A California-based construction giant has reached into Mississippi and purchased a local construction company for an undisclosed amount.
Granite Construction, Inc., a 102-year-old company headquartered in Watsonville, Calif., recently announced an agreement to purchase Dickerson & Bowen, Inc. Founded in 1947, Dickerson & Bowen focuses on highway construction, with an emphasis on supplying asphalt and aggregates such as gravel and sand.
The agreement, which is subject to customary closing conditions, comes after Granite released its second-quarter financial report that saw a $183 million bump year-over-year. The report noted revenue increased from $899 million for the same period in 2023 to $1.1 billion in 2024.
A portion of a press release regarding the second-quarter financial report noted:
“We are excited to announce the agreement to acquire Dickerson & Bowen, Inc. of Brookhaven, Mississippi. The transaction is expected to close in the third quarter. The acquisition will add four asphalt plants and three sand and gravel pits. Dickerson & Bowen is a natural extension of the Lehman-Roberts Company and Memphis Stone & Gravel platform that we acquired at the end of 2023. This materials-focused, vertically integrated business will expand our existing footprint in this high-growth market south through Jackson, Mississippi, and to the southern end of the state.”
Also in the release, Granite President and CEO Kyle Larkin said the company expects total revenue for 2024 to land somewhere between $3.9 billion and $4 billion. Dickerson & Bowen has an annual revenue between $80 million and $100 million. The Dickerson & Bowen purchase follows Granite’s acquisition of the two aforementioned materials firms in Memphis in 2023 for $278 million.
Granite is recognized as one of the top 25 largest construction companies in the U.S., according to its website. The company specializes in complex infrastructure projects, including transportation, industrial, and federal contracting.
