Blackstone-Controlled Summit Materials (SUM) Files $100M IPO

Summit Materials, Inc. (NYSE: SUM) filed a registration with the U.S. SEC for an IPO of its Common Stock. The proposed maximum offering price is $100 million. The company plans to list on the NYSE under the ticker, SUM.

The offering is being made via Citigroup, Goldman, Sachs & Co., BofA Merrill Lynch, Barclays, Deutsche Bank Securities, RBC Capital Markets, Blackstone Capital Markets, BB&T Capital Markets, Stephens Inc., Sterne Agee, and Stifel.

After the completion of this offering, affiliates of The Blackstone Group L.P. will continue to own a majority of the voting power of shares eligible to vote in the election of our directors.

Financial statement: Our revenue in 2013 and the first nine months of 2014 was $916.2 million and $870.1 million, respectively, with net losses for the same periods of $103.7 million and $10.8 million, respectively. Our proven and probable aggregates reserves were 2.1 billion tons as of September 27, 2014. In the twelve months ended September 27, 2014 we sold 22.1 million tons of aggregates, 1.0 million tons of cement, 2.3 million cubic yards of ready-mixed concrete and 4.2 million tons of asphalt paving mix across our more than 200 sites and plants.

Summit Materials is one of the fastest growing heavy-side construction materials companies in the United States, with a 126% increase in revenue between the year ended December 31, 2010 and the year ended December 28, 2013, as compared to an average increase of approximately 17% in revenue reported by the company's competitors over the same period.

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