www.harriswilliams.com
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 authorised andregulated 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 │ FEBRUARY 2016
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BUILDING PRODUCTS & MATERIALS GROUP OVERVIEW
1
CONTENTS WHAT WE’RE READING PUBLIC MARKETS PUBLIC COMPARABLES M&A ACTIVITY
CONTACTSMike HoganManaging [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 February 2016. 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 & MATERIALSINDUSTRY UPDATE │ FEBRUARY 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.com
Construction Materials
Building Products
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WHAT WE’RE READING
2
U.S. RESIDENTIAL PROPERTY VACANCY RATE DROPS 9.3 PERCENT BETWEEN Q3 2015 AND Q1 2016
FLIGHT TO SAFETY PUSHES MORTGAGE RATES EVER LOWER
DODGE MOMENTUM INDEX MOVES HIGHER IN JANUARY
YOUNG ADULT HOUSEHOLDS THAT DID NOT FORM
RealtyTrac 2/11/2016RealtyTrac, the nation’s leading source for comprehensive housing data, released its Q1 2016 U.S. Residential PropertyVacancy Analysis, which shows that out of nearly 85 million residential properties (1 to 4 units) nationwide, more than1.3 million (1.6 percent) were vacant at the beginning of February 2016, down 9.3 percent from the last residentialproperty vacancy analysis in the third quarter of 2015.
Read the full article here.
CNBC 2/14/2016CNBC real estate correspondent Diana Olick checks into some of the unnerving reasons mortgage interest rates keepfinding new lows despite Fed moves late in 2015 to start lifting the prime lending rate on a measured basis as theeconomy continues to find solid footing. One reason is, a growing contagion of fear around stocks and worldwidecurrencies has global investors flooding into the bond market seeking safe haven, and this in turn, is pressing down onmortgage lending rates.
Read the full article here.
Dodge 2/5/2016The Dodge Momentum Index rose 2.4% in January to 126.4 (2000=100) from its December reading of 123.4. TheMomentum Index is a monthly measure of the first (or initial) report for nonresidential building projects in planning,which have been shown to lead construction spending for nonresidential buildings by a full year. The increase inJanuary was the result of a 3.3% increase in institutional projects, and a 1.6% increase in commercial projects.
Read the full article here.
NAHB 2/12/2016New NAHB Economics research shows that two million households headed by 25 – 34 year olds are missing from thecurrent housing market but could have been active players if the headship rates remained at the 2000 levels. Instead,a rising number of young adults choose to stay with their parents or parents-in-law. As of 2014, more than 20 percentof young adults ages 25 to 34, or 8.8 million, live in homes of their parents or parents-in-law.
Read the full article here.
BUILDING PRODUCTS & MATERIALSINDUSTRY UPDATE │ FEBRUARY 2016
COMMERCIAL REAL ESTATE EXPERTS: MODERATE EXPANSION, EASING PRICES EXPECTED IN 2016National Association of Realtors 2/4/2016Despite various global and domestic hurdles hindering economic growth, steady job gains and stable leasingdemand should help keep commercial real estate activity expanding in 2016, according to the authors of an annualreport published jointly by Situs Real Estate Research Corporation (RERC), Deloitte and the National Association ofRealtors.
Read the full article here.
