Fred Weber Sells Aggregates Assets
Fred Weber Inc., a construction materials and services provider based in St. Louis, recently announced it has sold aggregates and asphalt assets to New Frontier Materials. These operations form the core of New Frontier, a platform company in construction materials backed by a private group of family offices and institutional investors. Fred Weber’s board of directors voted unanimously to approve the transaction. Its financial terms were not disclosed.
As part of the transaction, Fred Weber sold two of its sand unloading facilities, the Rutger Street Sand Plant located at the foot of Rutger Street in St. Louis and the Crystal City Sand Plant on the river in Crystal City, Mo. The asset sale doesn’t affect the rest of Fred Weber’s riverside marine assets, including the Riverview Commerce Park terminal in Herculaneum, Mo., on the Mississippi River or its dredging partnership with Gateway Dredging.
Sherrod B. (Mike) Clarke, a 35-year industry veteran, became CEO of New Frontier upon completion of the transaction. Doug Weible remains chairman and CEO of Fred Weber. Headquarters for both Fred Weber and New Frontier will remain in St. Louis. With the acquisition complete, New Frontier’s operations now include more than 20 sites (stone quarries and asphalt plants) located throughout St. Louis.
Fred Weber affiliates were part of teams that led major construction projects in the St. Louis area, including the rebuild of a 10-mile stretch of Highway 40 (Interstate 64) through the heart of the region, the Page Avenue (Highway 364) extension into St. Charles County and, before that, the construction of Interstate 44.
Key customers range from concrete producers to construction companies to railroads. Capital investments in New Frontier’s growth are aimed at improving plant efficiency, building upon safety and environmental programs and strengthening employee training and development.
“I am excited and honored to lead New Frontier,” Clarke said. “These operations have served the St. Louis community for decades, and we will faithfully build on that commitment. We bring a long-term perspective and intend to grow by focusing on premium products and delivering superior customer service. I look forward to advancing the New Frontier philosophy with a continued focus on employee safety, environmental stewardship and community relations. I am humbled to step into the shoes of accomplished CEO Doug Weible and wish him much continued success at Fred Weber.”
New Frontier has a veteran board of directors chaired by Don James, retired chairman and CEO of Vulcan Materials, based in Birmingham, Ala., who said, “We are excited to partner with Mike and the team joining from Fred Weber to create value for customers, employees, the St. Louis community and investors alike. This transaction establishes a platform for growth, an important first step for New Frontier Materials.”
In addition to James, the board will include Bill Niketas, former CEO of Aggregates USA.