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Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for Englandand Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

BUILDING PRODUCTS & MATERIALSINDUSTRY UPDATE │ JANUARY 2018

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BUILDING PRODUCTS & MATERIALS GROUP OVERVIEW

1

CONTENTS

WHAT WE’RE READING

PUBLIC MARKETS

PUBLIC COMPARABLES

RELEVANT TRANSACTIONS

CONTACTS

Mike HoganManaging Director

[email protected]

+1 (804) 915-0104

Ryan NelsonManaging Director

[email protected]

+1 (804) 915-0121

Tim WebbManaging Director

[email protected]

+1 (804) 915-0128

INTRODUCTION

Harris Williams & Co. is pleased to present our Building Products and MaterialsIndustry Update for January 2018. This report provides commentary and analysison current capital market trends and merger and acquisition dynamics within theglobal building products and materials industry.

We hope you find this edition helpful and encourage you to contact us directly ifyou would like to discuss our perspective on current industry trends and M&Aopportunities or our relevant industry experience.

BUILDING PRODUCTS & MATERIALS

INDUSTRY UPDATE │ JANUARY 2018

OUR PRACTICE

Harris Williams & Co. is a leading advisor to the building products and materialsindustry. Our significant experience covers a broad range of end markets,industries, and business models.

Aggregates

Aluminum

Asphalt

Bricks

Clay

Glass

Precast / Ready-Mix

Concrete

Steel

Stone

Acoustical

Cabinets and

Countertops

Carpet and Flooring

Gypsum / Wallboard

Electrical Fixtures

HVAC

Lumber

Plumbing Fixtures

Roofing

Siding

Tools and Hardware

Windows and Doors

Architectural and

Engineering

Installation and

Contracting

Lumber and

Hardware

Plumbing

Roofing and Siding

Site Development

Wallboard

Construction

MaterialsBuilding Products

Distribution &

Services

www.harriswilliams.com

Construction

Materials

Building

Products

Distribution &

Services

Select Atlanta,

Georgia

aggregates

assets of LaFarge

SA have been

acquired byhas been acquired by

a division of

a portfolio company of

has been acquired by

a subsidiary of






&











a division of






mailto:[email protected]



http://www.harriswilliams.com/

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WHAT WE’RE READING

2

NEW CONSTRUCTION STARTS IN DECEMBER REBOUND 12 PERCENT; ANNUAL TOTAL FOR 2017 ADVANCE 3%1

CONSTRUCTION INPUT PRICES INCH DOWN IN DECEMBER, UP YOY DESPITE LOW INFLATION, ABC SAYS3

CONSTRUCTION GAINS 30,000 JOBS IN DECEMBER2

NEW HOME SALES RISE 8.3 PERCENT OVERALL IN 20174

Construction Dive 1/8/2018

Construction industry employment increased by 30,000 last month, the Bureau of Labor Statistics reported.

Specialty contractors added the bulk of new workers with 23,800. Construction added 210,000 jobs in 2017, a morethan 35% jump from 2016's increase of 155,000. Construction workers put in an average of 39.3 hours a week inDecember 2017, up from 38.9 hours in December 2016, and earned an average hourly wage of $29.24, up from$28.40 year over year.

Read the full article here.



TRUMP PROPOSES $1.5 TRILLION PLAN TO FIX ‘CRUMBLING INFRASTRUCTURE’2

Dodge Data & Analytics 1/25/2018

New construction starts in December climbed 12% to a seasonally adjusted annual rate of $733.3 billion, bouncingback following November’s 12% decline, according to Dodge Data & Analytics. December’s gain for totalconstruction reflected varied improvement by each of the three main construction sectors. Nonbuilding construction(public works and electric utilities/gas plants) jumped 43%, lifted by the start of the $2.3 billion I-66 CorridorImprovements Project in northern Virginia. Nonresidential building rose 10%, aided by the start of two large datacenter projects, while residential building edged up 1%. For all of 2017, total construction starts grew 3% to $745.9billion, which followed the 6% increase reported for 2016. The full year 2017 gain was dampened by a 35% downturnfor the electric utility/gas plant category. If electric utilities and gas plants are excluded, total construction starts for2017 would be 5% higher than the corresponding amount for 2016.


NAHB 1/25/2018

Sales of newly built, single-family homes fell 9.3% in December to a seasonally adjusted annual rate of 625,000 units,according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. CensusBureau. Despite this monthly decline, new home sales rose 8.3% overall in 2017 to 608,000 units.


