building products & materials - harriswilliams.com · building products & materials ......

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 a 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 7078852). 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 │ FEBRUARY 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 February 2017. 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 │ FEBRUARY 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

www.harriswilliams.com

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





a portfolio company ofa portfolio company of







&






mailto:[email protected]




http://www.harriswilliams.com/

PAGE |

WHAT WE’RE READING

2

BUILDER CONFIDENCE CONTINUES TO SETTLE BACK TO SUSTAINABLE LEVELS IN FEBRUARY1

CONSTRUCTION JOB GROWTH REBOUNDS IN 20175

ZILLOW: A BUYER'S MARKET EXPECTED NATIONWIDE BY 20192

TRUMP BORDER 'WALL' TO COST $21.6 BILLION, TAKE 3.5 YEARS TO BUILD4

Construction Dive 2/15/2017

West Coast housing markets continue to be the most competitive for home sales nationally while those on the EastCoast and in the Midwest lag, according to a new report from Zillow ranking markets by how long for-sale homes areon the market and the share receiving a price reduction.

Zillow noted that the balance in the country’s top markets is expected to shift in favor of buyers by 2019 amid anoverall slowdown in home-value appreciation. Currently at around 7%, price growth is expected to slow to 3.5% bythe end of 2017.

Read the full article here.



CONSTRUCTION FIRMS GETTING SQUEEZED3

NAHB 2/15/2017

Builder confidence in the market for newly-built single-family homes declined two points in February to a level of 65 onthe National Association of Home Builders/Wells Fargo Housing Market Index.

“While builders remain optimistic, we are seeing the numbers settling back into a normal range,” said NAHB ChairmanGranger MacDonald, a home builder and developer from Kerrville, Texas. “With much of the decline this monthresulting from a decrease in buyer traffic, builders continue to struggle to minimize costs while dealing with supply sidechallenges such as a lack of developed lots and labor shortages,” said NAHB Chief Economist Robert Dietz.


Reuters 2/9/2017

President Donald Trump’s “wall” along the U.S.-Mexico border would be a series of fences and walls that would costas much as $21.6 billion, and take more than three years to construct, based on a U.S. Department of HomelandSecurity internal report.

The report’s estimated price-tag is much higher than a $12-billion figure cited by Trump in his campaign and estimatesas high as $15 billion from Republican House Speaker Paul Ryan and Senate Majority Leader Mitch McConnell.


ACG 2/14/2016

The cost of materials used in construction rose markedly faster than the price of completed buildings, according to anew analysis of federal producer price data released today by the Associated General Contractors of America.Association officials cautioned that potential restrictions on the use of imported construction materials threaten todrive up the price of infrastructure, buildings and new homes and apartments.


ABC 2/3/2017

National construction employment started 2017 on a high note, adding 36,000 net new jobs on a seasonally adjustedbasis in January, according to analysis of U.S. Bureau of Labor Statistics. The nonresidential construction sector added14,900 net new jobs for the month, while residential added 20,300 net new jobs. The construction industry added170,000 net new jobs on a yearly basis, an increase of 2.6%.

“Today’s employment report indicated growing strength in construction along a variety of dimensions,” said ABC chiefeconomist Anirban Basu.


http://www.constructiondive.com/news/zillow-a-buyers-market-expected-nationwide-by-2019/436250/

https://www.nahb.org/en/news-and-publications/press-releases/2017/02/builder-confidence-continues-to-settle-back-to-sustainable-levels-in-february.aspx

http://www.reuters.com/article/us-usa-trump-immigration-wall-exclusive-idUSKBN15O2ZN

https://www.agc.org/news/2017/02/14/construction-firms-getting-squeezed-increasing-materials-labor-costs-and-slower-0

https://www.abc.org/NewsMedia/ConstructionEconomics/ConstructionEconomicUpdate/tabid/270/entryid/8128/construction-job-growth-rebounds-in-2017.aspx

PAGE |

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

9.7x

10.5x

10.4x

Construction Materials

Building Products Distributors

Building Products

7.1%

0.7%

3.8%



Building Products

PUBLIC MARKETS6



3

HISTORICAL STOCK PRICES (FEBRUARY 28TH, 2012 – FEBRUARY 28TH, 2017)

HISTORICAL MEDIAN TEV / NTM EBITDA (FEBRUARY 15TH, 2012 – FEBRUARY 28TH, 2017)

100

140

180

220

260 Building Products Index

Building Products Distributors Index

Construction Materials Index

S&P 500 Index

8.8%

8.1%

5.0%



Building Products

10.3%

8.8%

5.6%



Building Products

21.0%

7.7%

14.8%



Building Products

16.6%

5.6%

12.1%



Building Products

MEDIAN TEV / 2016* EBITDA

MEDIAN REVENUE GROWTH (2016* – 2017E)

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

MEDIAN CAPEX / 2016* REVENUE

MEDIAN REVENUE GROWTH (2012 – 2016*)

* 2016 financials include consensus estimates for companies that have not yet announced full year earnings

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 $48.06 93.0% $26,578 $33,127 $41,343 $4,212 10.2% 7.9x 7.2x

LIXIL Group Corp. 24.61 95.7% 7,046 13,729 16,164 1,300 8.0% 10.6x 9.5x

James Hardie Industries PLC 14.99 86.6% 6,609 7,027 1,891 446 23.6% 15.7x 13.1x

Owens Corning 58.49 98.9% 6,574 8,774 5,677 1,089 19.2% 8.1x 7.8x

USG Corporation 33.73 99.2% 4,931 5,575 3,017 629 20.9% 8.9x 8.6x

Armstrong World Industries, Inc. 46.00 94.5% 2,477 3,293 1,235 315 25.5% 10.5x 9.4x

