New Enterprise Stone & Lime Co., Inc., based in New Enterprise, Pa., announced Friday it had acquired all of the outstanding stock of Hempt Bros., Inc.
The purchase includes three aggregate plants, four hot mix asphalt plants, two ready mixed concrete plants, paving, and Heavy Highway Construction in Harrisburg, Pa. The facilities are located between NESL’s existing Chambersburg and Allentown locations and expand its construction materials footprint and market scope into the Harrisburg market. NESL believes the business is highly regarded in the community and has outstanding people and assets and attractive operating characteristics.
The acquisition comes as talks of an infrastructure bill ramp up in Washington, D.C. NESL believes the Hempt Bros. acquisition will provide further synergies and profits to NESL’s primary business of construction materials in the current fiscal year.
“We are excited to add this great family-owned business to our corporate family,” said Paul Detwiler, III, Chief Executive Officer of New Enterprise Stone & Lime Co., Inc. “This acquisition expands our footprint into the Harrisburg area and was completed with virtually no additional long-term debt. This philosophy enhances our ability to grow operating profit and reduce leverage – a cornerstone of our operating plan. Furthermore, this acquisition is consistent with our strategic plan of adding great locations to our construction material business and upon acquisition is expected to be accretive to profits as we exit the pandemic and get back to the ‘new normal.'”