Construction Dive 1/31/2018

In his State of the Union address, President Donald Trump made several proposals that could impact the constructionindustry, including calling on Congress to deliver a bill that would create $1.5 trillion in infrastructure investment. This isan increase from the $1 trillion plan the president has been touting since before the 2016 election.

Trump said the nation's highways, bridges and other public assets are "crumbling," and federal funds should bemaximized through partnerships with state and local governments, as well as private-sector investment — a strategythat appeared in an alleged White House infrastructure document leaked last week.


Associated Builders and Contractors 1/11/2018

Overall construction input prices declined 0.1% in December, yet despite the lack of inflation for the month, prices areup 5% on a year-over-year basis, according to an Associated Builders and Contractors (ABC) analysis of Bureau ofLabor Statistics data released today. Nonresidential construction materials prices also declined 0.1% for the monthand are up 4.8% from the same time one year ago.


https://www.constructiondive.com/news/construction-gains-30000-jobs-in-december/514279/

https://www.construction.com/news/new-construction-starts-december-rebound-12-percent-total-2017-advances-3-percent-745.9-billion-jan-2018

https://www.nahb.org/en/news-and-publications/press-releases/2018/01/new-home-sales-rise-8-3-percent-overall-in-2017.aspx

https://www.constructiondive.com/news/trump-proposes-15-trillion-plan-to-fix-crumbling-infrastructure/515972/

https://www.abc.org/NewsMedia/NewsReleases/tabid/144/entryid/12747/construction-input-prices-inch-down-in-december-up-yoy-despite-low-inflation-abc-says.aspx

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11.5x

9.7x

11.5x

Construction Materials

Building Products Distributors

Building Products

6.0x

7.0x

8.0x

9.0x

10.0x

11.0x

12.0x

13.0x

Building Products Index

Building Products Distributors Index

Construction Materials Index

S&P 500 Index

65.4%

89.9%

75.9%



Building Products

PUBLIC MARKETS5



3

HISTORICAL STOCK PRICES (JANUARY 31, 2013 – JANUARY 31, 2018)

HISTORICAL MEDIAN TEV / NTM EBITDA (JANUARY 31, 2013 – JANUARY 31, 2018)

100

140

180

220

260 Building Products Index

Building Products Distributors Index

Construction Materials Index

S&P 500 Index

8.8%

8.1%

5.5%



Building Products

10.5%

8.8%

7.4%



Building Products

19.6%

7.6%

14.6%



Building Products

16.3%

5.8%

12.1%



Building Products

MEDIAN TEV / 2017E EBITDA

MEDIAN REVENUE GROWTH (2016 – 2017E)

MEDIAN EBITDA MARGIN (2012 – 2016) MEDIAN EBITDA MARGIN (2016 – 2017E)

MEDIAN FREE CASH FLOW GENERATION*

MEDIAN ANNUAL REVENUE GROWTH (2012 – 2016)

*Calculated as (EBITDA – Capex) / EBITDA

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Building Products

Stock Performance

Current % of 2016 TEV / EBITDA EBITDA

($ in millions except per share data) Price LTM High Mkt. Cap TEV Rev. EBITDA Margin 2016 2017E

Broader Building Products Manufacturers

Compagnie de Saint-Gobain SA $58.32 96.6% $28,829 $40,537 $41,317 $4,351 10.5% 9.3x 7.8x

Owens Corning 92.97 96.3% 9,480 12,887 5,677 1,105 19.5% 11.7x 10.7x

James Hardie Industries PLC 17.66 98.4% 7,885 8,263 1,922 436 22.7% 18.9x 17.0x

LIXIL Group Corp. 28.08 94.2% 7,000 14,514 15,841 1,376 8.7% 10.5x 10.5x

USG Corporation 38.66 93.9% 4,755 6,294 3,017 551 18.3% 11.4x 10.5x

Armstrong World Industries, Inc. 62.70 97.1% 3,163 4,095 1,235 242 19.6% 16.9x 11.5x

Continental Building Products, Inc. 28.45 91.8% 1,011 1,296 461 134 29.0% 9.7x 9.9x

