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www.harriswilliams.de
Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan, authorised and regulated by the Financial Conduct Authority.
Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins.
BUILDING PRODUCTS & MATERIALSINDUSTRY UPDATE │ MARCH 2016
PAGE |
BUILDING PRODUCTS & MATERIALS GROUP OVERVIEW
1
CONTENTS
WHAT WE’RE READING
PUBLIC MARKETS
PUBLIC COMPARABLES
M&A ACTIVITY
CONTACTS
Mike HoganManaging Director
[email protected]+1 (804) 915-0104
Ryan NelsonManaging [email protected]+1 (804) 915-0121
Trey PackardVice [email protected]+1 (804) 887-6016
INTRODUCTION
Harris Williams & Co. is pleased to present our Building Products and MaterialsIndustry Update for March 2016. This report provides commentary and analysis oncurrent 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 │ MARCH 2016
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.de
Construction
Materials
Building
Products
Distribution &
Services has been acquired by
a portfolio company of
Select Atlanta, Georgia
aggregates assets of LaFarge
SA have been acquired byhas been acquired by
a division of
has been acquired by
a subsidiary of
has been acquired by
a portfolio company of
has been acquired by
a portfolio company of
has been acquired by
a subsidiary of
has been acquired by
has been acquired by
a portfolio company of
has been acquired by
a portfolio company of a portfolio company of
has been acquired by
a portfolio company of
has been acquired by
has been acquired by
a portfolio company of
has been acquired by
a portfolio company of
has been acquired by
&
is being acquired by
PAGE |
WHAT WE’RE READING
2
NEW HOME SALES FALL 9.2% IN JANUARY
BRINGING YOUNG BLOOD TO THE CONSTRUCTION LABOR FORCE
DODGE MOMENTUM INDEX INCHES UP 0.5% WITH BOOST FROM COMMERCIAL SECTOR
FEWER CONSUMERS EXPECT HOME PRICE GAINS
Construction Dive 3/8/2016
The Dodge Momentum Index edged up 0.5% to 126.1, up from its revised January number of 125.5. February's rise —the third consecutive month with a recorded rise in the Index — was due to a small 1.0% uptick in commercial, makingup for a 0.1% decline in institutional.
Dodge found that commercial planning had less activity than was seen through most of 2015, but noted thatcommercial has still managed to recover slightly after a late-2015 decline.
Read the full article here.
BUILDING PRODUCTS & MATERIALS
INDUSTRY UPDATE │ MARCH 2016
PENT-UP DEMAND AND THE MATH OF RENTING VS. OWNERSHIP
NAHB 2/24/2016
Sales of newly built, single-family homes dropped 9.2% in January to a seasonally adjusted annual rate of 494,000 units.
“After an unusually high December reading, some pullback is to be expected,” said Ed Brady, chairman of theNational Association of Home Builders (NAHB) and home builder and developer from Bloomington, Illinois. “On thepositive side, builders are adding inventory in anticipation of future business.”
Read the full article here.
Builder 3/7/2016
Fannie Mae's Home Purchase Sentiment Index (HPSI) increased 1.2 points to 82.7 in February, but the net share ofconsumers who think home prices will go up over the next 12 months fell 4 percentage points to 33 percent,continuing the downward trend from January. The largest HPSI component increases in February were consumers'confidence about not losing their job and the share of those saying now is a good time to buy a home, both up 4percentage points.
Read the full article here.
Builder 3/8/2016
People patterns make markets – and unmake them. Here, Calculated Risk post-meister Bill McBride asserts that, afterseveral strong years for multifamily, the move "from owning to renting" is mostly over, and demographics forapartments are still positive - but less favorable than 6 years ago.
McBride observes that demographic destiny – the millennial cohort swelling the ranks of 20 to 29 year-olds – createdthe tidal wave of demand for multi-family and for-rent development and building.
Read the full article here.
Builder 3/3/2016
The construction industry is facing a severe labor shortage. According to the U.S. Bureau of Labor Statistics, themedian age of construction industry workers is 42.8, with young workers under 34 accounting for less than one third ofthe total workforce. A different report from the U.S. Census also finds that new hires of younger construction workerscontinue to trend down. Millennials – currently the largest labor force in America – do not seem ready to take overthose who are about to retire. One of the biggest hurdles to overcoming the labor shortage has become how toattract younger generations to enter the home building field.
