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 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. As a matter of policy, BBB does not endorse any product, service or business. Aggregate Equipment Guide is a project of Construction Equipment Guide, putting machines in front of buyers for over 60 years. 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). Our website makes it easy to find the machines you need fast. (615) 922-8300 (Espaol), SRM 401(k) Profit Sharing Plan and Trust Annual Notice. Contact Information. The J.P. Morgan-led deal launched with a lender call today, and commitments are due at 5 p.m. 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. 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.". SRM Concrete is a family owned and operated ready-mix company founded by Melissa and Mike Hollingshead in 1999. 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. Smyrna Ready Mix Concrete, LLC manufactures and supplies concrete products. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. 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. For more information about Smyrna Ready Mix Concrete, visit www.smyrnareadymix.com. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. MOODYS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYS ANALYTICS, INC. Das Naes Unidas 14401, Torre Hotel Chcara Santo Antnio So Paulo, BR-SP. Visit Website (936) 295-7672. While Rokbak continues to build a global reputation for robust and reliable articulated haulers, just 50 mi. 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, LLC is located in Myrtle Beach, SC and is a supplier of Ready-Mixed Concrete. 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 SRM acquires Anchor Ready Mix based in Cincinnati, Ohio. 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. Moody's also assigned a Ba3 rating to the company's proposed senior secured credit facility. Within six months of launching the company, other area concrete finishers began ordering. 50.69421 \\ 3.17456 \\ 213.32.24.66 \\ Roubaix \\ Hauts-de-France. 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. 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. For Buyers: View Search History and Save Searches; Save Supplier Listings and Add Notes; Smyrna Ready Mix provides ready mix concrete services to contractors, professional home builders, and do-it-yourself home owners, and provides material hauling and concrete pumping services. (615) 355-1028 "We don't have the turmoil you sometimes see in family-owned businesses. Cementos Argos said that the divestment is part of its plan to . Lora Smith L.A. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. 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. 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. SRM acquires Federal Materials Concrete based in Paducah, Kentucky. "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.". 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. Investor Contact: Suzanne Osberg Vice President, Investor Relations (919) 783-4691 Suzanne.Osberg@martinmarietta.com MLM-G Delivering quality concrete with unmatched service, Supplying quality stone and materials for customers, Providing quality concrete construction products, Faster and more accurately in hard to reach places. Ryan Hollingshead (L), president of SRM Aggregates, and Mike Hollingshead, founder of SRM Concrete. SRM acquires Sequatchie Concrete serving the East TN, North AL, and North GA markets. SRM Acquires Transit Mix based in Johnson City, TN. SRM acquires North Alabama based Keenum Concrete. "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. Locations . 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. SRM acquires Reed Ready Mix based in Huntsville, Alabama. close alert. SRM acquires Kentucky based Grant County Ready Mix and Gallatin County Ready Mix. Included in this acquisition are 28 ready-mix locations in New York, New Jersey, and Pennsylvania. Social Responsibilty The German company Bscher started in 1961 as a concrete plant and its business grew with, among others, a container service. "Keep in mind that we also have sand mines, granite mines and gravel pits. 51 Champion Rd. In addition, Moody's credit rating is supported by the company's solid EBITDA margins and commitment to maintain modest leverage and good liquidity. BBB reports on known marketplace practices. (615) 922-8300 (Espaol), SRM 401(k) Profit Sharing Plan and Trust Annual Notice. Click to reveal "That is what made him want to put up his own concrete plant.". 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. 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. ET on Oct. 29. We just feel comfortable with them. Performance & security by Cloudflare. SRM acquires Detroit based McCoig Concrete. 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). MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. Concrete, Inc., which is wholly owned by Vulcan Materials Company. 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.". Smyrna Ready Mix Concrete focuses on providing building material services across the commercial and residential construction segments. This documentary-style series follows investigative journalists as they uncover the truth. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. ET on Oct. 29. CMO BBB Business Profiles are provided solely to assist you in exercising your own best judgment. 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. About Us SRM acquires Bigos Precast based in Fowlerville, Michigan. The headquarters for SRM Concrete are in 1000 Hollingshead Circle Smyrna, TN 37129. Murfreesboro, TN 37129 info@smyrnareadymix.com This addition is one of SRMs largest acquisitions to date with over 600 new team members. SRMs Komatsu PC490-11 excavator loads an HD325-8 40-ton quarry truck. info@smyrnareadymix.com 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. SRM acquires Cornerstone Ready Mix based in Augusta, Georgia. Corporate and facility ratings are B+/B1, with a 3 recovery rating from S&P Global Ratings. Featured Products 18of the plants are situated in North Carolina and the remainder in Southwest Florida. 