PHILADELPHIA, Aug. 4, 2011 /PRNewswire/ -- VantaCore Partners LP ("VantaCore") announced that it has acquired the Cherry Grove limestone quarry from North American Limestone Corporation. This operation, located in Todd County, Kentucky, has an estimated 39 million tons of limestone reserves and serves the southwestern Kentucky and northwestern Tennessee markets. This represents VantaCore's fifth acquisition, expanding its operational presence to four states in the southeastern U.S. The company will be managed by Chad Swallows, Winn Materials' General Manager, and renamed Winn Materials of Kentucky. The acquisition was financed with equity from Trilantic Capital Partners, Kayne Anderson Energy Development Company and Tortoise Capital Resources Corporation, supplemented by borrowings under the Partnership's PNC Bank, N.A. credit facility.
"We are excited about the acquisition of this business as it extends Winn Materials' reach into Southern Kentucky while adding significant reserves to VantaCore's strong asset base," said Colin Oerton, Chief Executive Officer of VantaCore. "This purchase complements our strategy of acquiring well run businesses in growing markets, and then enhancing these operations both through the acquisition of nearby operations, and investing in organic growth opportunities at these locations. This purchase follows the April 2011 announcement that Winn Marine intends to undertake a major expansion of its Clarksville port operations, positioning Montgomery County to become the largest commercial water port on the Cumberland River."
VantaCore is a private company focused on acquiring competitively advantaged aggregate and related businesses in the domestic U.S. market. With approximately 140 employees, its operations consist of an integrated limestone quarry (with permitted surface reserves of about 80 million tons), a dock facility, two asphalt plants and a commercial asphalt lay down business located in Clarksville, Tennessee, a limestone quarry located in Todd County, Kentucky, and a sand and gravel business (with approximately 38 million tons of gravel reserves) located near Baton Rouge, Louisiana serving the south central Louisiana market. VantaCore's interest in retaining local company management, its financial structuring flexibility and seller sensitivity, has driven the Partnership's acquisition growth to date. Management plans to continue this successful strategy of growing primarily through acquisition and organic growth. To date, VantaCore has been financed by Kayne Anderson Energy Development Company (NYSE: KED), Tortoise Capital Resources Corporation (NYSE: TTO), Hartz Capital Investments LLC and Trilantic Capital Partners. For more information, please visit our website at www.vantacore.com or contact us at email@example.com.
SOURCE VantaCore Partners LP