Summit Materials Inc., a construction materials company, recently reported its acquisition of Las Vegas-based Sierra Ready Mix LLC, an aggregates and ready-mix concrete supplier.
“Sierra’s vertically integrated operations are a good fit within our Utah-based Kilgore platform and a very sound entry into Las Vegas, the next large market south of the Wasatch Front in Utah,” Summit Materials CEO Tom Hill said. “Sierra has a solid position in a sizable market at an attractive point in the recovery cycle. We are pleased to welcome Sierra’s truly talented team to our rapidly growing company.”
Summit purchased the company for an undisclosed sum. Sierra has operated in the valley since 1994 and also operates a sand and gravel pit and two ready-mix concrete facilities. Summit plans to keep current management in place.
The purchase follows several acquisitions in 2015 and this year. Summit purchased Utah-based Kilgore last year along with another operation in Iowa.
In 2016 the company acquired two aggregates-based companies, expanding its reach into the Carolinas and Virginia market. Sierra was its third target for acquisition in 2016.
Summit, which operates in 22 states and British Columbia, went public in 2015, raising $400 million in an initial public offering. It trades on the New York Stock Exchange under the symbol SUM.
In a recent Securities and Exchange Commission filing, Summit reported a net loss of $42.5 million, or a loss of 42 cents per share, when the first quarter ended. Summit also experienced a net loss of $79.8 million, or 37 cents per share a year earlier, according to the filing.
Also according to the filing, net revenue increased 17.5 percent to $228 million, from $194 million.
Universal Health acquirING stakes in Valley Health System hospitals
Universal Health Services Inc., parent company of the Valley Health System, recently agreed to acquire the minority ownership interests in several Southern Nevada acute care hospitals from Franklin, Tennessee-based Community Health Systems Inc. Reports vary on how many properties are under question.
UHS, based in King of Prussia, Pennsylvania, is reporting the purchase of ownership interests in six of Valley Health System’s hospitals, ranging from 26.1 to 27.5 percent, from Community Health, for an aggregate cash payment of $445 million, which includes the purchase price and return of capital, the company reported in a statement this month.
The health care facilities under question include Centennial Hills Hospital Medical Center, Desert Springs Hospital Medical Center, Spring Valley Hospital Medical Center, Summerlin Hospital Medical Center, Valley Hospital Medical Center and Henderson Hospital, which is scheduled to be completed in the fourth quarter of 2016, UHS reported.
In a recent Securities and Exchange Commission filing, Community Health reported the sale of four hospitals, where the company holds a 27.5 percent interest through a joint venture, Valley Health System LLC.
In the same filing, Community Health also reports a joint venture interest of 26.1 percent in Summerlin Hospital Medical Center LLC. The reported sale price of $445 million remained the same.
The deal is set to close during the second quarter, according to an SEC filing by Community Health Systems.
Despite the difference of property count, UHS is calling it a positive move.
“This transaction reflects our continued confidence in the performance of our hospitals in the Las Vegas market and, in particular, our enthusiasm for the opening of our newest hospital in Henderson, Nevada later this year,” CEO Alan B. Miller said.
Grubhub expands delivery service to Las Vegas
Grubhub, an online and mobile food ordering company, is expanding its delivery platform to the Las Vegas region. The company currently services more than 44,000 takeout restaurants across 1,000 U.S. cities and London.
“The Las Vegas area restaurant scene is as diverse and colorful as the city itself,” said Stan Chia, senior vice president of operations. “With Grubhub’s turnkey delivery service, we are able to seamlessly integrate into our restaurant partners’ operations and manage delivery logistics for them while driving more orders, providing more local favorites for Las Vegas residents to choose from.”
Grubhub’s online ordering platform has been around the city since 2011 and is available in more than 500 local restaurants.
Preferred PR agency of record
Preferred Public Relations recently became the agency of record for Grape Street Café, Wine Bar &Cellar in Downtown Summerlin.
“We are pleased to have the talented team at Preferred Public Relations and the experience of this company on board to build awareness of all of our new stellar programs at Grape Street,” said John McKibben, executive chef and owner of Grape Street Café, Wine Bar &Cellar.
Grape Street has been serving Mediterranean and Italian-style food for nearly two decades. The restaurant also is a retailer of wine by the bottle.
