building products & materials · building products distributors building products public...

Harris Williams & Co. Ltd is a private limited company authorised and regulated by the Financial Conduct Authority, 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 under company number 7078852. Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan.

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.

www.harriswilliams.de

BUILDING PRODUCTS & MATERIALSINDUSTRY UPDATE │ AUGUST 2017

PAGE |

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

Trey PackardVice President

[email protected]

+1 (804) 887-6017

INTRODUCTION

Harris Williams & Co. is pleased to present our Building Products and MaterialsIndustry Update for August 2017. 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 │ AUGUST 2017

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

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



www.harriswilliams.de

mailto:[email protected]




http://www.harriswilliams.com/

PAGE |

WHAT WE’RE READING

2

PENDING HOME SALES SLIP AGAIN5

CONSTRUCTION STARTS RISE 6% IN JULY4

HOME BUILDER SENTIMENT ROARS BACK AS BUYERS TURN OUT IN FORCE3

THE HOUSING MARKET HAS RECOVERED; CONSTRUCTION WORKERS HAVEN'T2

MarketWatch 8/15/2017

Sentiment among homebuilders rebounded in August after tumbling to an 8-month low in the prior month, accordingto an industry report out Tuesday. The monthly confidence gauge from the National Association of Home Buildersjumped four points to a reading of 68. The median forecast among economists surveyed by Econoday was for a 1-point increase to 65. Any reading over 50 signals improvement. Every component of the index increased in August.The gauge of current conditions was up four points to 74, while the gauge of conditions over the coming six monthsrose five points to 78, matching its high for the cycle. The index of buyer traffic rose one point to 49.

Read the full article here.



MORTGAGE RATES SHOW LITTLE MOVEMENT DURING SUMMER LULL1

Builder Online 8/31/2017

Pending homes sales stumbled in July for the fourth time in five months as only the West saw an increase in contractactivity, the National Association of Realtors reported. The Pending Home Sales Index fell 0.8% to a reading 109.1 inJuly from a downwardly revised 110.0 in June. After last month’s decline, the index is now 1.3% below a year ago andhas fallen on an annual basis in three of the past four months.


AXIOS 8/13/2017

It's one of the great mysteries of the U.S. real-estate recovery: home prices nationally are just a touch below pre-crisislevels, and at all-time highs in many populous markets, as buyers scramble to grab what they can during a 30-yearlow for housing inventory. Yet homebuilders are moving at a snail's pace to meet this heated demand — they arebreaking ground on just 849,000 new single-family homes per year, well below the 2007 rate of 1,036,000.


Washington Post 8/10/2017

Mortgage rates were stagnant again this week as financial markets lingered in a summer lull. According to the latestdata released Thursday by Freddie Mac, the 30-year fixed-rate average slipped to 3.90% with an average 0.5 point. Itwas 3.93% a week ago and 3.45% a year ago. The 30-year fixed rate has remained below 4% for the past month and11 of the past 12 weeks. The 15-year fixed-rate average remained the same at 3.18 with an average 0.5 point. It was2.76% a year ago. The five-year adjustable rate average slid to 3.14% with an average 0.5 point. It was 3.15% a weekago and 2.74% a year ago.


Construction Dive 8/23/2017

Strong activity in the nonbuilding sector drove the value of construction starts up 6% from June to a seasonallyadjusted rate of $728.1 billion in July, according to Dodge Data & Analytics. Public works led the nonbuilding sector inpushing the increase. A 7% drop-off in nonresidential construction was countered with an 8% rise in the residentialsector. The value of year-to-date starts was down 1% to $411.9 billion, primarily due to a 44% drop in electric utility andgas plant construction. Meanwhile, Dodge's Momentum Index, which indicates future nonresidential constructionwork, fell 3.3% from June to July due to a decline in institutional planning. However, the index is ahead by 6.9% from ayear ago, suggesting continued growth is likely.