Read the full article here.
PAGE |
PUBLIC MARKETS
BUILDING PRODUCTS & MATERIALS
INDUSTRY UPDATE │ MARCH 2016
3
MEDIAN TEV / 2015 EBITDA
MEDIAN REVENUE GROWTH (2015 – 2016E)
MEDIAN EBITDA MARGIN (2012 – 2015) MEDIAN EBITDA MARGIN (2015 – 2016E)
MEDIAN CAPEX / 2015 REVENUE
MEDIAN REVENUE GROWTH (2012 – 2015)
HISTORICAL STOCK PRICES (MARCH 15TH, 2011 – MARCH 15TH, 2016)
HISTORICAL MEDIAN TEV / NTM EBITDA (MARCH 15TH, 2011 – MARCH 15TH, 2016)
10.1%
7.2%
5.5%
Construction Materials
Building Products Distributors
Building Products
12.2%
5.6%
6.0%
Construction Materials
Building Products Distributors
Building Products
12.9%
4.4%
11.7%
Construction Materials
Building Products Distributors
Building Products
12.8%
7.2%
14.7%
Construction Materials
Building Products Distributors
Building Products
6.0%
1.5%
2.7%
Construction Materials
Building Products Distributors
Building Products
11.6x
9.8x
10.7x
Construction Materials
Building Products Distributors
Building Products
60
80
100
120
140
160
180
200
220
240
Building Products Index
Building Products Distributors Index
Construction Materials Index
S&P 500 Index
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
PAGE |
PUBLIC COMPARABLES
4
BUILDING PRODUCTS
BUILDING PRODUCTS & MATERIALS
INDUSTRY UPDATE │ MARCH 2016
As of March 15, 2016 ($ in millions, except per share amounts)
Stock Performance
Current % of 2015 TEV / EBITDA
Price LTM High Mkt Cap TEV Revenue EBITDA Margin 2015 2016
Windows and Doors
Masonite International Corporation $60.96 83.2% $1,863 $2,256 $1,872 $183 9.8% 12.3x 9.2x
Tyman plc 4.05 84.4% 683 799 521 83 15.9% 9.6x 8.2x
Quanex Building Products Corporation 17.09 77.9% 585 878 646 93 14.3% 9.5x 7.5x
PGT, Inc. 9.11 56.0% 445 576 390 60 15.5% 9.6x 6.9x
Median 80.6% 14.9% 9.6x 7.8x
Mean 75.4% 13.9% 10.2x 7.9x
Roofing, Decking, & Wallboard
Kingspan Group plc $23.86 82.7% $4,227 $4,637 $3,013 $344 11.4% 13.5x 11.8x
USG Corporation 21.40 65.1% 3,121 4,660 3,776 522 13.8% 8.9x 7.6x
Trex Co. Inc. 43.31 75.0% 1,338 1,339 441 92 20.9% NA 11.6x
Ply Gem Holdings, Inc 12.46 81.4% 849 1,739 1,840 178 9.7% 9.8x 7.7x
Continental Building Products, Inc. 16.54 68.3% 689 969 422 94 22.2% 10.3x 7.2x
Median 75.0% 13.8% 10.1x 7.7x
Mean 74.5% 15.6% 10.6x 9.2x
Cabinets, Plumbing / HVAC
Masco Corporation $29.82 97.4% $9,958 $11,858 $7,142 $1,053 14.7% 11.3x 10.1x
Fortune Brands Home & Security, Inc. 52.89 92.8% 8,070 9,007 4,579 649 14.2% 13.9x 11.8x
Lennox International, Inc. 132.88 95.9% 5,940 6,645 3,467 429 12.4% 15.5x 12.8x
American Woodmark Corp. 68.00 75.6% 1,107 944 825 65 7.9% NM 7.8x
Nortek Inc. 44.42 47.8% 729 2,096 2,526 256 10.1% 8.2x 7.3x
Median 92.8% 12.4% 12.6x 10.1x
Mean 81.9% 11.9% 12.2x 10.0x
Hardware
ASSA ABLOY AB $19.62 86.3% $21,795 $24,156 $8,067 $1,466 18.2% 16.5x 15.5x
Simpson Manufacturing Co., Inc. 35.54 92.4% 1,716 1,457 794 141 17.7% 10.3x 9.0x
Richelieu Hardware Ltd. 16.71 91.8% 952 936 562 65 11.6% 14.3x 13.0x
Median 91.8% 17.7% 14.3x 13.0x
Mean 90.2% 15.9% 13.7x 12.5x
