTICS, INC. For more information about Smyrna Ready Mix Concrete, visit www.smyrnareadymix.com. 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. The action you just performed triggered the security solution. 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. CEO, Jeff Hollingshead stated, We are excited to expand into this incredible market. SRM acquires Kentucky based Grant County Ready Mix and Gallatin County Ready Mix. Concrete, Inc., which is wholly owned by Vulcan Materials Company. With very little money and three trucks, we built a concrete plant in our own backyard at 4500 Hickory Grove Road in Murfreesboro, Tenn. If you are interested in joining a team dynamic that separates from the rest, let's talk. said Emile El Nems, a Moody's VP-Senior Credit Officer. 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. Locations /marketintelligence/en/news-insights/latest-news-headlines/smyrna-ready-mix-prints-upsized-secured-notes-to-yield-6-terms-61038516 Credit Application That acquisition was just one of many that SRM Concrete made over the years as its coffers grew and it identified opportunities to move into new markets. Meritain Information Company Store Credit Application Collen Bros (Quarries) Ltd, a family owned and operated civil engineering company located in County Armagh, Northern Ireland, recently took delivery of a Powerscreen Premiertrak 600E (PT600E) jaw crusher, which is the first of its kind to be delivered in the UK and Ireland. Access the headquarters listing for Smyrna Ready Mix Concrete, LLC. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.These ratings are solicited. 2022 SRM Concrete, All Rights Reserved. MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. 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. Moody's also assigned a Ba3 rating to the company's proposed senior secured credit facility. Financing also includes a $100 million ABL revolver due 2025 with a springing fixed-charge covenant, S&P Global Ratings said in a report. SRM Concrete is pleased to announce the acquisition of USC-Atlantic, LLC, a subsidiary of U.S. This document is intended to be provided only to wholesale clients within the meaning of section 761G of the Corporations Act 2001. The Company offers concrete mix designs, admixtures, reinforcing products, stone, gravel, sand, soil, pumping, and hauling includes footers, slabs, and accelerators. SRM Concrete locations. "I can assure you that my dad is heavily involved in everything he can get his hands on," Ryan said with a laugh. 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. The company also has been involved in many commercial jobs throughout its territories. 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. close alert. At the same time, Moody's rating takes into consideration the company's vulnerability to cyclical end markets, the competitive nature of its ready-mix concrete business, its acquisitive growth strategy, and material revenue exposure to Tennessee and Florida.Moody's expects Smyrna to maintain very good liquidity over the next 12-18 months. BBB Business Profiles generally cover a three-year reporting period. BBB Business Profiles are provided solely to assist you in exercising your own best judgment. 18of the plants are situated in North Carolina and the remainder in Southwest Florida. 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. SRM acquires Sequatchie Concrete assets in Middle TN. 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. Read more. 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. 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. SRM acquires Kentucky based All-Rite Ready Mix and Tucker Ready Mix. Das Naes Unidas 14401, Torre Hotel Chcara Santo Antnio So Paulo, BR-SP. 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. Credit Application 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. a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt . SRM 401(k) Profit Sharing Plan and Trust Annual Notice, 1000 Hollingshead Circle 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. SRM acquires Hicks Concrete based in Mulberry, Florida. Social Responsibilty "My main goal is keeping everyone safe," Ryan said. Featured Products 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. 4.6. 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. SRM acquires Anchor Ready Mix based in Cincinnati, Ohio. SRM opens new plant in St. Augustine, Florida. Contact Us 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. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. SRM acquires Argos Panhandle division in Florida. Hollingshead Mixer Company LLC 200 Dekko Dr Avilla, IN 46710 IN Steve Howard (260) 897-4397: Steve . In addition, we are on the water in Jackson, Ala., about an hour north of Mobile, where we are loading rock and hauling it south to Panama City, Fla.". SRM Concrete has pursued an active acquisition strategy, having successfully acquired and integrated over eightycompanies since 2005. Privacy Policy CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. We offer a wide variety of concrete mix designs, admixtures, reinforcing products, aggregates, and more to mee Read More Contact Who is Smyrna Ready Mix Headquarters 1000 Hollingshead Cir, Murfreesboro, Tennessee, 37129, United States Phone Number (615) 355-1028 Website www.smyrnareadymix.com Revenue $340.1M Industry Building Materials "Keep in mind that we also have sand mines, granite mines and gravel pits. Smyrna Ready Mix Concrete serves construction industry in the United States. 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. About Us 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." The deal was upsized from $515 million and pricing finalized at the wide end of guidance, according to market sources. International Association of Better Business Bureaus. Click to reveal CEO, Jeff Hollingshead stated, "We are excited to . At-a-glance. For a complete list of our locations and to learn more about SRM Concrete, please visit smyrnareadymix.com. All customer reviews are handled by the BBB where the company is Headquartered or a central customer review processing location. Locations AND/OR ITS AFFILIATES. "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. 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 Concrete, LLC is a manufacturer and retailer of ready-mixed concrete in Tennessee, Florida, Kentucky, Ohio, Indiana, Texas, Georgia, Alabama, Arkansas, Michigan, South Carolina and Virginia. Featured Products 152.228.212.223 CMO 2022 SRM Concrete, All Rights Reserved. 2 and 3 respectively.MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. 