1136 Second Avenue North. SRM provides quality ready mix concrete and construction materials to our customers throughout sixteen states. The J.P. Morgan-led deal launched with a lender call today, and commitments are due at 5 p.m. Financing also includes a $100 million ABL revolver due 2025 with a springing fixed-charge covenant, S&P Global Ratings said in a report. Our Team Company Store SRM expanded its roster of quarries, Ryan noted, in what he described as "an organic fashion" to complement its other existing services in a particular marketplace. You can email the site owner to let them know you were blocked. Privacy Policy 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. Smyrna Quarry - 88 5967 Hickory Grove Rd Murfreesboro, TN 37129 TN Travis Wagner . SRM Acquires Indiana based Spurlino Materials. Meritain Information latest-news-headlines Our newly acquired team possesses great experience, and we look forward to bringing SRMs service to our new customers across these new territories.. Market Intelligence A sister division, SRM Block, also makes quality concrete block (CMU), architectural block (ACMU) and retaining wall products (SRW). SRM acquires Southeast Ready Mix based in Savannah, Georgia. 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. 2022 SRM Concrete, All Rights Reserved. CONTACT US CONCRETE CALCULATOR CUSTOMER LOGIN Products & Services ConcreteSRM MaterialsBlockProductsPumpingHollingshead CementHollingshead Harbor Customers SRM acquires Florida based Superior Concrete, Xpress Materials, and A-Materials. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. Aggregate Equipment Guide is the best source for news, how-to's and equipment for the Aggregate Industry. SRM 401(k) Profit Sharing Plan and Trust Annual Notice, 1000 Hollingshead Circle 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. Back in 1999, Mike and Melissa Hollingshead decided that they needed to build a ready-mix concrete plant in their own Middle Tennessee backyard. This rating reflects BBB's opinion about the entire organization's interactions with its customers, including interactions with local locations. SRM Concrete is the largest ready-mix concrete supplier in the United States with locations spanning 16 states. Read more. Read more. . Social Responsibilty Visit Website (513) 871 . That indicates a yield to maturity of around 4.76%-5.20%. SRM opens new plant in Punta Gorda, Florida. 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. International Association of Better Business Bureaus. SRM Concrete's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. The El Colombiano newspaper has reported that the deal includes a five-year cement supply agreement for all 23 plants. Locations Concrete, Inc., which is wholly owned by Vulcan Materials Company. FIND A SUPPLIER: GET A QUOTE: INDUSTRYNET BLOG: ABOUT INDUSTRYNET: MARKETING SOLUTIONS : IndustryNet Account. 152.228.212.223 BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints. Careers, Place An Order SMYRNA, TN - November 25th, 2022. SRM 401(k) Profit Sharing Plan and Trust Annual Notice, 1000 Hollingshead Circle (615) 922-8300 (Espaol), SRM 401(k) Profit Sharing Plan and Trust Annual Notice, SRM Acquires Young Trucking in Southwest Florida, SRM Acquires Titan Ready Mix in Covington, GA, SRM Acquires Darby Ready Mix in Southeast Michigan, SRM Acquires Clinton-Tecumseh Aggregates in Southeast Michigan, SRM Acquires 18 Argos ready-mix locations in NC and Florida, SRM Acquires 37 ready-mix locations in Colorado, Wyoming, and Texas, SRM Acquires Charley's Concrete in the DFW Market, SRM Acquires JJ's Concrete in Central Indiana, SRM Acquires Louisville-based Allstate Ready Mix, SRM Acquires Jones & Stone Drilling in Middle Tennessee, SRM Acquires Bowling Green Concrete in South Central Kentucky, SRM Acquires T&H Concrete Products in Lewisburg, TN, SRM Acquires Indiana Phoenix Mixer Company, Hollingshead Cement Opens Cement Terminal in Middletown, OH. Proceeds will be used to fund certain acquisitions, refinance existing debt and for general corporate purposes. "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. 2022 SRM Concrete, All Rights Reserved. a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt . Meritain Information Credit Application SRM 401(k) Profit Sharing Plan and Trust Annual Notice, 1000 Hollingshead Circle Through both growth and acquisition, the company has amassed a heavy equipment fleet of more than 400 pieces. "It has been a privilege to work with Harper Industries over the past . "My main goal is keeping everyone safe," Ryan said. SRM acquires Bayou Materials in Jackson, Alabama. esgSubNav, Discover more about S&P Globals offerings, Global Credit and Risk Symposium: Unlocking Possibilities, JW Marriott Sao Paulo Av. Through hard work and the grace of God, Smyrna Ready Mix grew. 2022 SRM Concrete, All Rights Reserved. Cloudflare Ray ID: 7c09a60ae9f8f118 For more information about Power Equipment, visit www.powerequipco.com. SRM 401(k) Profit Sharing Plan and Trust Annual Notice, 1000 Hollingshead Circle 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. (MSFJ) is a wholly-owned credit rating agency subsidiary of MJKK. 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. "We now have over 300 concrete plants, and we have another set of deals coming up in the first quarter of 2022," Ryan Hollingshead said. 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. 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. 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. 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. 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. (615) 355-1028 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. (281) 837-5300. Nashville, TN 37208. Credit Application close alert. "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. SRM acquires BayCrete Concrete and Alamo Ready Mix in Texas. Real-time data in the palm of your hand gives our customers confidence and control. Careers, Place An Order "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. BBB Business Profiles generally cover a three-year reporting period. 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. Contact Us 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. 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.
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