BUILDING PRODUCTS - League Park Advisorsleaguepark.com/.../2019/07/Building-Products-Market... · League Park Advisors is pleased to share its building products market update for

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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.

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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

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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







Strategic Advisory

Ongoing Strategic Advisory

1


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


ECONOMIC ANALYSIS

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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


PUBLIC COMPARABLE ANALYSIS

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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


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


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


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


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


PUBLIC COMPARABLE ANALYSIS, CONTINUED

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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



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




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


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




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


Window & Door


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


Window & Door


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


Window & Door


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


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)


M&A TRANSACTIONS, CONTINUED

8

Source: Capital IQ









Strategic Advisory

Ongoing Strategic Advisory

RECENT LEAGUE PARK BUILDING PRODUCT ENGAGEMENTS


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


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

[email protected]

216.455.9990

[email protected]

216.455.9989


RECENT TRANSACTIONS

10

INDUSTRIAL & BUILDING PRODUCTS

BUSINESS SERVICES, CONSUMER, HEALTHCARE & IT


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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BUILDING PRODUCTS - League Park Advisorsleaguepark.com/.../2019/07/Building-Products-Market... · League Park Advisors is pleased to share its building products market update for