http://www.marketwatch.com/story/home-builder-sentiment-roars-back-as-buyers-turn-out-in-force-2017-08-15

http://www.builderonline.com/money/economics/pending-home-sales-slip-again_o

https://www.axios.com/the-housing-market-has-recovered-construction-workers-havent-2471827785.html

https://www.washingtonpost.com/news/where-we-live/wp/2017/08/10/mortgage-rates-show-little-movement-during-summer-lull/?utm_term=.345667b6a67c

http://www.constructiondive.com/news/dodge-data-construction-starts-rise-6-in-july/503259/

PAGE |

10.4x

10.0x

9.7x

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 MARKETS6



3

HISTORICAL STOCK PRICES (AUGUST 30, 2012 – AUGUST 30, 2017)

HISTORICAL MEDIAN TEV / NTM EBITDA (AUGUST 30, 2012 – AUGUST 30, 2017)

100

140

180

220

260 Building Products Index

Building Products Distributors Index

Construction Materials Index

S&P 500 Index

8.8%

8.1%

5.4%



Building Products

12.2%

8.8%

7.5%



Building Products

19.8%

7.6%

14.7%



Building Products

16.5%

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

PAGE |

Building Products & Services

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 $54.41 94.7% $30,194 $38,357 $41,317 $4,351 10.5% 8.8x 7.4x

Owens Corning 71.76 99.9% 7,805 10,638 5,677 1,105 19.5% 9.6x 8.9x

LIXIL Group Corp. 26.27 96.9% 7,603 14,161 15,841 1,376 8.7% 10.3x 10.0x

James Hardie Industries PLC 13.76 78.9% 6,192 6,462 1,922 436 22.7% 14.8x 13.6x

USG Corporation 30.11 86.8% 4,073 5,069 3,017 551 18.3% 9.2x 8.6x

Armstrong World Industries, Inc. 47.35 95.6% 2,480 3,343 1,235 228 18.5% 14.7x 9.4x

Continental Building Products, Inc. 24.55 92.6% 882 1,172 461 134 29.0% 8.8x 8.8x

Median 94.7% $3,017 $551 18.5% 9.6x 8.9x

Windows & Doors

ASSA ABLOY AB $21.25 93.5% $23,561 $26,213 $8,182 $1,505 18.4% 17.4x 14.7x

JELD-WEN Holding, Inc. 30.82 88.2% 3,179 4,886 3,667 319 8.7% 15.3x 10.9x

Masonite International Corp. 63.75 74.7% 1,875 2,373 1,974 234 11.8% 10.2x 9.4x

Ply Gem Holdings, Inc. 15.55 77.8% 1,058 1,911 1,912 226 11.8% 8.5x 7.6x

Tyman Plc 4.44 92.1% 797 1,036 557 103 18.4% 10.1x 8.6x

Quanex Building Products Corporation 19.30 85.2% 661 943 928 103 11.1% 9.2x 8.9x

PGT, Inc. 13.25 95.7% 650 884 459 73 15.8% 12.2x 10.4x

Median 88.2% $1,912 $226 11.8% 10.2x 9.4x

HVAC

Daikin Industries, Ltd. $99.39 91.7% $29,118 $31,684 $17,925 $2,916 16.3% 10.9x 10.3x

Lennox International Inc. 162.94 84.6% 6,801 8,118 3,642 526 14.4% 15.4x 13.7x

Median 88.2% $10,783 $1,721 15.4% 13.2x 12.0x

Kitchen & Bath

Masco Corporation $36.37 92.4% $11,568 $13,751 $7,357 $1,237 16.8% 11.1x 10.4x

Fortune Brands Home & Security, Inc. 62.01 91.9% 9,539 10,851 4,985 778 15.6% 13.9x 12.4x

American Woodmark Corporation 82.00 76.4% 1,318 1,129 1,030 126 12.2% 9.0x 8.2x

Caesarstone Ltd. 28.90 65.7% 982 902 539 127 23.6% 7.1x 7.6x

Median 84.1% $3,008 $453 16.2% 10.0x 9.3x

Building Envelope

Kingspan Group Plc $38.40 97.4% $6,968 $7,482 $3,304 $453 13.7% 16.5x 14.0x

Apogee Enterprises, Inc. 43.55 71.4% 1,244 1,302 1,115 158 14.2% 8.3x 6.5x

NCI Building Systems, Inc. 16.80 90.3% 1,173 1,527 1,685 156 9.3% 9.8x 8.1x

Median 90.3% $1,685 $158 13.7% 9.8x 8.1x

Install / Service

TopBuild Corp. $57.05 96.1% $1,995 $2,275 $1,743 $135 7.7% 16.9x 12.1x

Installed Building Products, Inc. 54.95 91.6% 1,725 2,005 863 103 12.0% 19.4x 13.1x

