Producer
BMIM (Boral Resources fly ash)
Historically the largest US fly ash marketer, formed when Blackstone acquired Boral Resources' fly ash business in 2017. Distributed over 10 million tons of fly ash annually from a network of 100+ coal plant collection points at peak. Now operates in a market being reshaped by CRH's acquisition of Eco Material. Blackstone's investment thesis: fly ash supply control becomes more valuable as coal plants retire, creating a structural scarcity premium for existing collector contracts.
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Fly Ash Marketing
75%SCM Distribution & Blending
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Did you know2017
Blackstone — the world's largest alternative asset manager, better known for real estate, insurance, and private equity — quietly owns one of the two dominant US fly ash marketing businesses (BMIM, formerly Boral fly ash). Fly ash is the critical supplementary cementitious material that lowers the carbon footprint of US concrete infrastructure. Blackstone's ownership means that a significant share of North American concrete's decarbonization pathway runs through a firm whose primary investors are sovereign wealth funds, university endowments, and pension funds — not traditional building materials companies. Private equity capital has inserted itself between coal utilities and concrete producers at a chokepoint in the green building materials supply chain.
Blackstone ↗Origin2023
The fly ash business now known as BMIM originated as part of Boral Limited, an Australian building products conglomerate. Boral entered the US fly ash market through acquisitions in the 1990s-2000s, building a network of 100+ coal plant collection points that at peak distributed over 10 million tons annually — making it the largest US fly ash marketer. Blackstone acquired the Boral fly ash business in 2017, repositioning it as an independent specialty materials company as Boral exited the US market.
BMIM ↗