ACQUISITION

9 Months Ended

Dec. 31, 2024

On August 9, 2024, we purchased the assets of an aggregates operation in Battletown, Kentucky (the Kentucky Acquisition), which was accounted for under the acquisition method. The purchase price of the Kentucky Acquisition was approximately $24.9 million. The purchase price allocation has not yet been finalized. The purchase price was funded through borrowings under our Revolving Credit Facility. Operations related to the Kentucky Acquisition are included in the Concrete and Aggregates business in our segment reporting from August 9, 2024, through December 31, 2024.

The following table summarizes the preliminary allocation of the purchase price to the fair value of assets acquired and liabilities assumed (based on Level 3 inputs) as of December 31, 2024:



	Estimated Fair Value
Inventory	$	1,067
Property, Plant, and Equipment		16,815
Lease Right-of-Use Assets		757
Intangible Assets		1,309
Accrued Liabilities		(71	)
Lease Obligations		(757	)
Goodwill		5,761
Total Estimated Purchase Price	$	24,881

The estimated useful lives assigned to Property, Plant, and Equipment range from 5 to 30 years, while the estimated useful lives assigned to Intangible Assets are approximately 15 years. All goodwill generated from the Kentucky Acquisition is deductible for income tax purposes.

The following table presents the Revenue and Operating Loss related to the Kentucky Acquisition that has been included in our Consolidated Statement of Earnings from August 9, 2024, through December 31, 2024.



	For the Three Months Ended			For the Nine Months Ended
	December 31, 2024
	(dollars in thousands)
Revenue	$	3,086		$	4,821
Operating Loss	$	(296	)	$	(642	)

Operating Loss for the three and nine months ended December 31, 2024, was affected by approximately $0.6 million and $1.0 million, respectively, related to depreciation and amortization. Operating Loss for the nine months ended December 31, 2024, was affected by approximately $0.7 million related to the recording of acquired inventories at fair value.

Subsequent Acquisition

On January 7, 2025, we purchased Bullskin Stone & Lime, LLC, a pure-play aggregates business located in Western Pennsylvania (the Pennsylvania Acquisition), which will be accounted for under the acquisition method. The purchase price of the Pennsylvania Acquisition was approximately $152.5 million, subject to customary post-closing adjustments. The purchase price was funded through borrowings under our Revolving Credit Facility. Operations related to the Pennsylvania Acquisition will be included in the Concrete and Aggregates business in our segment reporting.