PHILADELPHIA, June 11, 2012 /PRNewswire/ -- VantaCore Partners
LP ("VantaCore" or the "Partnership") today announced the
acquisition of Laurel Aggregates LLC ("Laurel"). Laurel is a
leading regional producer of limestone aggregate products serving
the energy and construction industries in southwestern Pennsylvania, northern West Virginia, and eastern Ohio. The company operates one large limestone
quarry in Lake Lynn, Pennsylvania
(65 miles south of Pittsburgh) and
also sources stone from third party quarries. Laurel's quarry
location has both a surface and underground mine operation, with an
estimated 197 million tons of reserves. Barry Fink, who joined Laurel and has led its
growth since 2007, will join VantaCore as Laurel's Vice President
and General Manager. Under Barry's leadership, Laurel
developed strong relationships with multiple energy companies
working in the Marcellus and Utica Shale regions.
"The acquisition of Laurel continues VantaCore's strategy of
acquiring well-managed operations with a strong group of assets,
located in areas of significant growth," said Colin Oerton, Chief Executive Officer of
VantaCore. "This represents VantaCore's seventh acquisition since
its 2006 formation, and more than doubles the size of our company
in terms of volume. This acquisition expands both our geographic
and operational footprint into the Marcellus and Utica regions, areas that are actively being
explored and developed by major energy companies and a region
identified as important to this country's future growth in the
natural gas sector. We are also particularly excited to have Barry
and his strong group of employees joining the VantaCore team."
Barry Fink commented, "As part of
VantaCore, Laurel will be able to continue its outstanding service
to its customers and will be able to participate in a number of
exciting growth opportunities."
Equity financing was provided by Trilantic Capital Partners and
Kayne Anderson Energy Development Company (NYSE: KED). Debt
financing was provided by PNC Bank, N.A., a member of The PNC
Financial Services Group, Inc. (NYSE: PNC), which also expanded its
existing Credit Facility with the Partnership. VantaCore will
continue to finance its growth program with funds available from
both its equity sponsors and PNC.
Laurel was advised by The Orr Group, LLC on this
transaction.
About VantaCore
VantaCore is a private company focused on acquiring competitively
advantaged aggregate and related businesses in the domestic U.S.
market. Including the Laurel operations, VantaCore produces
aggregates at four locations and supplies customers in eight
states. The primary operating locations include surface and
underground operations in Lake Lynn,
Pennsylvania (with 197 million tons of reserves), an
integrated limestone quarry and commercial asphalt operation in
Clarksville, Tennessee (with
permitted surface reserves of about 73 million tons), a limestone
quarry in Todd County, Kentucky
(with 41 million tons of reserves), and a sand and gravel business
near Baton Rouge, Louisiana (with
approximately 39 million tons of gravel reserves).
VantaCore's interest in retaining local company management
and its financial structuring flexibility have driven the
Partnership's acquisition growth to date. Management plans to
continue this successful strategy of growing primarily through
acquisition and organic growth. To date, VantaCore has been
financed by Trilantic Capital Partners, Kayne Anderson Energy
Development Company (NYSE: KED), Tortoise Capital Resources
Corporation (NYSE: TTO), and Hartz Capital Investments LLC. For
more information on VantaCore, please visit our website at
www.vantacore.com or contact us at investorrelations@vantacore.com.
For more information on Laurel, please visit their website at
www.laurelaggregates.com.
SOURCE VantaCore