DENVER--(BUSINESS WIRE)--Summit Materials (the “Company” or “Summit Materials”) announced today the launch of its initial public offering of 22,222,222 shares of its Class A common stock. The initial public offering price is expected to be between $17.00 to $19.00 per share. Summit Materials expects to grant the underwriters a 30-day option to purchase up to an additional 3,333,333 shares of Class A common stock. Summit Materials has been approved to list its shares of Class A common stock on the New York Stock Exchange under the symbol "SUM."
Summit Materials intends to use the net proceeds from the offering primarily to, among other things, repay certain indebtedness.
Citigroup, Goldman, Sachs & Co., BofA Merrill Lynch, Barclays, Deutsche Bank Securities and RBC Capital Markets are acting as joint bookrunners of the offering. Blackstone Capital Markets, BB&T Capital Markets, Stephens Inc., Sterne Agee and Stifel are acting as co-managers. The offering of these securities will be made only by means of a prospectus. Copies of the preliminary prospectus can be obtained from:
| Citigroup Global Markets Inc. | Goldman, Sachs & Co. | |||
| c/o Broadridge Financial Solutions | Prospectus Department | |||
| 1155 Long Island Avenue | 200 West Street | |||
| Edgewood, NY 11717 | New York, NY 10282 | |||
| Phone: (800) 831-9146 | ||||
| Phone: (886) 471-2526 | ||||
| BoA Merrill Lynch | Barclays Capital Inc. | |||
| 222 Broadway | c/o Broadridge Financial Solutions | |||
| New York, NY 10038 | 1155 Long Island Avenue | |||
| Attention: Prospectus Department | Edgewood, NY 11717 | |||
| Phone: (888) 603-5847 | ||||
| Deutsche Bank Securities | RBC Capital Markets, LLC | |||
| Attention: Prospectus Group | Attention: Equity Syndicate | |||
| 60 Wall Street | 3 World Financial Center | |||
| New York, NY 10005-2836 | 200 Vesey Street, 8th Floor | |||
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Email: prospectus.cpdg@db.com |
New York, NY 10281-8098 | |||
| Phone: (800) 503-4611 | Phone: (877) 822-4089 | |||
A registration statement, including a prospectus, which is preliminary and subject to completion, relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time that the registration statement becomes effective, and, even then, the securities may only be sold pursuant to the registration statement and final prospectus. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Summit Materials
Summit Materials is a leading vertically integrated heavy-side construction materials company that supplies aggregates, cement, ready-mix concrete and asphalt in the United States and western Canada. Summit Materials is a geographically diverse, aggregates-based business of scale that offers customers a single-source provider of heavy-side construction materials and related downstream products in the residential, nonresidential, and public infrastructure end markets. Summit Materials has completed more than 30 acquisitions since its founding and continues to pursue growth opportunities in new and existing markets.
Forward‐Looking Statements and Information:
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, forward-looking statements may be identified by the use of words such as “may,” “will,” “should,” “anticipate,” “believe,” “expect,” “intend,” “estimate,” “plan,” “outlook” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of solely historical matters. These forward-looking statements include any statements regarding the Company’s proposed initial public offering. You should not place undue reliance on these statements because they are subject to numerous uncertainties and factors relating to the Company’s operations and business environment, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements are based on information available at the time those statements are made and/or management’s reasonable belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements.
The Company does not intend, and disclaims any obligation, to publicly update or revise any forward-looking statements after the date hereof to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes, except as required by federal securities laws. These and other factors that could cause the Company’s future results to differ materially from any forward-looking statements are discussed in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections and elsewhere in the Company’s registration statement relating to the initial public offering.