TorQuest Partners is pleased to announce, alongside its co-investors and PNC Mezzanine Capital, the firm has partnered with Polycor, Inc. (Polycor), a Canadian Quebec-based natural stone producer, in its merger with Swenson Granite and its wholly owned subsidiary Rock of Ages, two of the leading American granite quarriers and manufacturers. TorQuest now owns majority control of all the merged companies.
On a combined basis, the business will be amongst the largest natural stone companies in the world, operating over 30 quarries, primarily in Quebec and the US Northeast, serving a diverse range of end markets.
Alan Lever, Partner at TorQuest, said, "Polycor, Swenson Granite and Rock of Ages are each leaders in their respective markets. We are excited to bring these businesses together under one umbrella, creating the largest dimensional stone company in North America.”
"Swenson Granite and Rock of Ages are brands known for the superior quality of their products in their markets. We continue to see unique opportunities for our Company and are eager to pursue these initiatives alongside Swenson Granite and Rock of Ages. In addition, we are excited to build a productive relationship with TorQuest and its co-investors, and we are very happy to continue our partnership with PNC,” said Patrick Perus, CEO of Polycor.
Eric Berke, Managing Partner at TorQuest, said, "This is the seventh platform investment for TorQuest Partners Fund III and continues our strategy of partnering with exceptional management teams to build industry-leading businesses and support their continued growth.”
No financial terms for the transaction were disclosed.
