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© 2018 League Park Advisors1100 Superior Avenue East Suite 1700 Cleveland, OH 44114 | 216.455.9985 PHONE | 216.455.9986 FAX | www.leaguepark.com
BUILDING PRODUCTSMARKET UPDATE | Q1 2018
BUILDING PRODUCTS QUARTERLY MARKET UPDATE
INTRODUCTION
League Park Advisors is pleased to share its building products market update for Q1 2018. This report provides analysis and commentary related to the following topics:
Current market news and observations
Trends in building products market valuations
Overview of merger and acquisition dynamics within the domestic building products market
We hope that you find our Q1 2018 edition helpful and invite you to contact us directly if you wish to discuss our perspective on current market trends or our relevant industry experience.
League Park has developed substantial, directly-relevant experience executing transactions and conducting proprietary research across five primary sectors, as well as a broad spectrum of verticals.
OUR FIRM
League Park is a boutique investment bank that professionally and ethically advises clients on strategies aimed to maximize shareholder value. We assist middle market companies with transactions that generate value through mergers and acquisitions, recapitalizations, capital raising, structured finance, and outsourced corporate development.
BUSINESS SERVICES
CONSUMER& RETAIL
HEALTHCARE INDUSTRIAL TECHNOLOGY
Business Process Outsourcing
Data & Document Management
Facility Management
Industrial Services Specialty
Distribution Transportation &
Logistics
Consumer Products Consumer Services Direct Marketing Food Products &
Services Pet Products Retail
Benefits Management
Facility Services Healthcare
Distribution Healthcare IT Healthcare Products Healthcare Staffing Medical Devices &
Equipment
Automotive Building Products Capital Goods Construction Packaging Metals Niche
Manufacturing Polymers Specialty Chemicals
Big Data Analytics Business
Intelligence Mobile Applications Outsourced
Technology Solutions
Tech-Enabled Consulting
REPRESENTATIVE LEAGUE PARK BUILDING PRODUCTS EXPERIENCE
Sell-Side M&A Advisory
has been acquired by
Sell-Side M&A Advisory
has been acquired by
Sell-Side M&A Advisory
has been acquired by
Sell-Side M&A Advisory
has been acquired by
Strategic Advisory
Ongoing Strategic Advisory
1
BUILDING PRODUCTS QUARTERLY MARKET UPDATE
IN THE NEWS
2
The value of new construction starts in March 2018 increased by 11% from February to a seasonally-adjusted annual rate of $785.2 billion, following declines in both January (2%) and February (3%). March’s reported construction starts represents the highest level over the past six months. March’s overall growth was supported by mixed movement by the construction sector’s three underlying markets. The nonbuilding construction market (e.g., public works and infrastructure, electric utilities, etc.) expanded by 73% in March, spurred by the start of a $3.5 billion Mountain Valley Pipeline expansion in West Virginia and Virginia, a $1.1 billion I-405 highway project in Orange County, CA, an $855 million Grand Parkway highway project in Houston, TX, and a $400 million wind farm in Kansas. Meanwhile, nonresidential and residential construction dipped slightly by 1% and 2%, respectively, during March.
MARCH CONSTRUCTION STARTS SHOW GROWTH
DODGE DATA & ANALYTICS APRIL 20, 2018
The Q1 2018 USG Corporation + US Chamber of Commerce Commercial Construction Index was released on March 6, 2018, revealing that nearly two-thirds of construction contractors are highly confident that demand for commercial construction will increase over the next year. However, persistent concerns related to workforce shortages are putting pressure on the industry, inspiring contractors to identify ways to enhance worksite efficiency and improve labor productivity. As a result, increasingly more builders are turning to innovations such as prefabricated and modular building materials to streamline jobsites, reduce costs, and provide a competitive advantage in the marketplace.
