One Equity Partners, Warburg Pincus, and Green Cement Investments have announced an agreement to sell Eco Material Technologies to CRH for $2.1 billion. Eco Material Technologies is a major supplier of Supplementary Cementitious Materials (SCMs) in North America.
Eco Material was established in 2022 through the merger of Boral Limited’s North American fly ash business and Green Cement Inc. The company is based in Utah and operates a network of over 125 locations, including utility sources, production facilities, and terminals across the United States. It works with electric utilities to process and recycle about seven million tons of fly ash and three million tons of synthetic gypsum annually. Additional capacity is under construction.
Matt Hughes, Partner at One Equity Partners, stated: “During our partnership, Eco Material has achieved significant growth by scaling industry-leading technological solutions and continuing to expand its network of cement alternatives across North America.” Roy Ben-Dor, Managing Director and Head of Energy Transition and Sustainability at Warburg Pincus added: “We are proud of the progress our partnership has generated, and we are confident that CRH will shepherd in a new chapter of growth by leveraging its national distribution network and innovation capabilities to better serve the combined companies’ customers.”
Grant Quasha, CEO of Eco Material, said: “We thank One Equity Partners and Warburg Pincus for their investment and partnership, which were instrumental in building the strong foundation from which we now embark on this next chapter. We’re incredibly proud of the growth we have achieved together since 2022, and we are excited for our future with CRH and the opportunities ahead of our combined organizations.”
The transaction is subject to regulatory approval and customary closing conditions. It is expected to close in 2025.
Jefferies LLC is acting as financial advisor while Latham & Watkins LLP serves as legal advisor to Eco Material.
Eco Material Technologies produces SCM products that serve as environmentally friendly alternatives to portland cement. These materials help reduce CO2 emissions associated with concrete production by replacing some portland cement content with coal ash or volcanic ash. The company also provides services related to coal ash management for electric utilities and recycles more than 10 million tons per year into beneficial use.
One Equity Partners focuses on investments in industrial, healthcare, and technology sectors across North America and Europe. Since its founding in 2001—and its spinout from JP Morgan in 2015—the firm has completed over 400 transactions globally.
Warburg Pincus manages more than $87 billion in assets with over 220 active portfolio companies worldwide. Founded in 1966, it operates from headquarters in New York with offices across major global cities including Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore (https://www.warburgpincus.com/).