Comfort Systems USA, Inc. 33.70 84.9% 1,244 1,341 1,634 127 7.8% 10.6x 9.4x

Median 91.6% $1,634 $127 7.8% 16.9x 12.1x

Lighting

Acuity Brands, Inc. $174.40 62.7% $7,324 $7,719 $3,291 $558 17.0% 13.8x 12.4x

Hubbell Incorporated 112.06 89.0% 6,074 6,899 3,505 605 17.3% 11.4x 11.6x

Median 75.8% $3,398 $582 17.1% 12.6x 12.0x

Flooring

Mohawk Industries, Inc. $250.85 99.2% $18,478 $21,597 $8,959 $1,788 20.0% 12.1x 11.6x

Tarkett SA 41.43 81.7% 2,623 3,117 2,921 355 12.2% 8.8x 7.8x

Interface, Inc. 18.90 89.8% 1,176 1,351 959 135 14.1% 10.0x 9.4x

Armstrong Flooring, Inc. 14.76 64.3% 394 465 1,193 66 5.5% 7.1x 7.4x

Median 85.7% $2,057 $245 13.1% 9.4x 8.6x

Pipe, Valves, & Fittings

Geberit AG $459.94 91.9% $17,079 $17,700 $2,769 $773 27.9% NM NM

Georg Fischer AG 1,150.90 97.2% 4,718 5,100 3,739 411 11.0% 12.4x 10.0x

NORMA Group SE 62.29 97.4% 1,974 2,456 955 196 20.6% 12.5x 10.1x

Mueller Industries, Inc. 29.47 67.0% 1,686 2,040 2,056 195 9.5% 10.5x NA

Reliance Worldwide Corp. Ltd. 3.02 99.3% 1,567 1,782 387 3 0.9% NM 18.6x

Advanced Drainage Systems, Inc. 19.10 72.6% 1,069 1,873 1,257 157 12.5% 11.9x 9.2x

Polypipe Group PLC 5.05 88.8% 990 1,244 546 118 21.7% 10.5x 10.5x

Median 91.9% $1,257 $195 12.5% 11.9x 10.1x

Overall Median 90.1% $1,917 $227 14.1% 10.5x 9.7x

PUBLIC COMPARABLES6

BUILDING PRODUCTS & SERVICES



As of August 30, 2017

4

PAGE |


Stock Performance



Wolseley plc $5.92 89.2% $14,752 $16,515 $18,737 $1,534 8.2% 10.8x 10.3x

HD Supply Holdings, Inc. 32.75 73.2% 6,516 10,309 7,439 901 12.1% 11.4x 11.7x

Beacon Roofing Supply, Inc. 46.24 88.7% 2,798 4,017 4,127 357 8.7% 11.3x 11.0x

Builders FirstSource, Inc. 16.29 94.6% 1,803 3,775 6,367 348 5.5% 10.9x 8.5x

Richelieu Hardware Ltd 24.55 93.8% 1,410 1,433 634 70 11.1% NM 16.5x

BMC Stock Holdings, Inc. 20.20 84.5% 1,359 1,792 3,094 180 5.8% 10.0x 8.6x

SIG plc 2.25 93.7% 1,314 1,548 3,462 151 4.4% 10.2x 10.0x

GMS Inc. 31.80 86.0% 1,275 1,909 2,319 186 8.0% 10.3x 8.9x

Foundation Building Materials, Inc. 12.69 70.9% 338 838 1,761 80 4.5% 10.5x 5.4x

CanWel Building Materials Group Ltd. 4.87 88.2% 336 511 727 38 5.2% 13.6x 10.7x

Hardwoods Distribution Inc. 15.83 98.4% 334 422 591 35 5.9% 12.2x 8.8x

Huttig Building Products, Inc. 5.49 59.4% 142 240 710 27 3.7% 9.0x NA


PUBLIC COMPARABLES6

5

BUILDING PRODUCTS DISTRIBUTORS



* Adjusted for divestiture of Waterworks business**Pro forma EBITDA figures from the presentation for the Rugby Architectural Building Products acquisition

