ET on Oct. 29. 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. Following this acquisition, SRM employs over 6,000 team members with locations that span 19 states. Meritain Information 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. info@smyrnareadymix.com At-a-glance. In addition, Moody's credit rating is supported by the company's solid EBITDA margins and commitment to maintain modest leverage and good liquidity. 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. BBB reports on known marketplace practices. Privacy Policy Contact Information. (MSFJ) is a wholly-owned credit rating agency subsidiary of MJKK. Through hard work and the grace of God, Smyrna Ready Mix grew. 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. 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. SRM Concrete is the largest privately-owned ready-mix concrete manufacturer in the country. The German company Bscher started in 1961 as a concrete plant and its business grew with, among others, a container service. Today, SRM is still rooted in providing superior customer service, just as it was in the early days when the personal touch was key to the growth of Mike Hollingshead's company. (615) 922-8300 (Espaol), SRM 401(k) Profit Sharing Plan and Trust Annual Notice. We have a good relationship that is carried over to our business. For Buyers: View Search History and Save Searches; Save Supplier Listings and Add Notes; Access the headquarters listing for Smyrna Ready Mix Concrete, LLC. 50.69421 \\ 3.17456 \\ 213.32.24.66 \\ Roubaix \\ Hauts-de-France. Cloudflare Ray ID: 7c09a60ae9f8f118 SRM Concrete's presence, products, and services enable us to win in today's competitive marketplaces. Price talk for the seven-year covenant-lite term loan B is L+375-400, with a 0.75% Libor floor, offered at 99. BBB Business Profiles are subject to change at any time. SRM acquires Reed Ready Mix based in Huntsville, Alabama. SRM acquires concrete company in Danville, Kentucky. The deal was upsized from $515 million and pricing finalized at the wide end of guidance, according to market sources. Smyrna Ready Mix Concrete serves construction industry in the United States. 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. AND/OR ITS AFFILIATES. SRM acquires Bayou Materials in Jackson, Alabama. 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. Thu December 23, 2021 Eric Olson - CEG CONTRIBUTING EDITOR. 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. Contact Information. SRM acquires Florida based Superior Concrete, Xpress Materials, and A-Materials. Nashville, TN 37208. *In Canada, trademark(s) of the International Association of Better Business Bureaus, used under License. What's more unusual is the fact that in only 22 years, Mike and Melissa's operation is today a huge company that employs a staggering 4,000 employees working in 13 states. 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. Locations 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. 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. 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. 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. close alert. Meritain Information Terms: latest-news-headlines 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. "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.". The Company offers concrete mix designs, admixtures, reinforcing products, stone, gravel, sand, soil, pumping, and hauling includes footers, slabs, and accelerators. Credit Application 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.". close alert. (615) 355-1028 Within six months of launching the company, other area concrete finishers began ordering. 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. Visit Website (936) 295-7672. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. Das Naes Unidas 14401, Torre Hotel Chcara Santo Antnio So Paulo, BR-SP. Cincinnati, OH 45226-2404. Contact Us The El Colombiano newspaper has reported that the deal includes a five-year cement supply agreement for all 23 plants. Social Responsibilty "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. Contact Us Company Store "That is what made him want to put up his own concrete plant.". 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. 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. 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). SRM Concrete is pleased to announce the acquisition of USC-Atlantic, LLC, a subsidiary of U.S. 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 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. While Rokbak continues to build a global reputation for robust and reliable articulated haulers, just 50 mi. Company Store Smyrna Ready Mix Concrete, LLC is located in Myrtle Beach, SC and is a supplier of Ready-Mixed Concrete. We just feel comfortable with them. Our company continues to expand, but our mission to provide every customer with quality concrete and unmatched service remains the same. /marketintelligence/en/news-insights/latest-news-headlines/smyrna-ready-mix-prints-upsized-secured-notes-to-yield-6-terms-61038516 That indicates a yield to maturity of around 4.76%-5.20%. As a matter of policy, BBB does not endorse any product, service or business. SRM acquires Anchor Ready Mix based in Cincinnati, Ohio. a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt . SRM Concrete's reach and presence is unmatched in the industry. Featured Products Investor Contact: Suzanne Osberg Vice President, Investor Relations (919) 783-4691 Suzanne.Osberg@martinmarietta.com MLM-G Financing also includes a $100 million ABL revolver due 2025 with a springing fixed-charge covenant, S&P Global Ratings said in a report. "I can assure you that my dad is heavily involved in everything he can get his hands on," Ryan said with a laugh. 