VantaCore Partners LP Announces Louisiana Sand and Gravel Acquisition
Philadelphia, PA – June 21, 2010 – VantaCore Partners LP (“VantaCore”) announced that it has acquired Lafarge North America’s Clemons Aggregates site in Denham Springs, Louisiana (“Denham Springs”). This business has an estimated 7.5 million tons of sand and gravel reserves and sells approximately 550,000 tons of sand and gravel annually. This represents the fourth company VantaCore has purchased and it is the first since receiving a $100 million equity funding commitment from Trilantic Capital Partners (“TCP”). The acquisition was financed primarily with TCP’s equity investment supplemented by borrowings under the Partnership’s PNC Bank, N.A. credit facility.
Colin Oerton, Chief Executive Officer of VantaCore said, “We are excited about the acquisition of this business for several reasons. First, this business has an excellent workforce, customer base and sand and gravel reserves; second, this confirms our attractiveness as a buyer of both family owned private aggregate businesses and non-core assets of public companies; and third, this provides us with additional productive capacity to better serve the Baton Rouge and Lafayette, Louisiana aggregate markets.”
VantaCore is a private company focused on acquiring competitively advantaged aggregate and related businesses in the domestic U.S. market. With approximately 150 employees, its operations consist of an integrated limestone quarry (with permitted surface reserves of about 49 million tons), a dock facility, two asphalt plants and a commercial asphalt lay down business located in Clarksville, Tennessee and a sand and gravel business (with approximately 67 million tons of sand and gravel reserves) located near Baton Rouge, Louisiana serving the south central Louisiana market. VantaCore’s interest in retaining local company management, its financial structuring flexibility and seller sensitivity, has driven the Partnership’s acquisition growth to date. Management plans to continue this successful strategy of growing primarily through acquisition. To date, VantaCore has been financed by Kayne Anderson Energy Development Company (NYSE: KED), Tortoise Capital Resources Corporation (NYSE: TTO), Hartz Capital Investments LLC and Trilantic Capital Partners. For more information, please visit our website at www.vantacore.com or contact us at email@example.com.