**


*

PAGE |


Stock Performance



Aggregates and Cement

LafargeHolcim Ltd. $58.48 95.2% $35,781 $55,963 $26,615 $5,321 20.0% 10.5x 8.9x

CRH Plc 34.64 91.1% 28,628 36,801 28,611 3,457 12.1% 10.6x 9.3x

HeidelbergCement AG 93.94 91.3% 18,521 31,967 16,283 2,855 17.5% 11.2x 8.0x

Vulcan Materials Company 121.86 88.2% 15,410 18,624 3,593 961 26.7% NM 17.2x

Martin Marietta Materials, Inc. 213.80 87.5% 12,745 15,251 3,577 946 26.5% 16.1x 14.1x

Eagle Materials Inc. 97.62 88.2% 4,440 5,399 1,211 355 29.3% 15.2x 10.3x

Summit Materials, Inc. 29.61 98.5% 3,018 4,690 1,488 310 20.8% 15.1x 10.5x

U.S. Concrete, Inc. 81.40 98.6% 1,185 1,680 1,168 146 12.5% 11.5x 7.9x

Median 91.2% $3,585 $953 20.4% 11.5x 9.8x

Heavy Construction Materials

Boral Limited $5.24 93.5% $6,389 $8,325 $3,122 $495 15.9% 16.8x 11.6x

Forterra, Inc. 3.48 15.3% 237 1,473 1,585 171 10.8% 8.6x 12.1x

Median 54.4% $2,353 $333 13.3% 12.7x 11.8x


PUBLIC COMPARABLES6

6

CONSTRUCTION MATERIALS




PAGE |

RELEVANT TRANSACTIONS7

7



Announced

DateTarget Vertical Business Description Acquirer

8/28/2017 Polaris Materials

Corporation

Construction Materials Supplier of construction aggregates. Vulcan Materials Company

8/24/2017 Allied Building Products Distribution & Serv ices Supplier of roofing and metal products for building construction. Beacon Roofing Supply,

Inc.

8/22/2017 Exterior Solutions, by

Craig’s Roofing

Distribution & Serv ices Commercial and residential roofing company. Tecta America

8/16/2017 Neff Corporation Distribution & Serv ices Construction and industrial equipments rental company. United Rentals

8/16/2017 SawStop Building Products Manufacturer of table saws. TTS Tooltechnic Systems

8/7/2017 Bondaze Enterprises Distribution & Serv ices Distributor of landscaping products. SiteOne Landscape Supply

8/7/2017 Diamondback Works Distribution & Serv ices Construction and maintenance of landfill gas monitoring, collection and

recovery systems.

Tri Con Works

8/1/2017 ASI Building Products Distribution & Serv ices Prov ider of ceilings and other quality building products. GMS Inc.

8/1/2017 American Wal-Board Distribution & Serv ices Distributor of drywall, steel framing, insulation, roofing and fireplace

products.

Foundation Building

Materials

8/1/2017 International Barrier

Technology

Building Products Develops, manufactures and markets proprietary fire retardant building

materials.

Louisiana-Pacific

Corporation

8/2/2017 SC Company Building Products Manufacturer and supplier of custom architectural railings and staging

solutions.

Trex

7/31/2017 Paragon Windows & Doors Building Products Manufactures residential repair and replacement doors and windows

and mainly sells through dealers.

Sunrise Windows

07/21/2017 Key Resin Company Construction Materials Manufacturer of polymer flooring and coating systems. RPM International

7/16/2017 JPW Industries Building Products Producer of machinery and equipment. Gamut Capital

Management

07/14/2017 Skyfold Inc. Building Products Prov ider of automated vertical folding wall systems. Dormakaba International

7/13/2017 Esmalglass Construction Materials Producer of ceramic colours and glazes. Lone Star

07/10/2017 W-G Seals Building Products Supplier of custom designed floating roof tank seals and rim mounted

foam dams.

