With its first acquisition outside Virginia, a Goochland-based raw materials firm is dipping its toes deeper into the Chesapeake Bay.
Luck Ecosystems, a division of stone and quarry giant Luck Cos., has acquired a soils production operation at a sand and gravel mine in Waldorf, Maryland, from Chaney Enterprises. The deal closed in May.
Financial terms of the acquisition were not disclosed. Chaney will retain ownership of the mine, while Luck Ecosystems assumes ownership of the soils production operation and will sell products from it under the Luck name.
General Manager Nate Salatin said the acquisition will increase Luck Ecosystems’ reach in providing eco-friendly construction materials to environmentally sensitive areas such as the Chesapeake Bay watershed. The company converts natural soils, sands and rock into materials used for stormwater runoff systems, shoreline riprap and sports field surfaces.
“Our No. 1 strategic objective is to be the leader in the Chesapeake Bay watershed,” Salatin said. “There are regulations there that come from the EPA. Products like ours have to be used in major construction projects.”
Luck Ecosystems’ customers include construction site managers, civil engineers, landscape architects and sports field maintenance personnel. Salatin said its facilities often share sites with other companies like Chaney.
“(Chaney) is similar to Luck Stone in terms of presence and sophistication. We buy raw materials and use them (as) key ingredients. It’s a partnership from the raw material side, to better leverage our salesforce to sell it,” he said.
This is the company’s first expansion north as it eyes other potential acquisitions in Maryland, Salatin said, with the ultimate goal of expanding up the watershed to Pennsylvania.
Luck Ecosystems is run out of Luck Cos.’ headquarters in Manakin-Sabot. It launched in 2015 under the Luck Cos. umbrella and employs 27 people.
Luck Cos. was the seller in a string of M&A deals in 2016. It sold its Luck Stone Center division and Har-Tru Sports division within a few months of each other. Another division, Luck Real Estate Ventures, is leading the new Stoneridge development in Powhatan.
Note: This article has been updated from its original version to clarify that Chaney retains ownership of the mine while Luck Ecosystems now owns the soils production facility there.