Median 96.3% $3,017 $551 19.5% 11.4x 10.5x

Windows & Doors

ASSA ABLOY AB $22.22 96.6% $23,328 $27,433 $8,182 $1,505 18.4% 18.2x 15.7x

JELD-WEN Holding, Inc. 39.28 92.9% 4,411 5,311 3,667 319 8.7% 16.7x 11.9x

Masonite International Corp. 69.75 81.8% 1,896 2,540 1,974 234 11.8% 10.9x 10.0x

Ply Gem Holdings, Inc. 21.45 99.8% 1,494 2,297 1,912 226 11.8% 10.2x 9.8x

Tyman Plc 5.05 91.8% 841 1,144 557 103 18.4% 11.2x 9.1x

PGT, Inc. 15.95 90.6% 750 1,013 459 73 15.8% 13.9x 12.5x

Quanex Building Products Corporation 20.70 84.1% 649 943 928 103 11.1% 9.2x 9.5x

Median 91.8% $1,912 $226 11.8% 11.2x 10.0x

HVAC

Daikin Industries, Ltd. $119.97 92.0% $32,636 $36,933 $17,925 $2,916 16.3% 12.7x 12.0x

Lennox International Inc. 217.91 97.7% 8,430 10,262 3,642 526 14.4% 19.5x 17.9x

Median 94.8% $10,783 $1,721 15.4% 16.1x 14.9x

Kitchen & Bath

Masco Corporation $44.66 96.2% $13,513 $16,221 $7,357 $1,237 16.8% 13.1x 12.5x

Fortune Brands Home & Security, Inc. 70.93 96.3% 9,726 12,237 4,985 778 15.6% 15.7x 14.3x

American Woodmark Corporation 135.85 91.5% 2,263 2,008 1,030 126 12.2% 16.0x 11.8x

Caesarstone Ltd. 21.20 48.2% 740 623 539 127 23.6% 4.9x 6.2x

Median 93.8% $3,008 $453 16.2% 14.4x 12.2x

Building Envelope

Kingspan Group Plc $46.34 97.0% $8,189 $8,914 $3,304 $453 13.7% 19.7x 16.5x

Apogee Enterprises, Inc. 45.51 74.6% 1,208 1,529 1,115 158 14.2% 9.7x 8.5x

NCI Building Systems, Inc. 18.45 87.0% 1,091 1,621 1,685 156 9.3% 10.4x 9.7x

Median 87.0% $1,685 $158 13.7% 10.4x 9.7x

Install / Service

Installed Building Products, Inc. $71.95 90.6% $1,996 $2,551 $863 $103 12.0% NM 17.5x

TopBuild Corp. 76.54 97.3% 2,536 2,967 1,743 135 7.7% NM 15.7x

Comfort Systems USA, Inc. 42.60 95.1% 1,504 1,655 1,634 127 7.8% 13.0x 11.7x

Median 95.1% $1,634 $127 7.8% 13.0x 15.7x

Lighting

Acuity Brands, Inc. $154.44 68.5% $6,344 $6,430 $3,291 $558 17.0% 11.5x 9.7x

Hubbell Incorporated 135.95 91.2% 7,293 8,170 3,505 605 17.3% 13.5x 13.4x

Median 79.9% $3,398 $582 17.1% 12.5x 11.5x

Flooring

Mohawk Industries, Inc. $281.06 98.0% $18,923 $23,742 $8,959 $1,788 20.0% 13.3x 12.8x

Tarkett SA 39.24 77.4% 2,397 2,979 2,921 355 12.2% 8.4x 7.7x

Interface, Inc. 24.95 95.0% 1,407 1,680 959 135 14.1% 12.4x 11.6x

Armstrong Flooring, Inc. 15.49 67.5% 366 468 1,193 66 5.5% 7.1x 7.4x

Median 86.2% $2,057 $245 13.1% 10.4x 9.6x

Pipe, Valves, & Fittings

Geberit AG $474.40 94.8% $16,167 $18,234 $2,769 $773 27.9% NM NM

Georg Fischer AG 1,450.09 97.8% 5,520 6,309 3,739 411 11.0% 15.3x 12.2x

NORMA Group SE 78.98 96.3% 2,226 2,975 955 196 20.6% 15.2x 12.0x

Mueller Industries, Inc. 33.09 75.3% 1,527 2,261 2,056 195 9.5% 11.6x NA

Advanced Drainage Systems, Inc. 24.70 98.0% 1,491 2,069 1,257 157 12.5% 13.2x 10.2x