CONSTRUCTION LABOR SHORTAGES INSPIRE PROJECT MANAGEMENT CHANGE
US CHAMBER OF COMMERCE MARCH 6, 2018
The National Associate of Home Builders (NAHB) recently lauded efforts by the Trump administration and Congress to roll back regulations that hindered homebuilding firms and other small businesses, but cautioned that regulatory headwinds persist and more needs to be done prospectively to reduce additional regulatory burdens. NAHB estimates that regulations imposed by the government account for nearly 25% of the final price of a new single-family home.
BUILDERS TO CONGRESS: PROGRESS ON REGULATORY REFORM, BUT JOB NOT DONE
NAHB MARCH 7, 2018
Total construction sector employment decreased by approximately 15,000 jobs in March 2018 following a 65,000 job increase in February 2018. Over the last twelve months, the construction sector has added a total of 228,000 new jobs. Expected job growth driven by the passage of the Trump administration’s 2017 tax reform package has been hindered by mounting uncertainty around the administration’s new trade policies coupled with growing trade tensions with China.
CONSTRUCTION EMPLOYMENT SLUMPS IN MARCH
CONSTRUCTION DIVE APRIL 9, 2018
BUILDING PRODUCTS QUARTERLY MARKET UPDATE
ECONOMIC ANALYSIS
3
CONSTRUCTION SECTOR EMPLOYMENTFor the Ten-Year Period Ended March 31, 2018Employment in thousands
Sources: Bureau of Labor Statistics (BLS), FMI Corporation, National Association of Home Builders (NAHB), Organization for Economic Cooperation & Development (OECD), US Chamber of Commerce
RESIDENTIAL CONSTRUCTION INDEXFor the Ten-Year Period Ended March 31, 2018Confidence expressed on a scale of 0 to 100
COMMERCIAL CONSTRUCTION INDEXFor the Quarters Ended June 30, 2017 – March 31, 2018Confidence expressed on a scale of 0 to 100
CONSTRUCTION PUT IN PLACEFor the Years Ended and Ending December 31, 2012 – 2021P$ in millions
BUSINESS CONFIDENCE INDEXFor the Ten-Year Period Ended March 31, 2018Baseline confidence level is 100
COMMODITY PRICE INDICESFor the Ten-Year Period Ended March 31, 2018% change in producer price indices
0
10
20
30
40
50
60
70
80
90
100
Q2 2017 Q3 2017 Q4 2017 Q1 2018$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
$1,800,000
$2,000,000
2012 2013 2014 2015 2016 2017E 2018P 2019P 2020P 2021P
95
96
97
98
99
100
101
102
103
104
105
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 20180
10
20
30
40
50
60
70
80
90
100
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
200%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Iron & Steel Copper AluminumPlastics Rubber PlywoodConcrete
BUILDING PRODUCTS QUARTERLY MARKET UPDATE
PUBLIC COMPARABLE ANALYSIS
4
BUILDING PRODUCTS MANUFACTURING
MANUFACTURING GROUP FIVE-YEAR HISTORICAL STOCK PERFORMANCEAs of March 31, 2018% change in closing prices
MANUFACTURING GROUP ONE-YEAR HISTORICAL STOCK PERFORMANCEAs of March 31, 2018% change in closing prices
Source: Capital IQ
As of March 31, 2018$ in millions, except for share prices
50.0%
70.0%
90.0%
110.0%
130.0%
150.0%
170.0%
190.0%
210.0%
230.0%
250.0%
2013 2014 2015 2016 2017 2018
General Manufacturers Window & DoorKitchen, Bath & Plumbing Building EnvelopeLighting FlooringS&P 500
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
110.0%
120.0%
130.0%
140.0%
150.0%
General Manufacturers Window & Door
