Assessing Competition Implications of Holcim UK’s Acquisition of PJ Thory

NERA advised Holcim UK and its legal advisers, Addleshaw Goddard, on the competition implications of Holcim’s proposed acquisition of PJ Thory Ltd (PJ Thory), a leading supplier of aggregates and ready-mix concrete (RMX) in the East of England and the East Midlands.

The transaction combined Holcim’s existing aggregates and RMX operations with PJ Thory’s portfolio of sand and gravel quarries, crushed rock facilities, and downstream ready-mix concrete plants. Given the local nature of competition in construction materials markets and the Competition and Markets Authority’s (CMA’s) established approach to assessing mergers in the sector, the transaction had the potential to attract detailed scrutiny under UK merger control rules.

NERA undertook a comprehensive competition assessment, drawing on the CMA’s analytical framework and decision rules developed in the Hanson / Mick George merger investigation. NERA combined industry datasets, detailed operational information from the parties, customer delivery data, and geographic information system (GIS) mapping to replicate the CMA’s local catchment methodology. NERA calculated weighted market shares, assessed local overlaps between the parties’ sites, and analyzed vertical risks through the CMA’s decision rules.

NERA supported in its engagement with the UK Competition and Markets Authority (CMA), including the preparation of the briefing paper and responses to requests for information (RFIs). The transaction was completed successfully in 2025.

The NERA team comprised Senior Managing Director Grant Saggers and Consultant Rafael Sambeat.