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). Privacy Policy Das Naes Unidas 14401, Torre Hotel Chcara Santo Antnio So Paulo, BR-SP. content Lenders are offered six months of 101 soft call protection. As a matter of policy, BBB does not endorse any product, service or business. "We don't have the turmoil you sometimes see in family-owned businesses. The company serves bulk cement throughout the Southeast and Midwest United States. "That is what made him want to put up his own concrete plant.". For Buyers: View Search History and Save Searches; Save Supplier Listings and Add Notes; Proceeds will be used to fund certain acquisitions, refinance existing debt and for general corporate purposes. esgSubNav, Discover more about S&P Globals offerings, Global Credit and Risk Symposium: Unlocking Possibilities, JW Marriott Sao Paulo Av. Proceeds will be used to fund certain acquisitions, to refinance existing debt and for general corporate purposes. Our Team The SRM Materials Division, for instance, provides a vast range of products made or mined at facilities from Michigan to Florida, and as far west as Texas. SRM acquires Georgia based CAB Concrete and Candler Ready Mix. . "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. SRM opens sand plant in Crab Orchard, Tennessee. 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. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. Bloomberg Markets is focused on bringing you the most important global business and breaking markets news and information as it happens. SRM Concrete is the largest privately-owned ready-mix concrete manufacturer in the country. . We started Smyrna Ready Mix to service our own concrete needs, because we were not receiving reliable customer service from the local ready-mix companies. 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. 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. 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. Through hard work and the grace of God, Smyrna Ready Mix grew. Market Intelligence Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moodys Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading Investor Relations Corporate Governance Director and Shareholder Affiliation Policy.Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYS affiliate, Moodys Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moodys Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). L.A. Cementos Argos said that the divestment is part of its plan to . Social Responsibilty Aggregate Equipment Guide is the best source for news, how-to's and equipment for the Aggregate Industry. "It really is because of the Power Equipment branch we use, and the whole team that includes Jeff Walker, as well as the phenomenal machine service Robbie Allen provides," Ryan said. Through both growth and acquisition, the company has amassed a heavy equipment fleet of more than 400 pieces. Cincinnati, OH 45226-2404. 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. SRM opens Harbor in Panama City Beach, Florida. Social Responsibilty 5303 S Lake Houston Pkwy. SRM Concrete is a family owned and operated ready-mix company founded by Melissa and Mike Hollingshead in 1999. 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. 51 Champion Rd. SRM acquires Reed Ready Mix based in Huntsville, Alabama. That indicates a yield to maturity of around 4.76%-5.20%. Smyrna Ready Mix LLC is a provider of ready-mix concrete, aggregates, and other concrete-related products and services. What was once a simple ready-mix plant is now a company capable of handling the multiple needs of countless numbers of building contractors. close alert. (615) 922-8300 (Espaol), SRM 401(k) Profit Sharing Plan and Trust Annual Notice. (615) 355-1028. 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. Aggregate Equipment Guide is a project of Construction Equipment Guide, putting machines in front of buyers for over 60 years. It has surprised me, too, that despite being such a large distributor, dealing primarily with brands such as Komatsu, Epiroc and Sennebogen through Power makes it feel like you are working with a small, local company. (615) 355-1028 (MSFJ) is a wholly-owned credit rating agency subsidiary of MJKK. Murfreesboro, TN 37129 CREDIT RATINGS, NON-CREDIT ASSESSMENTS (ASSESSMENTS), AND OTHER OPINIONS INCLUDED IN MOODYS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. Included in this acquisition are 28 ready-mix locations in New York, New Jersey, and Pennsylvania. SRM Concrete opened the second quarter confirming the acquisition of 67 ready mixed plants in five states. 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. SEE APPLICABLE MOODYS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYS CREDIT RATINGS. Our Team Included in this acquisition are 28 ready-mix locations in New York, New Jersey, and Pennsylvania. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the UK and is endorsed by Moody's Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Our website makes it easy to find the machines you need fast. info@smyrnareadymix.com The deal was upsized from $515 million and pricing finalized at the wide end of guidance, according to market sources. (281) 837-5300. latest-news-headlines info@smyrnareadymix.com 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. SRM Acquires Transit Mix based in Johnson City, TN. 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. Note: Revenues for privately held companies are statistical evaluations. We started Smyrna Ready Mix to service our own concrete needs, because we were not receiving reliable customer service from the local ready-mix companies. Performance & security by Cloudflare. All complaints are handled by the BBB where the company is Headquartered or a central customer complaint processing location. 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. Mike and Melissa Hollingshead founded Smyrna Ready Mix and build first plant in backyard. Company profile page for Smyrna Ready Mix Concrete LLC including stock price, company news, press releases, executives, board members, and contact information For more information about Power Equipment, visit www.powerequipco.com. "It has been a privilege to work with Harper Industries over the past . 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. ", 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.". This website is using a security service to protect itself from online attacks. Careers, Place An Order SRM acquires Cornerstone Ready Mix based in Augusta, Georgia. 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. "At SRM, we consider safety an investment in our employees, and we want to make sure that our people can clock in and out every day. Our newly acquired team possesses great experience, and we look forward to bringing SRMs service to our new customers across these new territories.. 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. 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. 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.

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