Kitchen, Bath & Plumbing Building Envelope
Lighting Flooring
S&P 500
Current % of Enterprise LTM LTM Margins Enterprise Value / LTM
Company Name Price LTM High Value Revenue EBITDA Gross EBITDA Revenue EBITDA
General Manufacturers:
Owens Corning $79.67 82.5% $11,188 $6,384 $1,135 25.0% 17.8% 1.8x 9.9x
USG Corporation 39.67 96.3% 6,286 3,204 499 20.8% 15.6% 2.0x 12.6x
Armstrong World Industries 55.85 86.5% 3,680 894 255 36.6% 28.5% 4.1x 14.4x
Continental Building Products 28.00 90.3% 1,262 489 136 26.0% 27.8% 2.6x 9.3x
Segment Median 88.4% $4,983 $2,049 $377 25.5% 22.8% 2.3x 11.2x
Window & Door:
JELD-WEN $29.10 68.8% $4,310 $3,764 $368 22.5% 9.8% 1.1x 11.7x
Masonite International Corporation 60.55 71.0% 2,180 2,033 238 20.0% 11.7% 1.1x 9.2x
PGT Innovations 18.30 93.4% 1,108 511 80 31.5% 15.7% 2.2x 13.8x
Quanex Building Products Corporation 17.80 72.4% 833 863 93 22.2% 10.8% 1.0x 8.9x
Segment Median 72.4% $2,180 $2,033 $228 22.5% 11.1% 1.1x 9.8x
Kitchen, Bath & Plumbing:
Masco Corporation $40.22 86.6% $14,693 $7,644 $1,296 34.2% 17.0% 1.9x 11.3x
Fortune Brands Home & Security 58.17 79.0% 9,903 5,283 852 36.7% 16.1% 1.9x 11.6x
American Woodmark Corporation 94.70 63.8% 2,472 1,103 135 20.9% 12.3% 2.2x 18.2x
Mueller Industries 26.14 69.6% 1,865 2,266 186 14.4% 8.2% 0.8x 10.0x
Segment Median 74.3% $6,188 $3,775 $519 27.5% 14.2% 1.9x 11.5x
Building Envelope:
NCI Building Systems $17.20 81.1% $1,556 $1,800 $162 23.6% 9.0% 0.9x 9.6x
Apogee Enterprises 41.81 70.0% 1,450 1,287 172 25.6% 13.4% 1.1x 8.4x
Segment Median 75.5% $1,503 $1,543 $167 24.6% 11.2% 1.0x 9.0x
Lighting:
Hubbell Incorporated $117.37 78.8% $7,357 $3,669 $628 31.8% 17.1% 2.0x 11.7x
Acuity Brands 129.46 61.9% 5,740 3,524 578 41.7% 16.4% 1.6x 9.9x
Segment Median 70.3% $6,549 $3,596 $603 36.8% 16.8% 1.8x 10.8x
Flooring:
Mohawk Industries $235.37 82.1% $19,999 $9,491 $1,863 32.1% 19.6% 2.1x 10.7x
Interface 24.95 95.0% 1,638 996 147 38.7% 14.8% 1.6x 11.1x
Segment Median 88.6% $10,819 $5,244 $1,005 35.4% 17.2% 1.9x 10.9x
Comp Group Median 81.1% $2,472 $2,056 $238 25.6% 15.6% 1.8x 10.7x
BUILDING PRODUCTS QUARTERLY MARKET UPDATE
PUBLIC COMPARABLE ANALYSIS, CONTINUED
5
BUILDING PRODUCTS DISTRIBUTION
BUILDING MATERIALS
DISTRIBUTION GROUP ONE-YEAR HISTORICAL STOCK PERFORMANCEAs of March 31, 2018% change in closing prices
MATERIALS GROUP ONE-YEAR HISTORICAL STOCK PERFORMANCEAs of March 31, 2018% change in closing prices
Source: Capital IQ
As of March 31, 2018$ in millions, except for share prices
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
110.0%
120.0%
130.0%
140.0%
150.0%Building Products Distribution S&P 500
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
110.0%
120.0%
130.0%
140.0%
150.0%Aggregates & Cement Wood & Lumber S&P 500
Current % of Enterprise LTM LTM Margins Enterprise Value / LTM
Company Name Price LTM High Value Revenue EBITDA Gross EBITDA Revenue EBITDA
Ferguson $52.72 92.1% $14,234 $22,268 $1,716 29.1% 7.7% 0.6x 8.3x
HD Supply 38.38 90.8% 8,582 5,121 687 39.7% 13.4% 1.7x 12.5x
Beacon Roofing Supply 51.38 77.3% 5,584 4,496 383 24.3% 8.5% 1.2x 14.6x
Builders FirstSource 19.06 81.9% 3,991 7,034 382 24.6% 5.4% 0.6x 10.4x
GMS 31.25 78.2% 1,823 2,491 189 32.7% 7.6% 0.7x 9.6x
Richelieu Hardware 29.26 82.1% 1,717 969 104 10.8% 10.7% 1.8x 16.5x