Glass / Building Systems
Owens Corning $45.29 93.4% $5,249 $7,064 $5,350 $841 15.7% 8.4x 7.4x
Apogee Enterprises, Inc. 40.95 67.1% 1,183 1,112 934 93 10.0% NM 7.4x
NCI Building Systems Inc. 12.53 70.3% 913 1,273 1,564 112 7.2% 11.3x 7.8x
Median 70.3% 10.0% 9.9x 7.4x
Mean 76.9% 11.0% 9.9x 7.5x
Flooring
Mohawk Industries Inc. $182.86 86.2% $13,524 $16,671 $8,072 $1,402 17.4% 11.9x 10.3x
Armstrong World Industries, Inc. 41.52 68.4% 2,300 3,069 2,420 286 11.8% 10.7x 7.5x
Interface Inc. 16.41 60.4% 1,081 1,219 1,002 144 14.4% NA 7.6x
Median 68.4% 14.4% 11.3x 7.6x
Mean 71.7% 14.5% 11.3x 8.5x
Overall Median 81.4% 14.2% 10.7x 7.8x
PAGE |
PUBLIC COMPARABLES
5
BUILDING PRODUCTS DISTRIBUTORS
BUILDING PRODUCTS & MATERIALS
INDUSTRY UPDATE │ MARCH 2016
1) Pro forma EBITDA figures from the company’s investor presentation
Stock Performance
Current % of 2015 TEV / EBITDA
Price LTM High Mkt Cap TEV Revenue EBITDA Margin 2015 2016
Wolseley plc $54.05 86.7% $13,688 $14,871 $20,851 $1,500 7.2% 9.9x 10.0x
HD Supply Holdings, Inc. 29.83 81.0% 5,970 10,012 8,882 810 9.1% 12.4x 10.3x
Beacon Roofing Supply, Inc. 38.56 87.6% 2,284 3,373 2,515 159 6.3% NM 10.6x
BMC Stock Holdings, Inc.1 14.83 86.9% 969 1,400 1,378 120 8.7% NM 7.9x
Builders FirstSource, Inc. 9.35 56.0% 1,026 2,912 3,564 175 4.9% NM 7.1x
Hardwoods Distribution Inc. 13.14 94.1% 220 241 412 25 6.1% 9.6x 8.2x
CanWel Building Materials Group Ltd. 3.35 71.5% 142 259 594 23 3.9% 11.3x 8.4x
Huttig Building Products Inc. 3.81 92.4% 95 144 660 17 2.6% 8.4x NA
Goodfellow Inc. 8.05 97.8% 69 103 404 13 3.2% 7.8x NA
Overall Median 86.9% 6.1% 9.8x 8.4x
As of March 15, 2016 ($ in millions, except per share amounts)
PAGE |
PUBLIC COMPARABLES
6
CONSTRUCTION MATERIALS
BUILDING PRODUCTS & MATERIALS
INDUSTRY UPDATE │ MARCH 2016
Stock Performance
Current % of 2015 TEV / EBITDA
Price LTM High Mkt Cap TEV Revenue EBITDA Margin 2015 2016
Aggregates and Cement
LafargeHolcim Ltd. $42.73 57.1% $25,933 $48,380 $29,279 $5,450 18.6% 8.9x 8.1x
CRH plc 27.41 87.1% 22,587 30,649 25,669 2,344 9.1% 13.1x 8.9x
HeidelbergCement AG 80.30 93.7% 15,089 22,859 14,719 2,793 19.0% 8.2x 7.4x
Vulcan Materials Company 103.52 96.9% 13,787 15,483 3,422 826 24.1% 18.7x 14.5x
Martin Marietta Materials, Inc. 153.22 85.8% 9,857 11,274 3,268 767 23.5% 14.7x 11.9x
Eagle Materials Inc. 63.01 70.9% 3,107 3,592 1,066 303 28.4% 11.9x 10.0x
Summit Materials, Inc. 18.00 63.0% 895 2,174 1,432 284 19.8% 7.7x 6.2x
Median 78.4% 19.4% 10.7x 8.6x
Mean 77.8% 20.2% 11.6x 9.4x
Heavy Construction Materials
James Hardie Industries plc $13.35 89.3% $5,950 $6,390 $1,657 $377 22.7% 17.0x 14.7x
Boral Limited 4.60 89.3% 3,419 4,178 3,307 361 10.9% 11.6x 9.0x
Headwaters Incorporated 18.39 84.5% 1,361 1,820 895 156 17.4% 11.7x 9.4x
U.S. Concrete, Inc. 54.63 87.0% 812 1,090 975 118 12.1% 9.2x 6.9x
Median 88.1% 14.8% 11.6x 9.2x
Mean 87.5% 15.8% 12.4x 10.0x
Lumber and Wood Products
Weyerhaeuser Co. $29.33 84.9% $23,153 $27,557 $7,043 $1,417 20.1% 19.4x 14.1x