Polypipe Group PLC 5.63 96.8% 1,065 1,360 546 118 21.7% 11.5x 10.8x

Median 96.5% $1,656 $196 16.5% 13.2x 11.4x

Overall Median 94.2% $1,922 $234 14.2% 12.0x 11.5x

PUBLIC COMPARABLES5

BUILDING PRODUCTS & SERVICES



As of January 31, 2018

4

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Stock Performance



Ferguson $7.75 97.1% $18,019 $20,286 $18,737 $1,409 7.5% 14.4x 12.7x

HD Supply Holdings, Inc. 38.89 86.9% 6,696 8,857 7,439 901 12.1% 9.8x 11.7x

Beacon Roofing Supply, Inc. 60.50 91.0% 3,710 4,887 4,127 357 8.7% 13.7x 13.4x

Builders FirstSource, Inc. 21.42 92.0% 2,206 4,324 6,367 348 5.5% 12.4x 10.4x

Richelieu Hardware Ltd 25.86 92.6% 1,422 1,503 634 70 11.1% NM 17.9x

BMC Stock Holdings, Inc. 22.40 87.2% 1,341 1,920 3,094 180 5.8% 10.7x 9.5x

GMS Inc. 34.28 85.7% 1,334 2,051 2,319 186 8.0% 11.0x 9.6x

SIG plc 2.31 92.2% 1,193 1,585 3,462 151 4.4% 10.5x 9.7x

Foundation Building Materials, Inc. 14.83 82.8% 611 1,111 1,761 137 7.8% 8.1x 7.4x

CanWel Building Materials Group Ltd. 5.46 91.1% 388 464 727 38 5.2% 12.3x 9.3x

Hardwoods Distribution Inc. 15.76 90.9% 327 427 591 35 5.9% 12.3x 9.5x

Huttig Building Products, Inc. 7.06 76.4% 148 278 710 27 3.7% 10.5x NA


PUBLIC COMPARABLES5

5

BUILDING PRODUCTS DISTRIBUTORS




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Stock Performance



Aggregates and Cement

LafargeHolcim Ltd. $61.32 96.6% $34,392 $57,224 $26,615 $5,321 20.0% 10.8x 9.3x

CRH Plc 37.39 95.1% 28,381 39,040 28,611 3,457 12.1% 11.3x 10.0x

HeidelbergCement AG 108.73 93.5% 20,222 34,791 16,283 2,855 17.5% 12.2x 8.8x

Vulcan Materials Company 135.40 95.9% 16,821 20,361 3,593 961 26.7% NM NM

Martin Marietta Materials, Inc. 228.17 93.4% 13,374 16,102 3,577 946 26.5% 17.0x 16.0x

Eagle Materials Inc. 112.05 91.5% 5,023 6,007 1,211 355 29.3% 16.9x 12.7x

Summit Materials, Inc. 31.95 93.8% 3,206 5,104 1,488 310 20.8% 16.5x 12.0x

U.S. Concrete, Inc. 77.85 90.2% 1,273 1,736 1,168 146 12.5% 11.9x 8.7x

Median 93.6% $3,585 $953 20.4% 12.2x 10.0x

Heavy Construction Materials

Boral Limited $6.48 99.5% $6,817 $8,430 $3,122 $495 15.9% 17.0x 11.7x

Forterra, Inc. 6.95 33.7% 467 1,597 1,585 171 10.8% 9.4x 11.5x

Median 66.6% $2,353 $333 13.3% 13.2x 11.6x


PUBLIC COMPARABLES5

6

CONSTRUCTION MATERIALS




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RELEVANT TRANSACTIONS6

7



Announced

DateTarget Vertical Business Description Acquirer

1/31/2018 Snavely Forest Products Distribution & Services Distributor of lumber and building products. Weekes Forest Products

01/31/2018 Atrium Corporation Building Products Manufacturer and distributor of residential vinyl and aluminum windows and

patio doors.

Clayton, Dubilier & Rice

1/30/2018 DW3 Products Building Products Manufacturer of high quality premium door solutions and window systems. Masonite International

Corporation

1/24/2018 Nelson Fastener Systems Building Products Manufacturer of precision metal components and assemblies. Stanley Black & Decker

01/23/2018 GeoStructures Building Products Provider of ground improvement services for commercial, residential and

institutional construction.