BMC Stock Holdings 19.70 76.7% 1,674 3,366 190 23.6% 5.6% 0.5x 8.8x
Foundation Building Materials 14.57 85.7% 1,209 2,061 137 29.0% 6.7% 0.6x 8.8x
CanWel Building Materials Group 6.38 85.1% 705 1,136 62 13.4% 5.4% 0.6x 11.4x
Comp Group Median 82.1% $1,823 $3,366 $190 24.6% 7.6% 0.6x 10.4x
Current % of Enterprise LTM LTM Margins Enterprise Value / LTM
Company Name Price LTM High Value Revenue EBITDA Gross EBITDA Revenue EBITDA
Aggregates & Cement:
Vulcan Materials Company $112.91 80.0% $17,823 $3,890 $951 25.7% 24.5% 4.6x 18.7x
Martin Marietta Materials 199.61 81.7% 14,603 3,721 999 26.1% 26.9% 3.9x 14.6x
Eagle Materials 98.37 80.3% 5,559 1,380 462 24.5% 33.4% 4.0x 12.0x
Summit Materials 28.61 84.0% 4,849 1,933 422 33.7% 21.8% 2.5x 11.5x
U.S. Concrete 58.10 67.3% 1,708 1,336 167 21.0% 12.5% 1.3x 10.2x
Segment Median 80.3% $5,559 $1,933 $462 25.7% 24.5% 3.9x 12.0x
Wood & Lumber:
Weyerhaeuser Company $35.28 93.1% $32,142 $7,197 $1,944 26.4% 27.0% 4.5x 16.5x
Louisiana-Pacific Corporation 29.38 94.6% 3,621 2,734 657 31.2% 24.0% 1.3x 5.5x
Boise Cascade Company 39.60 86.2% 1,761 4,432 221 13.8% 5.0% 0.4x 8.0x
Segment Median 93.1% $3,621 $4,432 $657 26.4% 24.0% 1.3x 8.0x
Comp Group Median 82.8% $5,204 $3,228 $559 25.9% 24.2% 3.2x 11.8x
BUILDING PRODUCTS QUARTERLY MARKET UPDATE
GROWTH, PROFITABILITY & VALUATION ANALYSIS
6
MEDIAN THREE-YEAR REVENUE GROWTH (LTM YOY)As of March 31, 2018
Source: Capital IQ
MEDIAN ONE-YEAR REVENUE GROWTH (LTM YOY)As of March 31, 2018
MEDIAN TOTAL ENTERPRISE VALUE / LTM REVENUEAs of March 31, 2018
MEDIAN TOTAL ENTERPRISE VALUE / LTM EBITDA As of March 31, 2018
FIVE-YEAR MARKET VALUATION TREND (TEV / EBITDA)As of March 31, 2018
FIVE-YEAR SEGMENT VALUATION TREND (TEV / EBITDA)As of March 31, 2018
0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0%
Wood & Lumber
Aggregates & Cement
Distribution
Flooring
Lighting
Building Envelope
Kitchen, Bath & Plumbing
Window & Door
General Manufacturers
0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0%
Wood & Lumber
Aggregates & Cement
Distribution
Flooring
Lighting
Building Envelope
Kitchen, Bath & Plumbing
Window & Door
General Manufacturers
0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x 4.5x 5.0x
Wood & Lumber
Aggregates & Cement
Distribution
Flooring
Lighting
Building Envelope
Kitchen, Bath & Plumbing
Window & Door
General Manufacturers
0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x 18.0x 20.0x
Wood & Lumber
Aggregates & Cement
Distribution
Flooring
Lighting
Building Envelope
Kitchen, Bath & Plumbing
Window & Door
General Manufacturers
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
18.0x
20.0x
2013 2014 2015 2016 2017 2018
Building Products Manufacturing Building Products Distribution
Building Materials S&P 500
0.0x
3.0x
6.0x
9.0x
12.0x
15.0x
18.0x
21.0x
24.0x
27.0x
30.0x
2013 2014 2015 2016 2017 2018
General Manufacturers Window & Door Kitchen, Bath & Plumbing
Building Envelope Lighting Flooring
Distribution Aggregates & Cement Wood & Lumber
S&P 500
BUILDING PRODUCTS QUARTERLY MARKET UPDATE
M&A TRANSACTIONS
7
Q1 BUILDING PRODUCT M&A TRANSACTIONS
Source: Capital IQ
Announced
Date Target Market (Segment) Description Acquirer
Mar-18Vulcan Materials Company (Select Ready-Mixed Concrete Assets)
Building Materials (Aggregates & Cement)
