A company formed by the Baker family of Jacksonville, founders of Florida Rock Industries Inc., sold assets of another construction materials business for $2.05 billion.
Blue Water Industries announced April 8 it sold 20 construction aggregate sites in Alabama, South Carolina, Tennessee and Virginia to Raleigh, North Carolina-based Martin Marietta Materials Inc.
The Baker family formed Blue Water in 2017, 10 years after Florida Rock was sold to Martin Marietta rival Vulcan Materials Co. for $4.2 billion.
The Bakers owned about 25% of Jacksonville-based Florida Rock when it was sold.
Blue Water will continue to operate aggregates operations in North Carolina and Central Florida and a marine terminal business after selling the assets to Martin Marietta.
“We are pleased to entrust these operations to Martin Marietta, an industry leader with strong values and a distinguished safety record,” Blue Water CEO Ted Baker said in a news release.
Martin Marietta said the deal will improve its product mix and help its business through economic cycles.
“The BWI Southeast acquisition naturally complements Martin Marietta’s existing geographic footprint in the dynamic southeast region,” CEO Ward Nye said in the release.