Insights & News
Former President and CEO of Astec Industries, Inc. Acquires JBK Enterprises, Inc.
JBK, now BROCK, will be led by a seasoned team of executives with deep industry experience
GEORGETOWN, Tenn. (July 16, 2020) – Ben Brock, former President and CEO of Astec Industries, Inc. (Nasdaq: ASTE), has acquired substantially all of the assets of JBK Enterprises, Inc.
Brock is the President and CEO of the company, which was officially renamed BROCK following the acquisition. FourBridges Capital Advisors acted as exclusive financial advisor to Brock, structuring and negotiating the deal on his behalf. Baker Donelson provided legal counsel to Brock.
Owned by Lori Stafford, JBK was founded in 1990 as an equipment manufacturer and after-market parts supplier for hot mix asphalt plant owners. JBK’s office and manufacturing facility are located in Georgetown, Tenn.
“My father, Jack B. Kibler, started JBK with a vision to provide quality equipment and parts to an industry he loved, and he was successful in his effort,” Stafford said. “With the sale of JBK to Ben, I know the company will continue to grow in the right way.”
Brock has worked in the hot mix asphalt equipment industry since 1993. His father, Dr. J. Don Brock, was the founder, President and CEO of Astec Industries, Inc. from 1972 to 2013.
Brock served in various roles with Astec from 1993 until 2019, when he left the company after serving as President and CEO for over 5 years. Prior to his role as President and CEO, Brock was the head of two different Astec divisions that supplied equipment to the hot mix asphalt industry. Each division achieved record high financial results under his leadership.
“I’m very excited to be back in the asphalt industry with this acquisition. I’m also very excited about our team — a collection of successful industry veterans who have all worked together at one point or another over the years and carry a combined 178 years’ experience,” Brock said. “I want to thank FourBridges Capital Advisors, especially Managing Director Chris Rowe, for their guidance and assistance on this transaction. I’d also like to thank Baker Donelson, with a special thank you to shareholder Ken Beckman, for their legal work and advice on the acquisition.”
BROCK will continue to supply equipment and parts to the hot mix asphalt industry and plans to add new products and services in the future. The company is well positioned for growth through its commitment to quality products, excellent service, and long-standing customer relationships cultivated by the leadership team.
Joining the company effective July 1, 2020 are:
- Travis Sneed, Vice President, Sales & Operations. Travis Sneed has been in the hot mix asphalt equipment industry for 33 years. He will be responsible for all company sales along with day-to-day operational input for the company as a whole.
- Robin Leffew, Vice President, Chief Financial Officer. Robin Leffew has worked in hot mix asphalt industry accounting for 33 years. She will lead all accounting, finance, human resources and information technology functions for BROCK.
- Anthony Caldwell, Director of Manufacturing & Construction. Anthony Caldwell has worked in the hot mix asphalt industry for 32 years. He will oversee the manufacturing facility and construction services.
- Greg Stafford, Manager of Inside Operations. Greg Stafford has worked at JBK for 14 years. He will work with all areas of the company and customers on drawings and quotations along with vendor partners on securing outside purchase items for the company.
- Jeff Beavers, Manager of Drafting. Jeff Beavers has worked in hot mix asphalt equipment engineering departments for 39 years. In his role, Mr. Beavers will be responsible for field measurement and drafting for component sales.
“The FourBridges team enjoyed working with Ben to evaluate and execute this acquisition,” said FourBridges Managing Director Chris Rowe. “He has been a pleasure to work with, and I’m confident that he will be successful in building a key player in the asphalt industry.”
BROCK is an equipment manufacturer and after-market parts supplier for hot mix asphalt plant owners. Led by a team of seasoned industry experts, BROCK is committed to providing quality products and excellent service to customers across the country.
About FourBridges Capital Advisors
FourBridges serves business owners who are thinking about selling their company, making an acquisition, or refinancing. The partners run a proven process to identify quality buyers, achieve the best value, and close a deal fast.
For additional information please contact:
Chris Rowe, Managing Director, FourBridges Capital Advisors
Ben Brock, President and CEO, BROCK
Robin Leffew, Vice President and CFO, BROCK