VantaCore Partners LP, of Philadelphia, acquired Laurel Aggregates LLC, a regional producer of limestone aggregate products based in Lake Lynn, Pa., about 65 miles south of Pittsburgh. The price was not disclosed.
Laurel Aggregates serves the energy and construction industries in southwestern Pennsylvania, northern West Virginia, and eastern Ohio. The company operates one large limestone quarry in Lake Lynn and also sources stone from third-party quarries. Laurel’s quarry location has both a surface and underground mine operation, with an estimated 197 million tons of reserves.
Barry Fink, who joined Laurel and has led its growth since 2007, joins VantaCore as Laurel’s vice president and general manager. Under Fink’s leadership, Laurel developed strong relationships with multiple energy companies working in the Marcellus and Utica Shale regions.
“The acquisition of Laurel continues VantaCore’s strategy of acquiring well-managed operations with a strong group of assets, located in areas of significant growth,” VantaCore Chief Executive Officer Colin Oerton said in a prepared statement. “This represents VantaCore’s seventh acquisition since its 2006 formation, and more than doubles the size of our company in terms of volume. This acquisition expands both our geographic and operational footprint into the Marcellus and Utica regions, areas that are actively being explored and developed by major energy companies and a region identified as important to this country’s future growth in the natural gas sector. We are also particularly excited to have Barry and his strong group of employees joining the VantaCore team.”
Barry Fink commented, “As part of VantaCore, Laurel will be able to continue its outstanding service to its customers and will be able to participate in a number of exciting growth opportunities.”
Equity financing was provided by Trilantic Capital Partners and Kayne Anderson Energy Development Co. Debt financing was provided by PNC Bank, part of PNC Financial Services Group Inc.