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13.7%
6.0%
14.1%
Construction Materials
Building Products Distributors
Building Products
11.6%
5.1%
6.3%
Construction Materials
Building Products Distributors
Building Products
8.1x
9.3x
9.2x
Construction Materials
Building Products Distributors
Building Products
5.1%
1.1%
2.5%
Construction Materials
Building Products Distributors
Building Products
8.9%
7.3%
10.5%
Construction Materials
Building Products Distributors
Building Products
PUBLIC MARKETS
BUILDING PRODUCTS & MATERIALSINDUSTRY UPDATE │ FEBRUARY 2016
3
MEDIAN TEV / 20151 EBITDA
MEDIAN REVENUE GROWTH (20151 – 2016E)
MEDIAN EBITDA MARGIN (2012 – 20151) MEDIAN EBITDA MARGIN (20151 – 2016E)
MEDIAN CAPEX / 20151 REVENUE
MEDIAN REVENUE GROWTH (2012 – 20151)
HISTORICAL STOCK PRICES (FEBRUARY 15TH, 2011 – FEBRUARY 15TH, 2016)
HISTORICAL MEDIAN TEV / NTM EBITDA (FEBRUARY 15TH, 2011 – FEBRUARY 15TH, 2016)
13.1%
4.1%
11.7%
Construction Materials
Building Products Distributors
Building Products
1) 2015 financials include consensus estimates for companies that have not yet announced full year earnings
60
80
100
120
140
160
180
200
220
240Building 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
13.0xBuilding Products Index
Building Products Distributors Index
Construction Materials Index
S&P 500 Index
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PUBLIC COMPARABLES
4
BUILDING PRODUCTS
BUILDING PRODUCTS & MATERIALSINDUSTRY UPDATE │ FEBRUARY 2016
As of February 15, 2016 ($ in millions, except per share amounts)
Stock PerformanceCurrent % of 2015 TEV / EBITDA
Price LTM High Mkt Cap TEV Revenue EBITDA Margin 2015 2016E
ASSA ABLOY AB $18.63 83.8% $20,690 $23,001 $8,067 $1,466 18.2% 15.6x 15.0xMohawk Industries Inc. 155.21 73.2% 11,474 14,583 8,122 1,368 16.8% 10.7x 9.1xMasco Corporation 25.82 84.4% 8,622 10,522 7,142 1,053 14.7% 10.0x 9.0xFortune Brands Home & Security, Inc. 46.86 82.2% 7,483 8,420 4,579 651 14.2% 12.9x 11.0xLennox International, Inc. 119.50 86.2% 5,384 6,089 3,467 424 12.2% 13.9x 11.7xOwens Corning 40.52 83.5% 4,696 6,511 5,350 841 15.7% 7.7x 6.9xKingspan Group plc 25.12 86.7% 4,446 4,980 2,927 334 11.4% 14.5x 12.9xUSG Corporation 19.60 59.6% 2,855 4,394 3,776 522 13.8% 7.7x 6.9xArmstrong World Industries, Inc. 37.10 61.1% 2,054 2,824 2,426 380 15.7% 7.4x 6.8xSimpson Manufacturing Co., Inc. 33.12 86.1% 1,599 1,340 794 143 18.0% 9.4x 8.4xMasonite International Corporation 45.60 62.2% 1,385 1,814 1,843 195 10.6% 11.3x 9.2xInterface Inc. 16.10 59.3% 1,060 1,219 1,018 150 14.8% 8.1x 7.2xApogee Enterprises, Inc. 36.63 60.0% 1,058 987 934 93 10.0% NM 6.6xTrex Co. Inc. 33.71 58.4% 1,041 1,086 437 95 21.8% 11.4x 9.4xAmerican Woodmark Corp. 59.24 65.9% 964 793 825 65 7.9% 8.4x 7.1xRichelieu Hardware Ltd. 48.01 91.0% 935 919 562 66 11.7% 14.5x 13.3xNCI Building Systems Inc. 9.59 53.8% 709 1,054 1,564 112 7.2% 7.9x 6.6xContinental Building Products, Inc. 15.54 64.2% 656 953 422 124 29.4% 7.7x 6.8xPly Gem Holdings, Inc 9.33 61.0% 635 1,610 1,876 176 9.4% 9.1x 7.1xTyman plc 3.57 72.4% 601 752 526 85 16.1% 9.1x 8.5xNortek Inc. 35.88 38.6% 584 1,959 2,510 268 10.7% 7.3x 6.4xQuanex Building Products Corporation 16.60 75.7% 568 602 646 60 9.3% NM 5.3xPGT, Inc. 9.79 60.1% 476 614 388 67 17.2% 9.2x 7.4x
Overall Median 65.9% 14.2% 9.2x 7.4x
1
1) 2015 financials include consensus estimates for companies that have not yet announced full year earnings
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PUBLIC COMPARABLES
5
