Video: Polaris Acquires East End Asphalt

March 15, 2019 | 0 Comments

[Updated] Polaris Holding Company is holding a press conference this morning [March 15] to announce a new business matter. We will have additional coverage later on and in the meantime the live video is below.

Update: The live broadcast has concluded and the 21-minute replay is below

Update 10.30am: Polaris Holding Company announced the acquisition of East End Asphalt Company Limited.

Polaris adds the fifty-one-year old paving operation to its existing portfolio, which includes Stevedoring Services Limited, Equipment, Sales and Rental and Mill Reach Holding Limited.

“East End Asphalt is Bermuda’s leading paving contractor, carrying out all forms of paving including small repairs and driveways, to city streets and runways. The company’s services include asphalt manufacturing, decorative paving, aggregate supply and paving solutions for tennis courts. The firm provides paving solutions for residential, commercial and industrial environments,” Polaris said.

Of the acquisition,Cheryl Hayward-Chew, Chairman of the Polaris Board of Directors effused, “We are delighted to introduce East End Asphalt to our group of companies. We are pleased to offer our shareholders the benefit of diversification and an enhanced portfolio.

“In our search for a quality operation that would be a good fit, we focused on growth potential, future profitability, and a sector aligned with our industrial leanings. East End Asphalt ticked all the boxes. We would like to thank the leadership at East End Group for their support in driving the transition and we welcome the team of professionals at East End Asphalt to the Polaris fold. “

Polaris Press Conference Bermuda March 15 2019

Warren Jones, Chief Executive Officer, outlined his vision for the newly diversified operation saying, “Since 2014, we have demonstrated our commitment to both our shareholders, and stakeholders through the holistic transformation of Polaris. Through a focus on relationships, training, and operational refinement, we have enhanced shareholder value and delivered on our profit targets.

“Strategically, we identified the value of diversification for the group and prioritised the expansion of our portfolio early on. East End Asphalt is the right company to take us on the next step of our corporate journey.

“East End Asphalt enjoys market dominance and offers unique products and services to serve residential, commercial and national interests. At Polaris, we are positioned to leverage its synergies with our existing subsidiaries and drive growth in the business- to-business and business-to-consumer categories.”

With the offloading of East End Asphalt, the East End Group moves forward with its strategic focus on telecommunications and technology having recently merged with Decisions and introduced to market the groundbreaking BlueWave technology.

East End Group VP Operations, Brian Gonsalves said, “Paved roads, runways, docks and driveways play an important role in connecting people around the island and the world. We are proud of the work our specialist teams have done to create these connections on the ground over the past half-century.

“Now, our focus has shifted, and we are deepening those people-to-people connections with technology-driven solutions instead. Polaris Holding Company Limited has demonstrated a tremendous track record of business success with their transformation of SSL. As we pass the baton over to them, we are confident in their ability to safeguard the future of the company we regard as a national asset.

“Finally, I would be remiss if I didn’t acknowledge the dedicated team at East End Asphalt, whose hard work and dedication to improving Bermuda’s infrastructure have been integral to the company’s longevity.”

East End Asphalt operations will continue without interruption during the ownership transfer, Polaris said.

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