Martin Marietta to Buy Lhoist North America in $13.5B Lime Deal
Martin Marietta Materials has agreed to acquire Lhoist North America in a transaction valued at approximately $13.5 billion, comprising $7 billion in cash and $6.5 billion in Martin Marietta common stock. The Berghmans family, which controls Lhoist Group, is expected to own approximately 15% of the combined company upon closing and will receive the right to appoint one board director and one observer.
Lhoist North America produces high-calcium and dolomitic lime and industrial mineral products serving steel manufacturing, infrastructure, environmental, and agricultural markets. The business operates 20 quarries and production facilities alongside 45 distribution terminals, generating $1.8 billion in gross sales and $786 million in adjusted EBITDA for the 12 months ended December 31, 2025.
“This transaction represents another transformational milestone for Martin Marietta and directly advances our SOAR 2030 objective to expand our complementary, upstream Specialties segment in lime and other industrial minerals,” said Ward Nye, chair, president and CEO, Martin Marietta Materials.
Goldman Sachs advised Martin Marietta and provided committed debt financing alongside Goldman Sachs Bank USA and Goldman Sachs Lending Partners; Cravath, Swaine & Moore and Bredin Prat acted as legal counsel. BNP Paribas, JPMorgan, and Rothschild & Co. advised Lhoist Group, with Latham & Watkins as legal advisor.