Mesa Industries

07/10/2017 Walcro Distribution & Serv ices Distributor of flooring installation products. WILsquare Capital

07/07/2017 Sachs Electric Company Distribution & Serv ices Prov ider of electrical construction serv ices. Oaktree Capital

Management

7/6/2017 Compact Power

Equipment

Distribution & Serv ices National prov ider of equipment rental and maintenance serv ices. Home Depot

PAGE |


8



Announced


07/06/2017 Shimmick Construction Co. Distribution & Serv ices Heavy civ il construction company offering general construction,

construction management, and design-build serv ices to federal, state,

and local public agencies and private customers.

AECOM

07/06/2017 Oakwood Homes Distribution & Serv ices Company engaged in the design and construction of residential houses. CMH Serv ices

07/05/2017 Ceiling and Wall Supply Distribution & Serv ices Distributor of Armstrong suspended ceiling systems, drywall, steel

framing, insulation, and Dryv it products.

Foundation Building

Materials

07/05/2017 Drexel Metals Inc. Building Products Company that designs and fabricates metal roofing systems for both

residential and non-residential applications.

Carlisle Companies

Incorporated

7/1/2017 Carter Waters Construction Materials Distributor of construction supply materials. Construction Supply Group

06/30/2017 SimTek Fence Inc Building Products Manufacturer of fence product using a rotational molding process. CertainTeed Corporation

6/29/2017 Senco Building Products Manufacturer/marketer of branded fastening tools and collated

staples, nails and screws to the construction, industrial (pallets/crates)

and furniture markets.

Kyocera Corp

06/29/2017 Bathwraps Construction Materials Manufacturer of acrylic wetspace walls, tubs and showers. Jacuzzi Brands

06/29/2017 Hydropool Hot Tubs Inc. Building Products Manufacturer and seller of swim spas and hot tubs. Jacuzzi Brands

06/29/2017 Atlantic Door Control Distribution & Serv ices Prov ider of sales, serv ice, and installation of automatic entrance

systems and door controls.

ASSA ABLOY AB

06/26/2017 Columbia Shelv ing &

Mirror / Charleston

Shelv ing & Mirror

Distribution & Serv ices Installer of shower doors, shelv ing, mirrors, blinds, gutters, and garage

doors predominantly for single-family residential customers.

Installed Building Products

06/26/2017 Bluegrass Materials

Company

Construction Materials Producer and manufacturer of aggregates and concrete blocks Martin Marietta Materials

06/22/2017 Therma Corporation Building Products Design-build specialty mechanical contractor that focuses on complex

HVAC, high purity process piping and process controls for cleanrooms,

laboratories and high-tech manufacturing facilities.

Gemspring Capital

06/22/2017 RNL Design, Inc. Distribution & Serv ices Architecture, landscape, urban and interior design company. Stantec Inc.

6/19/2017 Hayward Industries Building Products Global manufacturer of residential and commercial pool equipment. CCMP

MSD Partners

Alberta Investment

6/9/2017 Canyon Insulation Building Products Heavy commercial insulation and firestopping company. TopBuild

6/6/2017 Waterworks Distribution & Serv ices Distributor of water, sewer, storm, and fire protection solutions. Clayton, Dubiler & Rice

6/1/2017 Professional Builders Supply Distribution & Serv ices Building materials distributor. Capitol Broadcasting

Company

5/25/2017 Aggregates USA Construction Materials Aggregates USA LLC operates 31 facilities serv ing high growth markets

in Georgia, Florida, Tennessee, South Carolina and Virginia.

Vulcan Materials Company

5/18/2017 Endries Distribution & Serv ices Distributor of fasteners and Class-C parts serv ing industrial OEMs

worldwide.