Producer and supplier of ready-mixed concrete Thomas Concrete
Mar-18 Fire Door Solutions Manufactuing (Window & Door) Manufacturer of fire door safety products Life Safety Consortium
Mar-18 USG Corporation (NYSE: USG) Manufactuing (General) Manufacturer of general building materials and productsGebr. Knauf Verwaltungsgesellschaft KG
Mar-18 Thermo-Tech Windows and Doors Manufactuing (Window & Door) Manufacturer of vinyl windows and doors Harvey Industries
Mar-18 Nationwide Industries Manufactuing (General) Manufacturer of building hardware products and components Harbour Group
Mar-18 Cedar Creek Holdings Distribution Distributor of lumber, plywood, melamine, and other wood products BlueLinx Corporation (NYSE: BXC)
Mar-18 American Roofing Supply Distribution Distributor of residential and commercial roofing products and related accessories SRS Distribution
Mar-18 Ashland Products Manufactuing (Window & Door) Manufacturer of residential window and door materials Tyman (LSE: TYMN)
Mar-18 CENTRIA Incorporated Manufactuing (Building Envelope) Manufacturer of engineered wall, roof, and flooring systems NCI Building Systems (NYSE: NCS)
Mar-18 Golden Spread Redi-MixBuilding Materials (Aggregates &
Cement)Producer and supplier of ready-mixed concrete products U.S. Concrete (NasdaqCM: USCR)
Mar-18 Suwannee American CementBuilding Materials (Aggregates &
Cement)Manufacturer and provider of Portland cement CRH (ISE: CRG)
Mar-18 Block USABuilding Materials (Aggregates &
Cement)Manufacturer and distributor of grey concrete masonry and architectural color units CRH (ISE: CRG)
Feb-18 American Building Supply Manufactuing (Window & Door) Manufacturer of door, millwork, and hardware products for residential and commercial applications JELD-WEN (NYSE: JELD)
Feb-18 Ox Engineered Products Manufactuing (General) Manufacturer of structural sheathing and thermal insulation building products Wind Point Partners
Feb-18 Kelly LimestoneBuilding Materials (Aggregates &
Cement)Manufacturer of pelletized limestone, gypsum, and dolomite products ACG Materials
Feb-18 MixOnSite USABuilding Materials (Aggregates &
Cement)Supplier of low-density foam concrete and technical mix CEMATRIX Corporation (TSXV: CVX)
Feb-18 Bedrock International Distribution Distributor of granite and marble stone countertops, tiles, sinks, and faucets Architectural Surfaces Group
Feb-18 Mertens Construction CompanyBuilding Materials (Aggregates &
Cement)Manufacturer of aggregates, limestone, road rocks, and other construction materials Summit Materials (NYSE: SUM)
Feb-18 Metro ReadymixBuilding Materials (Aggregates &
Cement)Processor and supplier of ready-mixed concrete Summit Materials (NYSE: SUM)
Feb-18 Aurora Systems Manufactuing (Window & Door) Manufacturer of sliding doors and interior storefront assemblies Allegion (NYSE: ALLE)
Feb-18 Lehigh White Cement CompanyBuilding Materials (Aggregates &
Cement)Producer of Portland and masonry cements for the construction industry CEMEX (BMV: CEMEX CPO)
Feb-18 Perma-PatchBuilding Materials (Aggregates &
Cement)Manufacturer of cold patch asphalt repair material used for pothole repair Gemini Investors
Feb-18 RM Supply Distribution Distributor of gypsum wallboard productsFoundation Building Materials (NYSE: FBM)