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. 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.". But that's not to say he isn't involved with SRM's operations. CEG. SRM Acquires Indiana based Spurlino Materials. "I want to deal with people I trust and that goes a long way. Murfreesboro, TN 37129 The company also has been involved in many commercial jobs throughout its territories. Proceeds will be used to fund certain acquisitions, to refinance existing debt and for general corporate purposes. SRM opens Harbor in Panama City Beach, Florida. Note: Revenues for privately held companies are statistical evaluations. SRM 401(k) Profit Sharing Plan and Trust Annual Notice, 1000 Hollingshead Circle 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. Proceeds will be used to fund certain acquisitions, refinance existing debt and for general corporate purposes. SRM 401(k) Profit Sharing Plan and Trust Annual Notice, 1000 Hollingshead Circle Featured Products 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. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. Careers, Place An Order SRM Concrete's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. SRM opens new plant in Panama City Beach. "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. Visit Website (513) 871 . 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. 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. The J.P. Morgan-led deal launched with a lender call today, and commitments are due at 5 p.m. Meritain Information US: Argos USA has agreed to sell a total of 23 US ready-mix concrete batching plants to Smyrna Ready Mix Concrete for US$93m. Market Intelligence Our Team 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 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. Further information on the UK endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. SRM acquires North Alabama based Keenum Concrete. 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. SRM Concrete has pursued an active acquisition strategy, having successfully acquired and integrated over eightycompanies since 2005. Contact Us 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. BBB Business Profiles are provided solely to assist you in exercising your own best judgment. The level of drive, determination and faith that the Hollingshead family possesses is clearly behind SRM Concrete's success. BBB Business Profiles generally cover a three-year reporting period. Included in this acquisition are 28 ready-mix locations in New York, New Jersey, and Pennsylvania. Smyrna Ready Mix Concrete launches $315M TLB; commitments due Oct. 29, Essential IR Insights Newsletter - March 2023, Continuous Financial Health Management of Suppliers, A Cloud Migration Plan for Corporations featuring Snowflake, In Search of Resilience Part 1 - A Data-Driven Scoreboard. 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.. This document is intended to be provided only to wholesale clients within the meaning of section 761G of the Corporations Act 2001. 2022 SRM Concrete, All Rights Reserved. SMYRNA, TN - November 25th, 2022. Average of 11 Customer Reviews. This rating reflects BBB's opinion about the entire organization's interactions with its customers, including interactions with local locations. 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. Das Naes Unidas 14401, Torre Hotel Chcara Santo Antnio So Paulo, BR-SP. BBB Business Profiles may not be reproduced for sales or promotional purposes. When it is time to replace or add new units, SRM Concrete has chosen to purchase all its machinery from Power Equipment's Nashville branch, a testament to the expertise of the dealership that a construction services company of SRM's size would rely so heavily upon it. 42% of survey respondents approved of the leadership response to COVID-19. 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. Credit Application The headquarters for SRM Concrete are in 1000 Hollingshead Circle Smyrna, TN 37129. 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. 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 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. Locations Click to reveal Credit Application (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. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (ASSESSMENTS), AND OTHER OPINIONS INCLUDED IN MOODYS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. SRM Concrete is the largest ready-mix concrete supplier in the United States with locations spanning 16 states. 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. (615) 355-1028 The company serves bulk cement throughout the Southeast and Midwest United States. In fact, he added, "There is not one complaint against Power Equipment that I could ever make. Financing also includes a $100 million ABL revolver due 2025 with a springing fixed-charge covenant, Ratings notes. Our website makes it easy to find the machines you need fast. MSFJ is not a Nationally Recognized Statistical Rating Organization (NRSRO). SRM acquires Detroit based McCoig Concrete. Company Store content Careers, Place An Order content 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. 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. CEO, Jeff Hollingshead stated, "We are excited to . Moody's also assigned a Ba3 rating to the company's proposed senior secured credit facility.
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