KPS CAPITAL PARTNERS TO ACQUIRE OLDCASTLE BUILDINGENVELOPE INC. FROM CRH PLC
PR94716
NEW YORK, Feb. 28, 2022 /PRNewswire=KYODO JBN/ --
North American Leader in Architectural Hardware, Glass and Glazing Systems
KPS Capital Partners, LP ("KPS") announced today that, through a newly formed
affiliate, it has signed a definitive agreement to acquire Oldcastle
BuildingEnvelope Inc. ("OBE" or the "Company") from CRH plc (LSE: CRH) for
approximately $3.45 billion in cash. Completion of the transaction is expected
in mid-2022 and is subject to customary closing conditions and approvals.
Logo - https://mma.prnewswire.com/media/1023167/KPS_Logo.jpg
OBE is North America's leading vertically-integrated manufacturer, fabricator
and distributor of architectural hardware, glass and glazing systems.
Headquartered in Dallas, Texas, OBE is a world-class building products company
with significant presence in every major metropolitan statistical area in the
United States and Canada. The Company manufactures high-performance
architectural glass products and aluminum framing systems and, through its
subsidiary C.R. Laurence, distributes complementary branded hardware and
glazing supplies. OBE delivers products to a broad customer base of architects,
glaziers, contractors and developers serving diversified residential and
commercial construction end-markets. The Company has over 6,700 employees and
operates 84 manufacturing and distribution facilities in five countries.
Raquel Vargas Palmer, Co-Managing Partner of KPS, said, "We are thrilled to
acquire North America's largest provider of architectural hardware, glass and
glazing systems. OBE is the only 'one-stop shop' for every critical product a
glazing industry customer needs, and the Company serves attractive, growing
end-markets. We intend to drive profitable growth by providing the Company with
the financial resources to invest in commercial and operational excellence. We
will leverage KPS' decades of manufacturing expertise to create an
entrepreneurial culture centered on innovation, continuous improvement and
excellent customer experience. OBE has demonstrated a strong ability to
integrate synergistic acquisitions over the past several decades and we will
provide strategic support and capital in pursuit of future growth
opportunities. We look forward to partnering with OBE's talented employees and
management team under the leadership of President and Chief Executive Officer
Liz Haggerty to accelerate the Company's value creation opportunities."
Liz Haggerty said, "The entire OBE management team looks forward to partnering
with KPS as the Company begins its journey as an independent company. KPS has
an exemplary track record of investing in and improving manufacturing
businesses, and we are exceedingly confident that they are the right partner to
help us execute on our strategic plan. We will continue to build on our
industry-leading reputation for quality, reliability and product innovation.
KPS' experience with manufacturing businesses and the significant capital
resources available will allow us to invest in our commercial and operational
growth strategy. We intend to expand our capabilities as a customer-oriented
solutions provider in architectural hardware, glass and glazing markets. We are
very excited about OBE's future opportunities and we have found a great partner
in KPS to capture them."
BofA Securities and J.P. Morgan Securities LLC acted as financial advisors to
CRH plc. Citi acted as financial advisor and Paul, Weiss, Rifkind, Wharton &
Garrison LLP served as legal counsel to KPS and its affiliates.
About Oldcastle BuildingEnvelope
OBE is North America's leading vertically-integrated manufacturer, fabricator
and distributor of architectural hardware, glass and glazing systems.
Headquartered in Dallas, Texas, OBE is a world-class building products company
with significant presence in every major metropolitan statistical area in the
United States and Canada. The Company manufactures high-performance
architectural glass products and aluminum framing systems and, through its
subsidiary C.R. Laurence, distributes complementary branded hardware and
glazing supplies. OBE delivers products to a broad customer base of architects,
glaziers, contractors and developers serving diversified residential and
commercial construction end-markets. The Company has over 6,700 employees and
operates 84 manufacturing and distribution facilities in five countries. For
more information on Oldcastle BuildingEnvelope, visit www.obe.com .
About CRH
CRH (LSE: CRH, ISE: CRG, NYSE: CRH) is the leading building materials business
in the world, employing approximately 77,400 people at around 3,200 operating
locations in 28 countries. It is the largest building materials business in
North America and Europe and also has regional positions in Asia. CRH
manufactures and supplies a range of integrated building materials, products
and innovative solutions which can be found throughout the built environment,
from major public infrastructure projects to commercial buildings and
residential structures. A Fortune 500 company, CRH is a constituent member of
the FTSE 100 Index, the EURO STOXX 50 Index, the ISEQ 20 and the Dow Jones
Sustainability Index (DJSI) Europe. CRH's American Depositary Shares are listed
on the NYSE. For more information visit www.crh.com .
About KPS Capital Partners, LP
KPS, through its affiliated management entities, is the manager of the KPS
Special Situations Funds, a family of investment funds with approximately $13.1
billion of assets under management (as of December 31, 2021). For nearly three
decades, the Partners of KPS have worked exclusively to realize significant
capital appreciation by making controlling equity investments in manufacturing
and industrial companies across a diverse array of industries, including basic
materials, branded consumer, healthcare and luxury products, automotive parts,
capital equipment and general manufacturing. KPS creates value for its
investors by working constructively with talented management teams to make
businesses better, and generates investment returns by structurally improving
the strategic position, competitiveness and profitability of its portfolio
companies, rather than primarily relying on financial leverage. The KPS Funds'
portfolio companies currently generate aggregate annual revenues of
approximately $15.2 billion, operate 165 manufacturing facilities in 26
countries, and have approximately 43,000 employees, directly and through joint
ventures worldwide (as of December 31, 2021, pro forma for recent acquisitions
and exits). The KPS investment strategy and portfolio companies are described
in detail at www.kpsfund.com .
SOURCE KPS Capital Partners, LP
CONTACT: Business Inquiries: KPS +1 (212) 338-5100; Media Relations: Trevor
Gibbons or Jennifer Prosek, +1 (646) 818-9238 or pro-KPS@prosek.com
本プレスリリースは発表元が入力した原稿をそのまま掲載しております。また、プレスリリースへのお問い合わせは発表元に直接お願いいたします。
このプレスリリースには、報道機関向けの情報があります。
プレス会員登録を行うと、広報担当者の連絡先や、イベント・記者会見の情報など、報道機関だけに公開する情報が閲覧できるようになります。