Capital One Sponsor Finance led a $70 million senior secured credit facility for Permian Basin Materials, majority-owned by funds managed by WL Ross.

Capital One acted as administrative agent and sole lead arranger for the transaction. The financing supports the strategic acquisition of three ready-mix concrete and aggregates producers and refinanced existing debt.

“The team at Capital One excelled for us, providing competitive financing and successfully syndicating the deal in a very tight timeframe,” said Patrick J. Machir, principal for WL Ross.

“Capital One is pleased to lead this transaction, structuring a tailored financial solution and staying responsive to our client’s needs,” said Eric Wiener, managing director for Capital One Sponsor Finance.

PB Materials is a regional producer of ready-mix concrete and sand and gravel and limestone aggregates in the Permian Basin region of West Texas and New Mexico.

WL Ross is a private equity firm.