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Business | Suppliers

Ingevity to acquire leading pavement marking materials business, Ozark Materials

by Brian Gallagher on August 2, 2022

Ingevity Corporation (NYSE:NGVT) today announced it has reached an agreement to acquire privately-owned Ozark Materials, LLC and Ozark Logistics, LLC (“Ozark Materials”) in an all-cash transaction valued at $325 million. The acquisition is subject to regulatory approval and other customary closing conditions, and Ingevity expects to close on the transaction by early Q4 2022.

Ozark Materials, LLC is a leading producer of pavement marking materials, including thermoplastic pavement markings, waterborne traffic paints and preformed thermoplastics. The company supplies specialty materials for roadway applications throughout the United States and Canada, for a customer base that includes state departments of transportation, civil and highway contractors, cities, universities and airports. Ozark Logistics, LLC is a logistics provider operating a dedicated fleet of vehicles located in five states across the United States to serve customers with best-in-class shipping times. Ozark Materials is headquartered in Greenville, Alabama, and operates through four manufacturing locations and a distribution center.

Ingevity anticipates that Ozark Materials will generate revenues of approximately $150 million and EBITDA margins of approximately 20% during calendar 2023 and expects the acquisition to be immediately accretive to Ingevity’s earnings per share. Ingevity will include the business in the company’s Performance Chemicals segment.

“Today’s announcement represents an important step for Ingevity, strengthening our position in the paving construction industry while moving us one step downstream where we can better serve our end customers,” said John Fortson, Ingevity president and CEO. “Ozark Materials has established itself as a leading player within the pavement marking materials industry, which is expected to continue to benefit from several macro-level tailwinds, including increased infrastructure spending and the need for more road markings to support autonomous vehicles.”

“Ozark Materials’ history of new product development and commitment to superior customer service aligns perfectly with our ‘Ingevity 2.0’ approach to customer-driven innovation,” said Rich White, senior vice president, Performance Chemicals, and president, Industrial Specialties and Pavement Technologies. “We are excited to welcome Ozark Materials’ employees to Ingevity and look forward to working together as we continue providing best-in-class service for our customers.”

Topics: Business, Suppliers
Ingevity

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