Quarry

Transaction Experiences

Merger Of Swenson Granite Company, LLC And Polycor, Inc.

Swenson Logo

Swenson (www.swensongranite.com) was founded in 1883, when it first began quarrying and cutting granite in New Hampshire.  Today, Swenson owns nine quarries, five manufacturing locations, and seven retail locations in 7 states and the Province of Quebec, producing approximately 2 million cubic feet of saleable stone per year, making it the largest producer of dimensional granite in North America. Utilizing both the most advanced granite extraction and cutting technology, in conjunction with artisanal hand craftsmanship has made Swenson the most recognized and highly respected brand in the industry. Swenson serves both domestic and international customers in the following markets: commercial building construction; burial monument and mausoleum; residential and commercial landscape; road curbing; and industrial products.

Polycor

Polycor (www.polycor.com) which was founded in 1987 in Quebec City, is known for distributing natural stone products throughout North America. The company transforms granite, marble, and limestone into slabs, tiles, mosaics, and landscaping items.  It is the largest dimension stone company headquartered in Canada in terms of total output and sales.

Torquest

Founded in 2002, TorQuest (www.torquest.com) is a Toronto-based manager of private equity funds. With more than C$2 billion of equity capital under management, TorQuest invests in middle market companies, and works in close partnership with management to build value.

Swenson Granite Company, LLC along with its subsidiary Rock of Ages has announced it has merged with Polycor, Inc.  The transaction is being financed with a combination of equity and debt from TorQuest Partners, PNC Mezzanine, and the Bank of Montreal. This transaction is the successful culmination of an initiative led by Bigelow LLC on behalf of members of the Swenson family and the other owners of the Company to proactively seek out the best new majority shareholder for the Company to assure its continued long-term success.

“Swenson Granite and Rock of Ages have been under our family control for four generations and we believe a partnership with Polycor, along with the majority control of the combined companies in the hands of Torquest, will allow our companies, employees, customers, and vendor partners to continue to prosper for generations to come. We are confident that the Swenson, Rock of Ages, and Polycor brands will thrive together.” Kurt Swenson, Chairman of the Board Swenson Granite Company, LLC
“Swenson Granite and Rock of Ages are pioneers in the industry, known for the superior quality of their products in their targeted markets. They enjoy an enviable reputation, which will result in immediate growth for us. We're thrilled to combine these three leading brands and are confident that integration will happen naturally, as the three groups are complementary and share similar basic values.” Patrick Perus, Chief Executive Officer Polycor

Concord, New Hampshire

Barre, Vermont

has merged with

Toronto, Canada

Quebec City, Canada

The undersigned acted as M+A advisor to Swenson Granite Company, LLC.