West Fraser Timber Co. Ltd. 34.27 64.4% 2,826 3,266 2,955 314 10.6% NM 6.9x
Louisiana-Pacific Corp. 15.86 83.6% 2,274 2,593 1,893 53 NM NM 10.5x
Canfor Corp. 11.96 55.9% 1,588 2,197 2,829 270 9.5% NM 5.5x
Universal Forest Products Inc. 78.16 96.3% 1,583 1,588 2,887 177 6.1% 9.0x 8.4x
Norbord, Inc. 18.88 86.3% 1,613 2,408 1,509 116 7.7% NM 7.8x
Boise Cascade Company 17.25 43.3% 669 829 3,633 158 4.3% 5.3x 5.8x
Median 83.6% 8.6% 9.0x 7.8x
Mean 73.5% 9.7% 11.2x 8.4x
Overall Median 84.9% 18.0% 11.6x 8.4x
As of March 15, 2016 ($ in millions, except per share amounts)
PAGE |
M&A TRANSACTIONS
7
BUILDING PRODUCTS & MATERIALS
INDUSTRY UPDATE │ MARCH 2016
Announced
DateTarget Vertical Business Description Acquirer
3/7/2016 Lithko Contracting, Inc. Construction Materials Lithko Contracting, Inc. prov ides concrete construction serv ices in the
United States.
The Pritzker Organization
3/7/2016 Serv ice Experts LLC Building Products
Distribution
Serv ice Experts LLC sells, repairs, and installs heating, ventilation, and air
conditioning (HVAC) equipment for home and commercial applications
in North America.
EnerCare Solutions Inc.
3/7/2016 3i Supply Company Building Products
Distribution
3i Supply Company distributes industrial and commercial insulation
products.
Distribution International,
Inc.
2/29/2016 Greco Bros. Ready Mix
Concrete Co., Inc.
Construction Materials Greco Bros. manufactures and markets ready-mixed concrete. Ferrara Brothers Building
Materials Corp.
2/29/2016 Parkland Plastics, Inc. Building Products Parkland Plastics, Inc. manufactures polymer-based architectural
panels.
Patrick Industries Inc.
2/29/2016 Eurobloq Inc. Construction Materials Eurobloq Inc. manufactures concrete. Brampton Brick Ltd.
2/25/2016 Royal Group, Inc., Window
and Door Profiles Business
Building Products Comprises window and door profiles manufacturing activ ities. OpenGate Capital, LLC
2/24/2016 InterWrap, Inc. Building Products InterWrap, Inc. manufactures coated woven packaging products and
multi-layer laminated reinforced plastic substrates.
Owens Corning
2/23/2016 Boxley Materials
Company, Inc.
Construction Materials Boxley Materials Company, Inc. produces and supplies various crushed
limestone, granite, and sandstone to contractors and road builders.
Summit Materials, Inc.
2/23/2016 Super-Krete International,
Inc.
Building Products Super-Krete International, Inc. manufactures concrete repair products
and restoration materials used to repair, waterproof, restore, enhance,
and protect concrete installations worldwide.
Arizona Polymer Flooring,
Inc.
2/23/2016 Deceuninck North
America, LLC, Deck and
Rail Business
Building Products Deceuninck North America, LLC designs, manufactures, and distributes
decking and railing products for new construction and remodeling
projects; and outdoor liv ing products.
The Tapco Group
2/18/2016 Noble Company Building Products Noble Company manufactures building products for applications in tile,
plumbing, heating and cooling, and fire sprinkler industries.