Nautic Partners

PAGE |


9



Announced


5/4/2017 Arrow Fastener Building Products Nail gun manufacturer. Hangzhour Great Star

Industrial

5/3/2017 LeafFilter Building Products Manufacture of gutter guards. Gridiron Capital

5/3/2017 Gerdau Construction

Products

Construction Materials Producer of steel, located in Brazil. Construction Supply

5/2/2017 WWSC Holdings Building Products Structural steel fabrication and erection company. Alleghany Capital

5/2/2017 Legacy Glass & Supply Building Products Provider of shower glass, shelv ing and bathroom mirrors predominately

for single-family residential customers.

Installed Building Products

5/2/2017 Gypsum Wallboard Supply Distribution & Serv ices Distributor of wallboard and suspended ceiling systems. Foundation Building

Materials, LLC

5/2/2017 Lowry's Specialty

Distribution

Distribution & Serv ices Provider of residential and commercial roofing materials. Beacon Roofing Supply,

Inc.

5/2/2017 EFCO Corporation Building Products Manufacturer of architectural aluminum window, curtainwall,

storefront, and entrance systems.

Apogee Enterprises

4/25/2017 Arcadia Roofing Distribution & Serv ices Commercial and industrial roofing contractor. Calidant Capital

4/18/2017 River City Building Supply Building Products

Distribution

Distributor of fasteners, fastening equipment and other critical

construction supplies.

SouthernCarlson

4/18/2017 Diversitech Building Products

Distribution

Supplier of a wide variety of products and categories including

equipment pads, condensate pumps, motors, and chemicals.

Permira Advisers

4/18/2017 Cemex (Pacific Northwest

Materials Business)

Construction Materials Consists of aggregate, asphalt and ready mix concrete operations in

Oregon and Washington.

Cadman Materials (a

subsidiary of

HeidelbergCement Group)

4/12/2017 Pental Surfaces Building Products

Distribution

Distributor of natural and engineered stone and tile. Architectural Granite &

Marble

PAGE |

REPRESENTATIVE BUILDING PRODUCTS & MATERIALS TRANSACTIONS

10







portfolio companies of


Dyad Partners









a division of






a division of

has been acquired byhas been acquired by


a division ofhas been acquired by




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 SAStrategic

Industries, LLC

Private Investors


a portfolio company ofa portfolio company of




has purchased certain assets of

















has sold certain assets to





&





a subsidiary of


A Private Investor Group

a subsidiary of



















a division of



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

http://colonialwebb.com/

http://www.dealsource.com/images/splogo.gif

PAGE |

Energy, Power& Infrastructure

IndustrialsHealthcare & Life Sciences

Transportation & Logistics

Aerospace, Defense & Government

Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

HARRIS WILLIAMS & CO. OFFICE LOCATIONS

UNITED STATES EUROPE

NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai

BostonOne International PlaceSuite 2620Boston, Massachusetts 02110Phone: +1 (617) 482-7501

Cleveland1900 East 9th Street20th FloorCleveland, Ohio 44114Phone: +1 (216) 689-2400

Minneapolis222 South 9th StreetSuite 3350Minneapolis, Minnesota 55402Phone: +1 (612) 359-2700

Richmond (Headquarters)1001 Haxall Point9th FloorRichmond, Virginia 23219Phone: +1 (804) 648-0072

San Francisco575 Market Street31st FloorSan Francisco, California 94105Phone: +1 (415) 288-4260

Washington, D.C. 800 17th St. NW2nd FloorWashington, D.C. 20006Phone: +1 202-207-2300

FrankfurtBockenheimer Landstrasse 33-3560325 FrankfurtGermanyPhone: +49 069 3650638 00

London63 Brook StreetLondon W1K 4HS, EnglandPhone: +44 (0) 20 7518 8900

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 and collaboration across the firm, and our commitment to learning what makes them unique. For more information, visit our website.

OUR FIRM



11

PAGE |

HARRIS WILLIAMS & CO.

12



DISCLOSURES

SOURCES

1. Washington Post

2. AXIOS

3. MarketWatch

4. Construction Dive

5. Builder Online

6. FactSet

7. Mergermarket

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 authorised and regulated by the Financial Conduct Authority, 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 under company number 7078852. Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan.

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.

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.

Copyright© 2017 Harris Williams & Co., all rights reserved.

building products & materials · building products distributors building products public...

Documents