L&M Assets Sold to Svoboda Capital
Border Construction Specialties, a Svoboda portfolio investment, will absorb building materials.
September 10, 2008
L&M Materials Inc., a provider of construction materials, has sold some of its assets to Svoboda Capital Partners LLC for an undisclosed sum.
The Phoenix-based provider of masonry and landscaping materials to Arizona’s small- to mid-sized contractors will next be folded into Svoboda Capital’s portfolio company Border Construction Specialties.
M&I Bank provided senior debt to complete the transaction.
L&M’s main product lines include masonry block, pavers, sand, decorative rock, concrete and bagged products. It has Glendale and Tempe operations; Border Construction Specialties is a cement and masonry construction products distributor.
“The acquisition of these L&M assets demonstrates Borders’ market leadership and commitment to long-term growth,” said Brian Saker, chief executive of Border. “The addition of two new locations to the Marvel platform will help expand and deepen our footprint in the Phoenix market. The acquisition demonstrates our commitment to customer service by providing more locations and additional products to our customers.”
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