Federal Process
Corporation
2/16/2016 USA Fastener Group, Inc. Building Products USA Fastener Group, Inc. manufactures and markets fasteners, and
provides machining serv ices for various industries in the United States.
MW Industries, Inc.
2/12/2016 Opta Minerals Inc. Construction Materials Opta Minerals Inc. manufactures, recycles, and distributes industrial
minerals, silica-free abrasives, and specialty sands and other products
and serv ices in Canada and internationally.
Speyside Equity LLC
2/12/2016 Nationwide Industries Inc. Building Products Nationwide Industries Inc. designs and manufactures hardware
products and components for the building materials industry.
Argosy Capital
2/11/2016 Crystal Sands Construction Materials Crystal Sands owns and operates several silica mining properties
(metallic and non-metallic) throughout Utah.
Aim Exploration Inc.
2/11/2016 American Materials
Company, LLC
Construction Materials American Materials Company, LLC manufactures and markets sand and
gravel to customers in North and South Carolina.
Summit Materials, Inc.
2/10/2016 AAA Valley Gravel, LLC Construction Materials AAA Valley Gravel, LLC owns and operates rock, sand, and asphalt pits
for use in various applications including driveways, parking lots, roads,
and tank bedding.
Ahtna, Incorporated
2/8/2016 Cumberland Wood
Products, Inc.
Building Products Cumberland Wood Products, Inc. manufactures plywood and wooden
reels, and wood crates that assist in packing spools such as wire, cable,
rope, hose, and strip stock.
Rugby IPD Corp.
2/2/2016 Robert N. Karpp Company,
Inc.
Building Products
Distribution
Karpp is one of the largest drywall specialty suppliers in New England
serv ing select regions of Massachusetts and surrounding states through
its three distribution centers and fleet of boom trucks.
GMS Inc.
PAGE |
M&A TRANSACTIONS
8
BUILDING PRODUCTS & MATERIALS
INDUSTRY UPDATE │ MARCH 2016
Announced
DateTarget Vertical Business Description Acquirer
2/2/2016 Cascade Windows, Inc. Building Products Cascade Windows, Inc. designs, manufactures, and sells v inyl windows
and sliding glass doors for homeowners, builders, and architects in the
Western United States.
CenterOak Partners LLC
2/1/2016 Sherman-Dixie Concrete
Industries, Inc.
Building Products Sherman-Dixie Concrete Industries, Inc. manufactures and markets
precast concrete pipes and storms, and sanitary civ il engineered
systems.
Forterra Building Products
1/25/2016 Quality Aluminum
Products, Inc.
Building Products Quality Aluminum Products manufactures sheet metalwork, specializing
in siding for the residential and commercial construction markets.
Blackford Capital LLC;
Michigan Prosperity Fund
1/15/2016 Superior Tool Company,
Inc.
Building Products Superior Tool Company, Inc. manufactures plumbing hand tools. Magna Industries Inc.
1/12/2016 Western Emulsions Inc. Construction Materials Western Emulsions, Inc. manufactures and supplies asphalt emulsion
solutions for pavement preservation, repair, and recycling applications.
Idaho Asphalt Supply, Inc.
1/9/2016 ARN Industries, Inc. Building Products ARN Industries, Inc. manufactures lighting solutions for commercial,
industrial, residential, and specialty lighting applications.
Summer Street Capital
Partners
1/8/2016 JMF Company Building Products JMF Company manufactures rough plumbing and HVAC products
primarily for light commercial applications.
Zhejiang Hailiang Co.
1/7/2016 Darby Doors, Inc. Building Products Darby Doors, Inc. manufactures and sells doors, millwork, hardware,
and building specialties.
U.S. LBM Holdings, LLC
1/6/2016 Source Refrigeration &
HVAC, Inc.
Building Products Source Refrigeration & HVAC, Inc. designs, installs, repairs, maintains,
and optimizes refrigeration and HVAC systems for customers in North
America.
Audax Group, Inc.
1/6/2016 SunSetter Products, LP Building Products SunSetter Products, LP manufactures deck and patio awnings in
America.
Springs Window Fashions
LLC
12/29/2015 Statewide Wholesale, Inc. Building Products
Distribution
Statewide Wholesale, Inc. distributes roofing material and supplies for
commercial and residential applications.
Beacon Roofing Supply,
Inc.
