Centennial Aggregate acquires Cinderlite

Centennial Aggregate Inc., a subsidiary of Watsonville, California-based Granite Construction Inc., has acquired Cinderlite Trucking Corp.

Founded in 1986, Cinderlite is a Carson City, Nevada-based construction materials, landscape supply and transportation company operating five aggregate yards and one recycling yard in and around Carson City. The company also has an aggregate transportation business with an established fleet of trucks and drivers.

"I am happy to announce the acquisition of Cinderlite," Granite President and CEO Kyle Larkin says. "It is a great construction materials business that is aligned with our home market strategy in the busy northern Nevada construction landscape. This acquisition shows that we remain focused on identifying transactions that will immediately contribute to the bottom line."

The acquisition will support Granite’s existing operations in northern Nevada. The company estimates the acquisition will increase Granite’s materials reserves by adding approximately 100 million tons of aggregate resources and an annual production volume of approximately 975,000 tons.

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In August, Granite completed acquisitions of Warren Paving of Hattiesburg, Mississippi, and Papich Construction of Arroyo Grande, California, increasing its aggregate reserves and resources by approximately 30 percent, adding more than 440 million tons and increasing annual aggregate production by approximately 27 percent with the addition of over 5 million tons.

"The Cinderlite transaction is in line with our capital allocation strategy and supports sustainable, long-term value creation for our shareholders," Granite Chief Financial Officer Staci Woolsey says. "We will continue to leverage our cash generation and credit facility to execute high-quality acquisitions."