Grupo Terratest

1/19/2018 Window Nation Distribution & Services Distributor of windows, doors, roofing, and siding. Cortec Group

1/17/2018 Janus International Building Products Manufacturer of steel roll-up doors, locks, and other self-storage-related

products.

Clearlake Capital Group

01/15/2018 Alta Forest Products Building Products Manufacturer of wood fence boards. Itochu Corporation

01/10/2018 ADO Products Distribution & Services Distributor of insulation, insulation contractors, insulation accessories, and

fiberglass.

TopBuild

1/8/2018 Kichler Lighting Building Products Developer of decorative residential and light commercial lighting products,

ceiling fans and LED lighting systems.

Masco

1/3/2018 AH Harris Distribution & Services Distributor of specialty construction products. HD Supply

1/3/2018 Brock White of Wisconsin Distribution & Services Distributor of construction supply products. Construction Supply Group

12/21/2017 The Company Store Distribution & Services Online retailer of textiles and home decor products. The Home Depot

12/20/2017 Emseal Joint Systems Building Products Manufacturer of structural expansion joint products for new construction and

refurbishment.

Sika

12/20/2017 Thomas Pipe & Supply Building Products Distributor of industrial pipe, valves and fittings. Winsupply

12/20/2017 WES Building Products Manufacturer of engineered railing systems and assembly machines. AZEK

12/11/2017 Nickell Moulding Company,

Inc.

Building Products Manufacturer of architectural, cabinet and picture framing moulding

components and frames.

Patrick Industries, Inc.

12/07/2017 Mesa Line Services, LLC Distribution & Services Electrical infrastructure construction contractor. AEA Investors LP

12/06/2017 House of Fara Inc. Building Products Manufacturer of mouldings, fireplace mantles, window and door trim sets,

chair rails, planking, accents and other accessories.

Alexandria Moulding Inc.

12/5/2017 Southwest Building Materials Distribution & Services Distributor of wallboard, ceilings and other interior building products serving

residential and commercial projects.

GMS

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8



Announced


12/4/2017 O'Connor Company Distribution & Services Distributor of heating, ventilation and air conditioning (HVAC). Munch's Supply (Rotunda

Capital)

12/1/2017 RSI Home Products Building Products Manufacturer of kitchen and bath cabinetry and home storage products. American Woodmark

Corporation

11/30/2017 LMI, Inc. Distribution & Services Designer, fabricator and installer of specialty glass, mirror, bath and closet

building products to residential housing and commercial high-rise builders.

Patrick Industries

11/21/2017 Worthington Armstrong

Venture / European & Pacific

Rim Business

Building Products Manufacturer of commercial and residential ceiling, wall and suspension

system solutions.

Knauf International

11/20/2017 Godfrey Hirst Group Distribution & Services Distributor of flooring including wood, laminate, LVT, vinyl, and carpet

products.

Mohawk Industries

11/16/2017 Specialized Architectural

Products

Building Products Distributor of commercial doors, hardware and other accessories. Cook & Boardman /

Ridgemont

11/16/2017 Pinnacle Door & Hardware Building Products Distributor of commercial doors, hardware and other accessories. Cook & Boardman /

Ridgemont

11/14/2017 Ceilings Plus Building Products Manufacturer of specialty ceiling and wall products. USG Corporation

11/10/2017 Stark Group Distribution & Services Distributor of building materials. Lone Star Funds

11/8/2017 ST Fastening Systems Building Products Manufacturer and distributor of specialty fasteners. The Hillman Companies

11/7/2017 IPS Corporation Building Products Manufacturer of specialized, highly engineered industrial products. Sherman Capital

11/7/2017 Galleher Corporation Distribution & Services Distributor of floor coverings. Quad-C Management, Inc.

11/6/2017 American Builders' Supply Distribution & Services Distributor of windows, doors, and trusses. Court Square Capital Partners

/ Kodiak Building Partners

11/6/2017 XL Brands Building Products Manufacturer of floor covering adhesives. Bostik

11/3/2017 Zodiac Pool Solutions /

Fluidra

Building Products Manufacturer of commercial and residential pool equipment. Merger

11/2/2017 Del-Pro Building Supplies Distribution & Services Distributor of wallboard, steel framing, insulation, basement blanket, and spray

foam.

