News
Eco Material Technologies Created Through Combination of Boral Resources and Green Cement Feb 10, 2022
Company Well-Positioned to Decarbonize the Materials Sector through Innovative Technology
New York, February 10, 2022 – Eco Material Technologies (“Eco Material” or the “Company”), a leading producer of sustainable cementitious materials, today announced that it has completed the acquisitions of Boral Resources (“Boral”), Boral Limited’s (ASX: BLD) North American fly ash business, and Green Cement Inc. (“Green Cement”), a manufacturer of near-zero carbon cement alternatives. Eco Material is a newly-formed company dedicated to decarbonizing the materials industry through scalable and proven technological solutions. As part of the combination, Eco Material received significant investments from One Equity Partners (“OEP”), a middle market private equity firm, Warburg Pincus LLC (“Warburg Pincus”), a leading global growth investor, and historical Green Cement shareholders. Along with these investments, the Company priced and closed $525 million of Green Bonds to facilitate the combination transaction.
Eco Material transforms industrial waste into environmentally-friendly substitutes for everyday products. The Company is the only national marketer and distributor of fly ash, a byproduct of thermal power generation that is used as an alternative to traditional cement, and maintains patented technologies to convert fly ash and other natural materials into value-added manufactured products like its proprietary Pozzoslag®. Pozzoslag® exceeds the strength, durability, and performance of traditional cement in concrete, while generating approximately 99% lower CO2 emissions. Eco Material also provides mission-critical utility services, including operations support, waste disposal, and environmental remediation.
“Eco Material is truly the best of both worlds, combining the largest network of cement alternatives in the U.S. with an innovative, proven technology that increases their environmental and economic value,” said Grant Quasha, CEO of Eco Material. “The Company is excited to partner with OEP, Warburg Pincus, our Green Bond holders and our 1,100 new team members on its journey towards decarbonizing the materials industry, starting with the cement sector, which generates approximately 8% of global CO2 emissions.”
“We’re very proud to make this investment and form Eco Material,” said Matt Hughes, Managing Director at OEP. “Bringing together Green Cement and Boral creates immediate synergies, positions the Company to take advantage of new growth opportunities, and will enable it to have an even greater positive environmental impact by repurposing harmful waste into carbon-reducing products.”
“Fly ash represents one of the largest streams of industrial waste in the country, creating the unique opportunity for Eco Material to simultaneously solve a serious environmental challenge for utilities while lowering the carbon footprint of high-emitting industries like cement,” said Roy Ben-Dor, Managing Director, Warburg Pincus. “We look forward to leveraging our deep industry knowledge and experience in low-carbon investing to help achieve the Company’s vision,” added Yoan Dipita N’Komba, Vice President, Warburg Pincus.
About Eco Material Technologies
Eco Material Technologies is a leading producer of sustainable cement alternatives in the U.S., serving over 4,000 unique customer locations from its 100+ sites across 45 states. The Company is the leading marketer and distributor of fly ash, with an approximately 50% volume share in the U.S. and the industry’s only true national footprint of logistics networks and distribution channels. Eco Material also has a patented technology to convert fly ash and other materials into innovative, near-zero carbon building materials that react faster, match the one-day performance of, and after 28 days are approximately 20% stronger than traditional cement, all while reducing by approximately 99% the CO2 emissions that are traditionally associated with cement production. The Company also provides mission-critical utility services, including operations support, waste disposal, and environmental remediation.
One Equity Partners (“OEP”) is a private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm builds market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 300 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, Frankfurt, and Amsterdam. For more information, please visit www.oneequity.com.
About Warburg Pincus
Warburg Pincus LLC is a leading global growth investor. The firm has more than $73 billion in assets under management. The firm’s active portfolio of more than 235 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 20 private equity and 2 real estate funds, which have invested more than $100 billion in over 1,000 companies in more than 40 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. The firm has a strong track record investing in companies committed to the growth of ESG practices across all sectors, including low-carbon opportunities. Notable investments include Assent Compliance, FlexXray, Fortius, Gradiant, Monolith, PTSG, Scale Microgrid Solutions, Solar Mosaic, and TRC. For more information please visit www.warburgpincus.com. Follow us on LinkedIn.
Media Contacts:
Eco Material Technologies
Joshua Greenwald, KCSA
One Equity Partners
Tom Faust, Stanton
Warburg Pincus
Sarah McGrath Bloom