Public Press Release
SOUTHLAKE, Texas, and PHOENIX, Arizona, February 3, 2009 – Insight Equity Holdings (“Insight”), the Dallas, Texas-area private equity firm, is proud to announce its acquisition of a controlling interest in Meadow Valley Corporation (NASDAQ: MVCO) and its subsidiaries, including Meadow Valley Contractors, Inc. (“MVCI”) and Ready Mix, Inc. (ASE: RMX, “Ready Mix”) (collectively “Meadow Valley” or the “Company”) from public shareholders through Meadow Valley Holdings LLC, an Insight Equity portfolio company. With over $200 million of consolidated revenue, Meadow Valley is engaged in the construction of structural concrete highway bridges and overpasses, and the paving of highways and airport runways. Meadow Valley also produces and distributes asphalt, concrete and gravel products.
Conner Searcy, Partner at Insight, commented, “We are very pleased to partner with the existing management team in privatizing Meadow Valley to enable the business to capitalize on the growing opportunities ahead. With leading market share in both Phoenix and Las Vegas, Meadow Valley is well positioned to benefit from potential increasing highway and related infrastructure spending in two of the nation’s fastest-growing metro areas. Insight continues to have very strong interest in investing in infrastructure construction businesses.”
Meadow Valley Corporation and its affiliates own 100% of the outstanding shares of Meadow Valley Contractors, Inc. and approximately 69% of the outstanding shares of Ready Mix, Inc.
About Meadow Valley Corporation
Meadow Valley Corporation, through its wholly-owned subsidiary MVCI, specializes in the construction of highways, bridges, overpasses and airport runways in Phoenix, Arizona and Las Vegas, Nevada. MVCI also provides asphalt and gravel products for its own projects as well as other companies. MVCI was formed in 1980 and is based in Phoenix, Arizona. Meadow Valley Corporation shares previously traded on the NASDAQ exchange under the symbol MVCO.
About Ready Mix, Inc.
Ready Mix was formed by Meadow Valley Corporation as a wholly-owned subsidiary in 1996 and completed its initial public offering in 2005. Through its quarries in Lee Canyon and Moapa, Nevada, and eight concrete batching facilities in Las Vegas, Nevada, and Phoenix, Arizona, Ready Mix provides high-quality concrete and gravel products to contractors, commercial and industrial property developers and home builders. Ready Mix shares trade on the NYSE Alternext (formerly the American Stock Exchange) under the symbol RMX.
About Insight Equity
Insight Equity (www.insightequity.com) makes controlling investments in strategically viable, middle market, asset intensive companies across a wide range of industries. Insight Equity specializes in partnering with companies in complex and challenging situations, including corporate divestitures, bankruptcies, restructurings, and private family ownership. The firm leverages a proven, collaborative value creation model to facilitate operating enhancements and growth.