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B. Riley Retained as Advisor in Prize Management dba Sand Ridge Materials Chapter 11

February 26, 2024, 07:40 AM
Filed Under: Construction Supply

B. Riley Real Estate and B. Riley Wholesale & Industrial Solutions (collectively, “B. Riley”), subsidiaries of B. Riley Financial, have been retained as advisors in connection with the Chapter 11 bankruptcy of Prize Management, LLC and Sand Ridge Development Association, Inc. dba Sand Ridge Materials (“Sand Ridge”). B. Riley was retained to lead the sale process for Sand Ridge’s mine assets, including its real estate, machinery, and equipment.

Sand Ridge is a locally operated small business and sand and gravel mining operation in Garysburg, North Carolina. The minority-owned and operated company is a supplier of building, roadway, and landscaping materials that includes concrete sand, asphalt sand, fill material, and a variety of stones from pea gravel to larger. Its products are used for the construction of roads, buildings, landscaping projects, fill, and other commercial applications. Sand Ridge has a backlog of orders and strong customer interest that significantly exceeds its current operational output.

Sand Ridge filed for Chapter 11 protection in the North Carolina Eastern Bankruptcy Court (Case No. 23-02681) on September 14, 2023.

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