Summit Materials, the cement company co-founded by Blackstone Group (BX), is preparing an initial public offering this year. The owners appointed Goldman Sachs Group Inc. (GS) and Citigroup to manage the share sale. The Denver-based company could be valued at about $2.5 billion in the IPO, one of the people said.
Summit Materials, which supplies aggregates, cement, ready-mixed concrete and asphalt for construction, was formed about five years ago by Chief Executive Officer Tom W Hill, the former North American head of building-materials group CRH, and investors including Blackstone and Silverhawk Capital Partners.