12/22/2015 Trend Windows & Doors
Pty Limited
Building Products Trend Windows & Doors Pty Ltd. manufactures and markets aluminium,
timber, and thermal energy efficient windows and doors.
JELD-WEN, Inc.
12/22/2015 Certain Assets of
Performance
Technologies, LLC
Construction Materials Comprises white silica sand reserves in Jackson County. Superior Silica Sands LLC
12/21/2015 Builder Specialties, Inc.
and Construction
Resources, Inc.
Building Products
Distribution
Builder Specialties, Inc. and Construction Resources, Inc. prov ides and
installs building products.
Monomoy Capital Partners
12/21/2015 NPI Holding Corp. Building Products NPI Holding Corp., through its subsidiaries, manufactures and sells wall
panel solutions for the building products, signage, transportation, and
other commercial markets.
Stabilit America, Inc.
12/21/2015 Boyle & Chase,
Incorporated
Building Products
Distribution
Boyle & Chase, Incorporated distributes commercial and decorative
hardware worldwide.
Top Notch Distributors, Inc.
12/18/2015 Roofing & Insulation
Supply, Inc.
Building Products
Distribution
Roofing & Insulation Supply, Inc. operates as a wholesale distributor of
roofing, insulation, sheathing, and related materials.
Beacon Roofing Supply,
Inc.
12/18/2015 Jameson LLC Building Products Jameson LLC manufactures cabling and lighting products. Huskie Tools, Inc.
12/18/2015 Parker's Building Supply Building Products
Distribution
Parker's Building Supply offers products in various categories, including
building materials, doors and windows, hand tools, and hardware.
U.S. LBM Holdings, LLC
12/18/2015 J&J Industries, Inc. Building Products J&J Industries, Inc. designs, engineers, and manufactures commercial
carpets, broadlooms, and tiles.
Engineered Floors LLC
PAGE |
M&A TRANSACTIONS
9
BUILDING PRODUCTS & MATERIALS
INDUSTRY UPDATE │ MARCH 2016
Announced
DateTarget Vertical Business Description Acquirer
12/17/2015 Clarion Boards, Inc. and
Clarion Laminates LLC
Building Products Clarion Boards, Inc. and Clarion Laminates LLC manufacture flooring
products.
Kronospan
12/15/2015 Arrow Storage Products
Inc.
Building Products Arrow Storage Products Inc. is engaged in the design, manufacture,
and marketing of DIY outdoor steel storage solutions. I t offers storage
sheds, steel sheds, and garden sheds, and storage buildings.
ShelterLogic Corp.
12/14/2015 Self Industries, Inc. Building Products Self Industries, Inc. manufactures and markets metal stampings, bolts,
nuts, rivets, washers and machine tools.
Ringmetall AG
12/10/2015 Hathaway Building
Materials
Building Products
Distribution
Hathaway Building Materials distributes drywall, steel framing, lath, and
plaster to the Southern California residential and commercial
construction markets.
GMS Inc.
12/3/2015 Balboa Water Group, Inc. Building Products Balboa Water Group, Inc. designs, develops, manufactures, assembles,
and supplies whirlpool bath and portable spa products for the leisure
hot water industry.
AEA Investors Small
Business Fund
12/2/2015 Badgerland Supply, Inc. Building Products
Distribution
Badgerland Supply, Inc. supplies building materials to Wisconsin and
Northern I llinois.
GMS Inc.
12/2/2015 Elite Door & Trim, Inc. Building Products Elite Door & Trim, Inc. manufactures doors, hardware, and trim products. National Millwork Inc.
12/1/2015 Rci Roofing Supply
Company, Inc.
Building Products
Distribution
Rci Roofing Supply Company, Inc. distributes building supplies and
materials for residential and commercial projects throughout the
Midwest.
Beacon Roofing Supply,
Inc.
12/1/2015 Rhem, LLC Building Products
Distribution / Building
Products
Rhem, LLC, doing business as E.J. Bartells, distributes, fabricates, and
manufactures insulation, low-to-high temperature refractory, and HVAC
products and accessories.
Distribution International,
Inc.
11/30/2015 WinDoor Incorporated
and LTE, LLC
Building Products WinDoor Incorporated manufactures extruded aluminum and v inyl
sliding glass doors and window systems.
PGT Industries, Inc.
11/10/2015 M3 Glass Technologies Building Products M3 Glass Technologies produces and sells custom fabricated and
decorative glass products for customers in the United States and
internationally.