BUILDING PRODUCTS DISTRIBUTORS
BUILDING PRODUCTS & MATERIALSINDUSTRY UPDATE │ FEBRUARY 2016
As of February 15, 2016 ($ in millions, except per share amounts)
1) 2015 financials include consensus estimates for companies that have not yet announced full year earnings2) Pro forma EBITDA figures from the company’s investor presentation
Stock PerformanceCurrent % of 2015 TEV / EBITDA
Price LTM High Mkt Cap TEV Revenue EBITDA Margin 2015 2016
Wolseley plc $50.60 79.7% $12,814 $14,019 $20,851 $1,500 7.2% 9.3x 8.9xHD Supply Holdings, Inc. 23.31 63.3% 4,665 8,982 8,882 810 9.1% 11.1x 9.3xBeacon Roofing Supply, Inc. 32.80 74.5% 1,943 3,031 2,515 159 6.3% NM 8.9xBMC Stock Holdings, Inc.2 14.01 82.1% 916 1,284 1,378 120 8.7% NM 7.6xBuilders FirstSource, Inc. 6.64 39.8% 726 2,652 3,676 230 6.3% NM 6.3xHardwoods Distribution Inc. 11.56 85.7% 194 227 409 24 6.0% 9.3x 8.1xCanWel Building Materials Group Ltd. 3.01 66.7% 128 229 580 23 4.0% 9.9x 7.3xHuttig Building Products Inc. 3.04 73.8% 76 141 649 16 2.4% 8.9x NAGoodfellow Inc. 7.23 90.9% 61 95 404 13 3.2% 7.2x NA
Overall Median 74.5% 6.3% 9.3x 8.1x
1
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PUBLIC COMPARABLES
6
CONSTRUCTION MATERIALS
BUILDING PRODUCTS & MATERIALSINDUSTRY UPDATE │ FEBRUARY 2016
As of February 15, 2016 ($ in millions, except per share amounts)
Stock PerformanceCurrent % of 2015 TEV / EBITDA
Price LTM High Mkt Cap TEV Revenue EBITDA Margin 2015 2016
Aggregates and CementLafargeHolcim Ltd. $37.41 50.1% $22,706 $45,106 $29,278 $5,483 18.7% 8.1x 7.4xCRH plc 24.92 78.9% 20,510 21,989 25,144 2,354 9.4% NM 8.1xHeidelbergCement AG 74.26 86.4% 13,955 21,751 14,719 2,793 19.0% 7.6x 6.8xVulcan Materials Company 92.02 86.1% 12,268 13,964 3,422 820 24.0% NM 13.1xMartin Marietta Materials, Inc. 132.86 74.4% 8,569 9,974 3,268 768 23.5% NM 10.5xCEMEX, S.A.B. de C.V. 0.46 55.5% 6,239 20,122 13,103 2,346 17.9% 9.2x 7.1xEagle Materials Inc. 53.08 59.8% 2,617 3,102 1,066 303 28.4% 8.8x 7.6xSummit Materials, Inc. 16.12 56.4% 802 2,035 1,432 269 18.8% 7.6x 5.8x
Median 67.1% 18.9% 8.1x 7.5x
Mean 68.5% 19.9% 8.3x 8.3x
Heavy Construction MaterialsJames Hardie Industries plc $11.60 81.1% $5,168 $5,687 $1,657 $377 22.7% 13.7x 12.2xBoral Limited 4.16 84.5% 3,095 3,821 3,307 361 10.9% 9.4x 8.3xHeadwaters Incorporated 15.40 70.8% 1,140 1,599 895 156 17.4% 9.7x 8.0xU.S. Concrete, Inc. 49.02 78.0% 718 1,002 964 127 13.1% 7.9x 6.5x
Median 79.6% 15.3% 9.5x 8.2x
Mean 78.6% 16.1% 10.2x 8.8x
Lumber and Wood ProductsWeyerhaeuser Co. $22.60 63.2% $11,537 $15,927 $7,043 $1,417 20.1% 11.4x 9.5xWest Fraser Timber Co. Ltd. 29.61 53.3% 2,441 2,866 2,955 314 10.6% NM 5.7xLouisiana-Pacific Corp. 14.42 76.0% 2,060 2,379 1,893 41 2.2% NM 9.7xNorbord, Inc. 14.97 70.9% 1,278 2,046 1,509 116 7.7% NM 6.7xCanfor Corp. 9.59 41.9% 1,274 1,695 2,660 264 9.9% 6.4x 4.3xUniversal Forest Products Inc. 61.91 78.7% 1,246 1,283 2,898 172 5.9% 7.5x 6.8xBoise Cascade Company 19.33 44.0% 750 889 3,600 169 4.7% 5.2x 4.7x
Median 63.2% 7.7% 6.9x 6.7x
Mean 61.2% 8.7% 7.6x 6.8x
Overall Median 70.9% 17.4% 8.1x 7.4x
1
1) 2015 financials include consensus estimates for companies that have not yet announced full year earnings
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M&A TRANSACTIONS
7
BUILDING PRODUCTS & MATERIALSINDUSTRY UPDATE │ FEBRUARY 2016
Announced Date
Target Vertical Business Description Acquirer
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.; Leading Ridge Capital Partners
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.