Feb-18 ArmCom Distributing Company Distribution Distributor of assorted building productsFoundation Building Materials (NYSE: FBM)
Announced
Date Target Market (Segment) Description Acquirer
Jan-18 Atrium Corporation Manufactuing (Window & Door) Manufacturer of residential aluminum and vinyl windows and doors Clayton, Dubilier & Rice
Jan-18 Ply Gem (NYSE: PGEM) Manufactuing (Window & Door) Manufacturer of siding, fencing, and stone building products, as well as windows and doors Clayton, Dubilier & Rice
Jan-18 Snavely Forest Products Distribution Distributor of lumber, engineered wood products, panels, and boards Weekes Forest Products
Jan-18 Bravura Brass Manufactuing (Window & Door) Manufacturer of forged brass doors The Delaney Company
Jan-18 Window Nation Distribution Distributor of vinyl and clad wood windows, entry, French, and storm doors, and siding products Cortec Group
Jan-18 Atlantic Plywood Corporation Distribution Distributor of hardwood plywood and panel products Parksite
Jan-18 Lockheed Window Corporation (Residentia Manufactuing (Window & Door) Manufacturer of windows and doors Slocomb Windows and Doors
Jan-18 The Canvas Exchange Manufactuing (Window & Door) Manufacturer of awning productsOhio Awning & Manufacturing Company
Jan-18 Arizona Polymer Flooring Manufactuing (Flooring) Manufacturer of flooring products and concrete coating systems ICP Construction
Jan-18 Janus International Group, LLC Manufactuing (Window & Door) Manufacturer of steel roll-up doors and building components Clearlake Capital Group
Jan-18 Valmiera Glass USA Corporation Manufactuing (Building Envelope) Manufacturer of fiberglass products P-D Management Industries
Jan-18 On Time Ready MixBuilding Materials (Aggregates &
Cement)Producer of ready-mixed concrete U.S. Concrete (NasdaqCM: USCR)
Jan-18 The Group LegacyBuilding Materials (Kitchen, Bath
& Plumbing)Manufacturer of hardware products for the kitchen and bathroom Bohle America
Jan-18 Courion Industries Manufactuing (Window & Door) Manufacturer of freight door and cartlift systems GAL Manufacturing Company
Jan-18 The Shockey Precast Group Manufactuing (Building Envelope) Manufacturer of structural and architectural precast concrete systems Metromont Corporation
Jan-18 AH Harris & Sons Distribution Distributor of concrete construction supplies HD Supply (NasdaqGS: HDS)
Jan-18 Brock-White Company Manufactuing (General) Manufacturer and distributor of miscellaneous building products The Sterling Group
Jan-18 Technical Glass Products Manufactuing (Building Envelope) Manufacturer of fire-rated glass products Allegion (NYSE: ALLE)
BUILDING PRODUCTS QUARTERLY MARKET UPDATE
M&A TRANSACTIONS, CONTINUED
8
Source: Capital IQ
Sell-Side M&A Advisory
has been acquired by
Sell-Side M&A Advisory
has been acquired by
Sell-Side M&A Advisory
has been acquired by
Sell-Side M&A Advisory
has been acquired by
Strategic Advisory
Ongoing Strategic Advisory
RECENT LEAGUE PARK BUILDING PRODUCT ENGAGEMENTS
BUILDING PRODUCTS QUARTERLY MARKET UPDATE
LEAGUE PARK OVERVIEW
League Park is a boutique investment bank committed to advising clients on strategies to try and maximize shareholder value. League Park counsels its clients on monetizing business value through sales and recapitalizations, enhancing corporate value through strategic acquisitions, and raising capital to fuel growth.