LongWater Opportunities,
LLC
11/10/2015 Overhead Door Company
of Burlington Inc.
Building Products Overhead Door Company of Burlington Inc. manufactures integrated
door and operator systems for commercial, industrial, and residential
applications.
Installed Building Products,
Inc.
11/9/2015 Team Wholesale, Inc. Building Products
Distribution
Team Wholesale, Inc. supplies siding and windows to the Michigan
construction market.
American Builders &
Contractors Supply Co.,
Inc.
11/9/2015 Sierra Insulation
Contractors, Inc. and Eco-
Tect Insulation, Inc.
Building Products Sierra Insulation Contractors, Inc. offers fiberglass and cellulose
insulation installation serv ices.
Installed Building Products,
Inc.
10/30/2015 Silver State Specialties, LLC Building Products
Distribution
Silver State Specialties, LLC supplies building products to contractors
and homeowners.
United Subcontractors, Inc.
10/28/2015 Heavy Materials, LLC and
Spartan Concrete
Products, LLC
Construction Materials Heavy Materials, LLC manufactures ready-mixed concrete and
aggregates.
U.S. Concrete, Inc.
10/27/2015 Building Supply
Association, Inc.
Building Products
Distribution
Building Supply Association, Inc. operates as a building supply company. U.S. LBM Holdings, LLC
10/20/2015 HomeXterior Building
Supply, Inc.
Building Products
Distribution
HomeXterior Building Supply, Inc. distributes building products to
contractors in the United States.
American Builders &
Contractors Supply Co.,
Inc.
10/19/2015 Florida Screen Enterprises
Inc.
Building Products Florida Screen Enterprises Inc. manufactures residential and commercial
window screens, patio doors, roll formed shapes, and associated
hardware.
The RiteScreen Company,
LLC
10/13/2015 Quantum Windows &
Doors, Inc.
Building Products Quantum Windows & Doors, Inc. manufactures and sells hand-crafted
wood windows and doors for residential and commercial markets in the
United States.
Swiftsure Capital, LLC
PAGE |
REPRESENTATIVE BUILDING PRODUCTS & MATERIALS TRANSACTIONS
10
BUILDING PRODUCTS & MATERIALS
INDUSTRY UPDATE │ MARCH 2016
has been acquired by
a portfolio company of
Select Atlanta,
Georgia aggregates
assets of LaFarge SA
have been acquired
by
has been acquired by
has purchased
certain assets of
a portfolio company of
has been acquired by
has been acquired by
a portfolio company of
has been acquired by
has been acquired by
a portfolio company of
has been acquired by
a subsidiary of
has been acquired by
A Private Investor
Group
a subsidiary of
has been acquired by
a portfolio company of
has been acquired by
a portfolio company of
has sold certain assets to
has been acquired by
a portfolio company of
has been acquired by
a portfolio company of
a portfolio company of
has been acquired by
a portfolio company ofhas been acquired by
a portfolio company of a portfolio company of
has been acquired by
has been acquired by
a division of
have been acquired by
The Wichita, Kansas
aggregates, concrete,
asphalt, and paving
assets
of LaFarge SAhas been acquired by has completed a
recapitalization
with
a portfolio company of
has been acquired by
Strategic
Industries, LLC
Private Investors
has been acquired by
a portfolio company of
a portfolio company of
has been acquired byhas been acquired by
a division of
has been acquired by
portfolio companies of
has been acquired by
Dyad Partners
a portfolio company of
has been acquired by
a division of
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a portfolio company ofhas been acquired by
a subsidiary of
has been acquired byhas been acquired by
a portfolio company of
a division of
a portfolio company of
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a portfolio company of
has been acquired by
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has been acquired by
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a portfolio company of
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&
is being acquired by
Energy, Power& Infrastructure
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Specialty Distribution
Consumer
PAGE |
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11
OUR FIRM
BUILDING PRODUCTS & MATERIALS
INDUSTRY UPDATE │ MARCH 2016
PAGE |
HARRIS WILLIAMS & CO.
12
BUILDING PRODUCTS & MATERIALS
INDUSTRY UPDATE │ MARCH 2016
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Harris Williams & Co. (www.harriswilliams.com and www.harriswilliams.de) 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.
Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan, authorised and regulated by the Financial Conduct Authority.
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