---
schema_version: "secwatch.filing_event.v1"
accession: "0000861459-23-000029"
form_type: "8-K"
ticker: "GVA"
cik: "0000861459"
company_name: "GRANITE CONSTRUCTION INC"
filed_at: "2023-12-05T23:59:59+00:00"
generated_at: "2026-06-07T18:26:41.334565+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Granite acquires Lehman-Roberts and Memphis Stone & Gravel for $278M, expands into Memphis market

## Summary
- Purchase price $278M funded by new $150M term loan, revolver draw, and cash on hand.
- 2024 revenue target raised to $3.8-4.0B; adjusted EBITDA margin maintained at 9-11%.
- Lehman-Roberts operates 7 asphalt plants; Memphis Stone has 3 mines with 57M tons proven/probable reserves.
- Senior leadership led by Pat Nelson remains in place to manage the business.
- Term loan matures June 2027, interest at SOFR plus 1.25-2.25% margin.

## SEC filing metadata
- accession: 0000861459-23-000029
- form_type: 8-K
- ticker: GVA
- cik: 0000861459
- company_name: GRANITE CONSTRUCTION INC
- filed_at: 2023-12-05T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/861459/000086145923000029/0000861459-23-000029-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/861459/000086145923000029/gva-20231130.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000861459-23-000029
- JSON: https://secwatch.observer/filing/0000861459-23-000029.json
- Plain text: https://secwatch.observer/filing/0000861459-23-000029.txt

## Key facts
- Debt Financings
  GRANITE CONSTRUCTION INC incurred term loan of $150 million with Bank of America, N.A. at term SOFR plus an applicable margin of between 1.25% and 2.25% maturing 2027-06-02.
  - Instrument: term loan
  - Principal: $150 million
  - Counterparty: Bank of America, N.A.
  - Rate: term SOFR plus an applicable margin of between 1.25% and 2.25%
  - Maturity: 2027-06-02
  - Event: incurrence
  source text: The Amendment amended the Original Credit Agreement to, among other things, provide for a $150 million senior secured term loan (the “Term Loan”), which was fully drawn on closing.
  evidence_url: https://www.sec.gov/Archives/edgar/data/861459/000086145923000029/0000861459-23-000029-index.htm
- Material Agreements
  GRANITE CONSTRUCTION INC entered into Equity Purchase Agreement with Roberts Family Companies, Inc. valued at $278,000,000 (effective 2023-11-30).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: Roberts Family Companies, Inc.
  - Value: $278,000,000
  - Effective: 2023-11-30
  source text: On November 30, 2023, Granite Construction Incorporated, a Delaware corporation (the “Company”) entered into an Equity Purchase Agreement (the “Purchase Agreement”) with Granite Southeast Company, a Delaware corporation and wholly owned subsidiary of the Company (the “Buyer”), Roberts Family Companies, Inc., a Tennessee corporation (the “Seller”), Lehman-Roberts Company, a Tennessee corporation and wholly owned subsidiary of the Seller (“Lehman-Roberts”), Memphis Stone & Gravel Company, a Tennessee corporation and wholly owned subsidiary of the Seller (“Memphis Stone”), certain entities and individuals specified therein that beneficially own the Seller (the “Beneficial Owners” and, together with Seller, the “Seller Parties”) and Patrick Nelson, as representative of the Seller Parties.
  evidence_url: https://www.sec.gov/Archives/edgar/data/861459/000086145923000029/0000861459-23-000029-index.htm
- Material Agreements
  GRANITE CONSTRUCTION INC entered into Amendment No. 2 to Fourth Amended and Restated Credit Agreement with Bank of America, N.A. valued at $150,000,000 senior secured term loan (effective 2023-11-30).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Bank of America, N.A.
  - Value: $150,000,000 senior secured term loan
  - Effective: 2023-11-30
  source text: The Company entered into the Amendment No. 2 to Fourth Amended and Restated Credit Agreement, dated as of November 30, 2023 among the Company, Granite Construction Company and GILC Incorporated, as borrowers, Layne Christensen Company, as a guarantor, the lenders party thereto, and Bank of America, N.A., as administrative agent (the “Amendment”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/861459/000086145923000029/0000861459-23-000029-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.