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
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M&A TRANSACTIONS
8
BUILDING PRODUCTS & MATERIALSINDUSTRY UPDATE │ FEBRUARY 2016
Announced Date
Target Vertical Business Description Acquirer
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
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.
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M&A TRANSACTIONS
9
BUILDING PRODUCTS & MATERIALSINDUSTRY UPDATE │ FEBRUARY 2016
Announced Date
Target Vertical Business Description Acquirer
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
10/8/2015 Wilkinson Construction Company, Inc.
Construction Materials Wilkinson Construction Company, Inc. offers road construction and pavement maintenance serv ices.
Geneva Rock Products, Inc.
10/5/2015 LaCantina Doors, Inc. Building Products LaCantina Doors, Inc. designs and manufactures opening door systems. JELD-WEN, Inc.
10/1/2015 Cretex Concrete Products North, Inc.
Construction Materials Cretex Concrete Products North, Inc. develops, manufactures, and supplies various precast and prestressed products for the construction industry.
Hanson Pipe & Precast, LLC
9/28/2015 The Wantage Stone Construction Materials The Wantage Stone comprises a site development quarry including 80 acre land parcel and mining rights.
U.S. Concrete, Inc.
9/28/2015 Grabber Construction Products, Inc.
Building Products Grabber Construction Products, Inc. manufactures and distributes fasteners and fastening systems for wood, metal, and drywall applications in the commercial and residential construction markets.
Svoboda Capital Partners LLC; Dot Foods, Inc.
9/25/2015 CEMEX, Inc., Gypsum Wallboard Business
Building Products Distribution
CEMEX, Inc., Gypsum Wallboard Business distributes a range of drywall and metal framing products throughout Florida.
U.S. LBM Holdings, LLC
9/24/2015 Harvey Industries, Inc. Building Products / Building Products Distribution
Harvey Industries, Inc., doing business as Harvey Building Products, manufactures and distributes building products.
Dunes Point Capital, LLC
9/22/2015 GBS Building Supply Building Products GBS Building Supply manufactures and markets building and construction products.
U.S. LBM Holdings, LLC
9/17/2015 Foundation Building Materials, LLC
Building Products Distribution
Foundation Building Materials, LLC, also known as LSF9 Cypress Holdings LLC, distributes building products in the United States.
Lone Star Funds
9/17/2015 Gravel and Sand site in Mankato
Construction Materials Comprises a gravel and sand production property. City of Mankato
9/15/2015 Norandex Building Materials Distribution, Inc.
Building Products Distribution
Norandex Building Materials Distribution, Inc. distributes building materials.
American Builders & Contractors Supply Co., Inc.
9/14/2015 Murray Supply Company, LLC
Building Products Distribution
Murray Supply Company, LLC, a wholesale distributor, supplies commercial and residential plumbing products in North Carolina.
Morrison Supply Company, LLC
9/10/2015 Karona, Inc. Building Products Karona, Inc. manufactures commercial and residential doors. JELD-WEN, Inc.
9/2/2015 Skyline Group of Companies
Building Products Skyline Group of Companies prov ides commercial and residential roofing products for residential and commercial builders, homeowners, building owners, and property managers.
Thermal Systems KWC Ltd.
PAGE |
REPRESENTATIVE BUILDING PRODUCTS & MATERIALS TRANSACTIONS
19
BUILDING PRODUCTS & MATERIALSINDUSTRY UPDATE │ FEBRUARY 2016
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Energy, Power& Infrastructure
IndustrialsHealthcare & Life Sciences
Transportation & Logistics
Aerospace, Defense & Government
Services
Business Services
Building Products & Materials
Technology, Media & Telecom
Specialty Distribution
Consumer
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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
FrankfurtBockenheimer Landstrasse 33-3560325 FrankfurtGermanyPhone: +49 069 3650638 00
London63 Brook StreetLondon W1K 4HS, EnglandPhone: +44 (0) 20 7518 8900
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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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BUILDING PRODUCTS & MATERIALSINDUSTRY UPDATE │ FEBRUARY 2016
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HARRIS WILLIAMS & CO.
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BUILDING PRODUCTS & MATERIALSINDUSTRY UPDATE │ FEBRUARY 2016
Bloomberg
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Freedonia
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IBIS
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National Association of Realtors
New York Times
PNC Economic Outlook
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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 authorised 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 AT THE ABOVE ADDRESSES OR NUMBERS.
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