Mississippi Lime Company executed a membership interest purchase agreement to acquire Covia Lime LLC from Covia Holdings Corporation (NYSE:CVIA) for approximately $140 million on July 3, 2019. The price is subject to certain adjustments set forth in the definitive agreement, or a multiple of approximately nine times Covia Lime's 2018 gross profit. The business will be fully integrated into existing Mississippi Lime operations. In 2018, Covia Lime generated sales of $48.1 million. The transaction is subject to customary closing conditions, including the receipt of regulatory approval and Hart-Scott-Rodino review. The transaction has been unanimously approved by the Board of Directors of Covia Holdings Corporation. The outside date for termination of agreement is March 28, 2020 and can be extended to June 28, 2020 and further to September 28, 2020. The transaction is expected to close during the second half of 2019. BNP Paribas Securities Corp. acted as financial advisor and Eric Schiele, P.C. of Kirkland Ellis LLP acted as legal counsel to Covia. Dan Godar and Michael Jefferies of Armstrong Teasdale LLP served as legal advisors to Mississippi Lime Company.