Foundation Building Materials

11/2/2017 MCS Door & Hardware Distribution & Services Distributor of doors, frames, hardware, and toilet partition products. Foundation Building Materials

10/31/2017 Fenetres MQ Building Products Manufacturer of luxury windows and doors. Andersen

10/31/2017 Ductilcrete Building Products Manufacturer of concrete flooring systems. GCP Applied Technologies

10/30/2017 Paroc Group Building Products Producer of mineral wool insulation. Owens Corning

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9



Announced


10/25/2017 Big Ass Fans Building Products Manufacturer of fans and lighting for the industrial, commercial and residential

markets.

Lindsay Goldberg

10/24/2017 American Insulated Glass Distribution & Services Fabricator and distributor of glass products. ORIX Investments

AV Capital Holdings

10/23/2017 Akron Hardware Consultants Building Products Wholesale distributor of commercial door hardware, parts & components. High Road Capital Partners

10/16/2017 Bonelli Windows & Doors Building Products Manufacturer of high end / luxury windows. Pella

10/10/2017 Washington Builders Supply

Co.

Distribution & Services Supplier of the drywall, steel, insulation and construction accessories along

with other commercial and residential services.

GMS

10/5/2017 Tamarack Distribution & Services Specialty product distributor. Richelieu Hardware

10/5/2017 Lapolla Industries Building Products Manufacturer and distributor of spray foam polyurethane foam insulation. Icynene U.S. Holding

Friedman Fleischer & Lowe

10/4/2017 The Bolt Supply House Ltd. Distribution & Services Distributor of high quality fasteners, power tools and industrial MRO supplies. Lawson Products

10/3/2017 Brother's Fence Building Products Front Range fence installer specializing in residential reconstruction. US Fence

10/3/2017 Ideal Fencing Building Products Guardrail fabricator and installer. US Fence

10/2/2017 Accella Performance Building Products Manufacturer of recycled rubber products. Carlisle Cos Inc.

9/18/2017 NILCO Distribution & Services Wholesale distributor of building products and lumber packaging products. U.S. Lumber

9/18/2017 Ames Taping Tools Building Products Manufacturer of automatic drywall finishing tools. Sun Capital Partners, Inc.

9/11/2017 J.R. McDade Building Products Designer and installer of flooring products, countertops, and window

coverings.

Artisan Design (Dunes Point

Capital)

9/11/2017 WCCV Floor Coverings Building Products Designs and installs flooring products. Artisan Design (Dunes Point

Capital)

9/11/2017 Arlun Building Products Designs and installs flooring products. Artisan Design (Dunes Point

Capital)

9/6/2017 Parterre Flooring and Surface

Systems

Building Products Manufacturer of vinyl tile, plank, and sheet flooring products. Tower Three Partners

9/5/2017 Honsador Building Products Distribution & Services Distributor of building materials and home renovation products. CanWel Building Materials

9/4/2017 Royal Adhesives & Sealants Building Products Manufacturer of high-value specialty adhesives and sealants. H.B. Fuller

9/2/2017 Folcomer Equitpment

Company

Distribution & Services Dealer of new and used construction equipment. Groff Tractor & Equipment

PAGE |

REPRESENTATIVE BUILDING PRODUCTS & MATERIALS TRANSACTIONS

10






portfolio companies of


Dyad Partners







a division of



a division of






a division of






Strategic

Industries, LLC

Private Investors




has completed a balance sheet

restructuring and recapitalization

transaction

Select Atlanta, Georgia aggregates assets of LaFarge SA have been acquired

byhas been acquired by

a division of

have been acquired by

The Wichita, Kansas aggregates, concrete,

asphalt, and paving assets

of LaFarge SA





has sold certain assets to


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http://www.essroc.com/default.aspx?pageid=36

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Building Products & Materials

Harris Williams & Co. has a broad range of industry expertise, which creates powerful opportunities.Our clients benefit from our deep-sector experience, integrated industry intelligence andcollaboration across the firm, and our commitment to learning what makes them unique. For moreinformation, visit our website at www.harriswilliams.com/industries.

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HARRIS WILLIAMS & CO.

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DISCLOSURES

SOURCES

Harris Williams & Co. (www.harriswilliams.com) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THE THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES, FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEASE CONTACT US.

The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. 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. The information contained herein is believed by Harris Williams to be reliable, but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The financial instruments discussed in this report may not be suitable for all investors, and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.

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1. Dodge Data & Analytics

2. Construction Dive

3. Associated Builders and Contractors

4. NAHB

5. FactSet

6. Mergermarket

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