News and Information for Gloucester and Mathews, VA | Thursday, December 5, 2019 Vol. LXXXII, no. 49 NEW SERIES
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Home » Business

Rappahannock Concrete sold to Vulcan Materials

.(JavaScript must be enabled to view this email address) | Posted on Oct 30, 2019 - 11:30 AM Printer Friendly View

Photo: Scott Finney, former president of Rappahannock Concrete and Masonry, stands alongside his sister, Cara Randolph, former vice president of the company. The business was sold last week to Vulcan Materials Company. Photo by Quinton Sheppard

Scott Finney, former president of Rappahannock Concrete and Masonry, stands alongside his sister, Cara Randolph, former vice president of the company. The business was sold last week to Vulcan Materials Company. Photo by Quinton Sheppard

 Gloucester-based Rappahannock Concrete & Masonry has been sold to Vulcan Materials Company, headquartered in Birmingham, Alabama. Most of the current employees are staying on with the new company, and service to customers should remain uninterrupted.

The acquisition, which officially took place Saturday, has been several years in the making, according to Scott Finney, former president of Rappahannock, and son of its founder, Zeke Finney. “The last couple of years we’ve been thinking seriously about doing something,” Scott Finney said. “We didn’t have a succession plan and decided to entertain selling the business.”

According to Finney, it was important to him and his sister, Cara Randolph, former vice president of Rappahannock, to try to find a company with similar goals to take over the reins of the business, which was established in 1961. 

He said Vulcan has been a respected competitor of Rappahannock in the market. “We also knew Vulcan to be a good company with good benefits,” Finney said. “We thought them to be a natural choice for our employees.”

According to Finney, Rappahannock’s leadership approached Vulcan about six months ago about possibly buying the business. “They were interested from the get-go,” he said. That’s when Finney began gathering financial and sales data before Vulcan wrote a letter of intent to purchase a couple of months ago.

“Vulcan kept 99 percent of the employees,” Finney said. “And all of the employees recognized that their benefit package was extremely generous.” All employees, many of which have been with Rappahannock for decades, were able to keep their years of service.

Finney said Vulcan also plans to keep Rappahannock’s stewardship mentality to the community alive.

A Fortune 500 company, Vulcan is the largest aggregate provider in the United States, said Finney.

He said his father, Zeke, is “extremely happy” with the transaction and is grateful for all the employees who have diligently served the company for all these years.

Scott and Cara, meanwhile, are officially retiring, but will remain on retainer as consultants for the business for a short period of time. Current management will continue to run operations.

Also, Rappahannock’s mechanical shop located at Saluda, did not convey in the sale. Mike and Stephan Edwards, longtime mechanics for the business, will open a diesel repair business there, Rappahannock Diesel Repair.

Overall, Finney said the transaction to Vulcan provides Rappahannock a growth opportunity with financial backing to expand its business and allow its employees to grow with it. “It’s a great option for all of our employees,” he said. 

Though both Finney and Randolph will miss the employees they have worked alongside for many years, Finney said he is “pretty burned out,” adding, “I could definitely see me at the end of my career … it was a pretty clear decision on my part.”

Randolph said she has had a “good run.” She added, “The hardest part is leaving the employees … We worked really hard to find the right fit for them.”

About Vulcan, Finney said, “They have the resources to take the company to the next level—both in its intellectual capabilities and financial resources.”

At the time of the transition, Rappahannock had seven locations with about 80 employees. Finney said all locations are expected to remain open and the masonry side of things will also remain unchanged. 

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