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Bridgewater quarry owner sells construction materials for $1.2 billion

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Bridgewater quarry owner sells construction materials for .2 billion

BRIDGEWATER – Stavola, owner of the Chimney Rock quarry off Route 22 and asphalt plants throughout Central Jersey, has agreed to sell its construction materials business to a national corporation for $1.2 billion.

Arcosa, headquartered in Dallas with $2.3 billion in annual revenue and 6,075 employees, has announced the acquisition of the 75-year-old family-owned company that has another quarry in Tewksbury and asphalt plants in Bridgewater, Hillsborough, Old Bridge and Raritan Township.

Stavola’s construction materials business has five quarries, 12 asphalt plants and three recycling plants.

“After much consideration by the Stavola families, it was decided that now is the right time to pass the business on to a company who shares our values and commitment to our employees and customers,” president Joseph C. Stavola III said in a release. “We are excited for the future of the company as it continues to grow and remain a market leader.”

As part of the transition, all existing employees of Stavola, headquartered in Tinton Falls, will be retained, according to the release.

“As we reflect on the journey of our company, we are filled with gratitude for the dedication and hard work of every one of our employees, past and present,” the release said. “Your passion, resilience and determination have been instrumental in our collective success, and we are truly grateful for your contributions.”

More: Bridgewater Township can’t regulate quarry blasting

For June 30, 2023 to June 30, 2024, Stavola generated $283 million in revenue and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $100 million, representing a 35% adjusted margin.

“Stavola brings an experienced management team, a reputation for strong customer service, and a successful track record,” Antonio Carrillo, Arcosa’s president and chief executive officer, said in the release.

The acquisition will allow Arcosa to establish a footprint in the nation’s largest metropolitan area.

The sale does not include Stavola’s Real Estate Division which owns and manages shopping centers, office buildings, free-standing retail properties, gas stations, restaurants, downtown retail properties, residential properties and raw land in Somerset, Monmouth, Middlesex, Ocean and Hunterdon counties. 

Email: mdeak@mycentraljersey.com

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