Deal Type
Buy-side transaction

Deal Team
Chris Rowe

Company Overview
Based in Georgetown, Tennessee, JBK Enterprises, Inc. was founded by Jack Kibler in 1990 and served as an equipment manufacturer and after-market parts supplier for hot mix asphalt plant owners for 30 years. Owner Lori Stafford, daughter of Jack Kibler, sold JBK to Ben Brock in July, 2020, at which time the company was renamed BROCK.

Situation
Ben Brock has worked in the hot mix asphalt equipment industry since 1993. He is the son of Astec Industries founder Don Brock, and served in various roles at Astec for more than 25 years. Brock was the head of two different record-setting Astec divisions that supplied equipment to the hot mix asphalt industry, and more recently served as Astec’s president and CEO for five years. In 2019, Brock resigned to pursue new business ventures and build a company of his own. Building upon his deep industry knowledge and experience, Brock set his sights on JBK, an established asphalt company that could serve as a foundation to build his business upon.

Challenge
Before JBK, Brock had his sights set on a different opportunity, but the company was not willing to sell. So when he found JBK, he enlisted the help of long-time friend and colleague Chris Rowe, Managing Director at FourBridges, to help secure the purchase of JBK. 

Process
FourBridges was instrumental in completing the acquisition. Chris Rowe and team reviewed JBK’s financial statements, analyzed company information, and formulated a viable projection for the business going forward under Ben Brock’s leadership. The FourBridges team helped Brock craft a letter of intent (LOI) that was ultimately executed, and worked with Brock’s attorneys to ensure that the deal was properly documented. 

Results
Under Brock’s leadership, the company has experienced tremendous organic growth, which continues today. Shortly after the acquisition of JBK, BROCK began offering on-site asphalt plant services including equipment dismantling, relocation, and installation services. Since the acquisition, BROCK has successfully delivered products and services to customers in 36 states and four countries. In 2021, BROCK relocated operations to a 108,000-square-foot facility on 23 acres in Chattanooga, TN. The company has since added a state-of-the-art paint facility, built a new office building and established a second shift in manufacturing to meet increasing demand. 

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