One Equity Partners, Warburg Pincus and Green Cement Investments to Sell Eco Material Technologies to CRH
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Launched by One Equity Partners, Warburg Pincus and Green Cement Investments in 2022, Eco Material Technologies is well-positioned under CRH’s stewardship to maintain its growth trajectory
NEW YORK, July 29, 2025 /PRNewswire/ — One Equity Partners (“OEP”), a leading middle market private equity firm, Warburg Pincus, the pioneer of global growth investing, and Green Cement Investments today announced an agreement to sell Eco Material Technologies (“Eco Material”) to CRH (NYSE: CRH) for a total consideration of $2.1 billion. Eco Material Technologies is a leading independent supplier of Supplementary Cementitious Materials (“SCMs”) in North America.
Eco Material was formed in 2022 from the merger of Boral Limited’s North American fly ash business and Green Cement Inc, a manufacturer of near-zero-carbon cement alternatives. Eco Material is headquartered in Utah and operates a national network of fresh and harvested fly ash, pozzolans, synthetic gypsum and green cement operations distributed across a network of over 125 utility source locations, production facilities and terminals. The company partners with leading electric utilities to process and recycle approximately seven million tons of fly ash and three million tons of synthetic gypsum and other materials annually, with significant additional capacity currently under construction.
“During our partnership, Eco Material has achieved significant growth by scaling industry-leading technological solutions and continuing to expand its network of cement alternatives across North America,” said Matt Hughes, Partner at OEP. “We are proud of the progress our partnership has generated, and we are confident that CRH will shepherd in a new chapter of growth by leveraging its national distribution network and innovation capabilities to better serve the combined companies’ customers,” said Roy Ben-Dor, Managing Director and Head of Energy Transition and Sustainability at Warburg Pincus.
“We thank One Equity Partners and Warburg Pincus for their investment and partnership, which were instrumental in building the strong foundation from which we now embark on this next chapter,” said Grant Quasha, CEO of Eco Material. “We’re incredibly proud of the growth we have achieved together since 2022, and we are excited for our future with CRH and the opportunities ahead of our combined organizations.”
The proposed transaction is subject to regulatory approval and customary closing conditions and is expected to close in 2025.
Jefferies LLC is serving as financial advisor and Latham & Watkins LLP is serving as legal advisor to Eco Material.
About Eco Material Technologies Eco Material is a leading producer, marketer and distributor of ash-based SCM products in North America. Eco Material is also a leading environmentally focused, near-zero carbon cement producer in the United States. SCMs are the most impactful, environmentally friendly alternative materials to portland cement that significantly reduce the CO2 footprint and improve the performance and longevity of cement’s end-product, concrete. Coal ash and volcanic ash are used to replace a portion of emissions intensive portland cement in concrete and can be further upgraded to its higher performance Green Cement products by the Company. Eco Material also supplies services to electric utilities related to management of coal ash and other coal combustion products and recycles over 10 million tons per year of material into beneficial use – reducing emissions and avoiding landfilling of material.
About One Equity Partners One Equity Partners (“OEP”) is a middle market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm seeks to build market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 400 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, Frankfurt, and Amsterdam. For more information, please visit www.oneequity.com.
About Warburg Pincus Warburg Pincus LLC is the pioneer of private equity global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $87 billion in assets under management, and more than 220 companies in its active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,000 companies across its private equity, real estate, and capital solutions strategies.
The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information, please visit www.warburgpincus.com or follow us on LinkedIn.