League Park’s senior bankers have decades of investment banking and M&A experience, completing over 300 transactions in the past 25 years. The League Park team pledges to provide sophisticated, specialized attention at every stage of the transaction process with a unique blend of financial, strategic, and operational expertise.
9
Sell-Side M&A Advisory
League Park offers focused strategies to help our clients
assess their strategic alternatives and realize liquidity events
Capital Raising & Recapitalizations
League Park advises clients on strategies to successfully grow,
monetize, and appropriately capitalize their businesses
Outsourced Corporate Development
League Park provides specialized outsourced corporate
development services, tailoring buy-side programs to the specific
needs of its acquisitive clients
BUSINESS SERVICES
CONSUMER& RETAIL
HEALTHCARE INDUSTRIAL TECHNOLOGY
INDUSTRY EXPERTISE
ADVISORY CAPABILITIES
CONTACT
For more information, please contact:
SEAN DORSEYFOUNDER & CEO
WAYNE TWARDOKUSMANAGING DIRECTOR
sdorsey@leaguepark.com
216.455.9990
wtwardokus@leaguepark.com
216.455.9989
BUILDING PRODUCTS QUARTERLY MARKET UPDATE
RECENT TRANSACTIONS
10
INDUSTRIAL & BUILDING PRODUCTS
BUSINESS SERVICES, CONSUMER, HEALTHCARE & IT
BUILDING PRODUCTS QUARTERLY MARKET UPDATE
SOURCES & DISCLOSURE
11
SOURCES REFERENCED
Bureau of Labor Statistics (BLS)
Capital IQ
Company Investor Presentations
Construction Dive
Construction Equipment
Dodge Data & Analytics
FMI Corporation
National Association of Home Builders (NAHB)
Organization for Economic Cooperation & Development (OECD)
US Chamber of Commerce
DISCLOSURE
The preceding report has been prepared by League Park. This report is an overview and analysis of the industry and consolidation trends and is not intended to provide investment recommendations on any specific industry or company. It is not a research report, as such term is defined by applicable law and regulations. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. In addition, this report is distributed with the understanding that the publisher and distributor are not rendering legal, accounting, financial or other advice and assume no liability in connection with its use. This report does not rate or recommend securities of individual companies, nor does it contain sufficient information upon which to make an investment decision. Any projections, estimates, or other forward looking statements contained in this report involve numerous and significant subjective assumptions and are subject to risks, contingencies, and uncertainties that are outside of our control, which could and likely will cause actual results to differ materially.
These materials are based solely on information contained in publicly available documents and certain other information provided to League Park, and League Park has not independently attempted to investigate or to verify such publicly available information, or other information provided to League Park and included herein or otherwise used. League Park has relied, without independent investigation, upon the accuracy, completeness and reasonableness of such publicly available information and other information provided to League Park. These materials are intended for your benefit and use and may not be reproduced, disseminated, quoted or referred to, in whole or in part, or used for any other purpose, without the prior written consent of League Park. Nothing herein shall constitute a recommendation or opinion to buy or sell any security of any publicly-traded entity mentioned in this document.
Securities offered through SFI Capital Group, LLC, Member FINRA, Member SIPC and the affiliated broker-dealer of League Park Advisors, LLC
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