Continental Building Products, Inc. 24.45 96.4% 975 1,209 461 134 29.0% 9.0x 9.1x

Median 95.7% $3,017 $629 20.9% 9.0x 9.1x

Windows & Doors

ASSA ABLOY AB $19.50 86.5% $21,657 $23,868 $8,182 $1,415 17.3% 16.9x 15.2x

JELD-WEN Holding, Inc. 31.24 98.4% 3,277 4,886 3,667 394 10.7% 12.4x 10.9x

Masonite International Corp. 78.10 98.3% 2,325 2,829 1,974 253 12.8% 11.2x 9.6x

Ply Gem Holdings, Inc. 17.40 95.6% 1,187 2,058 1,891 227 12.0% 9.1x 8.0x

Quanex Building Products Corporation 19.55 89.3% 673 906 928 110 11.9% 8.2x 8.3x

Tyman Plc 3.42 78.8% 609 770 559 93 16.6% 8.3x 7.2x

PGT, Inc. 10.05 80.5% 492 717 459 76 16.5% 9.5x 8.5x

Median 89.3% $1,891 $227 12.8% 9.5x 8.5x

HVAC

Daikin Industries, Ltd. $95.32 93.4% $27,822 $30,387 $18,299 $2,732 14.9% 11.1x 10.2x

Lennox International Inc. 164.62 96.4% 7,076 8,062 3,642 521 14.3% 15.5x 13.6x

Median 94.9% $10,970 $1,627 14.6% 13.3x 11.9x

Kitchen & Bath

Masco Corporation $33.78 90.4% $10,820 $13,148 $7,357 $1,212 16.5% 10.9x 10.1x

Fortune Brands Home & Security, Inc. 57.83 89.7% 8,924 10,307 4,985 777 15.6% 13.3x 11.7x

American Woodmark Corporation 86.45 94.3% 1,405 1,222 1,036 124 11.9% 9.9x 8.8x

Caesarstone Ltd. 33.40 76.8% 1,146 1,085 539 130 24.2% 8.3x 8.9x

Median 90.0% $3,010 $453 16.0% 10.4x 9.5x

Building Envelope

Kingspan Group Plc $30.82 96.2% $5,489 $6,068 $3,304 $428 13.0% 14.2x 13.1x

Apogee Enterprises, Inc. 57.18 95.8% 1,638 1,575 1,092 158 14.5% 9.9x 8.2x

NCI Building Systems, Inc. 16.00 88.4% 1,134 1,499 1,685 166 9.9% 9.0x 8.1x

Median 95.8% $1,685 $166 13.0% 9.9x 8.2x

Install / Service

TopBuild Corp. $41.98 96.0% $1,597 $1,638 $1,743 $135 7.8% 12.1x 9.7x

Installed Building Products, Inc. 47.05 98.1% 1,495 1,628 863 105 12.2% 15.5x 11.1x

Comfort Systems USA, Inc. 38.15 96.2% 1,420 1,413 1,634 128 7.8% 11.0x 9.8x

Median 96.2% $1,634 $128 7.8% 12.1x 9.8x

Lighting

Acuity Brands, Inc. $211.30 75.2% $9,317 $9,202 $3,291 $572 17.4% 16.1x 14.1x

Hubbell Incorporated 118.62 94.2% 6,577 7,162 3,505 533 15.2% 13.4x 11.9x

Median 84.7% $3,398 $552 16.3% 14.8x 13.0x

Flooring

Mohawk Industries, Inc. $226.36 99.1% $16,793 $19,293 $8,959 $1,706 19.0% 11.3x 10.5x

Tarkett SA 41.95 94.2% 2,673 3,074 2,905 349 12.0% 8.8x 8.1x

Interface, Inc. 18.90 97.0% 1,225 1,336 959 132 13.8% 10.1x 9.0x

Armstrong Flooring, Inc. 21.37 93.1% 593 584 1,200 75 6.3% 7.7x 6.7x

Median 95.6% $2,052 $240 12.9% 9.5x 8.5x

Pipe, Valves, & Fittings

Geberit AG $433.97 96.9% $15,694 $16,895 $2,805 $804 28.7% NM 19.6x

Georg Fischer AG 869.24 94.5% 3,552 4,016 3,746 439 11.7% 9.1x 8.9x

Mueller Industries, Inc. 41.82 95.1% 2,400 2,305 2,056 195 9.5% 11.8x NA

NORMA Group SE 43.17 75.6% 1,376 1,744 945 192 20.3% 9.1x 8.6x

Uponor Oyj Class A 17.22 89.8% 1,259 1,495 1,166 132 11.3% 11.3x 9.0x

Advanced Drainage Systems, Inc. 22.05 77.4% 1,214 1,914 1,239 197 15.9% 9.7x 9.0x

Reliance Worldwide Corp. Ltd. 2.15 80.4% 1,126 1,207 387 71 18.5% 16.9x 13.2x

Polypipe Group PLC 4.21 82.8% 835 1,099 533 106 20.0% 10.3x 9.7x

Median 86.3% $1,203 $193 17.2% 10.3x 9.0x

Overall Median 94.2% $1,891 $227 14.5% 10.4x 9.3x

PUBLIC COMPARABLES6

4

BUILDING PRODUCTS & SERVICES



As of February 28, 2017


**

PAGE |


Stock Performance



Wolseley plc $6.09 95.9% $15,403 $16,869 $18,737 $1,525 8.1% 11.1x 10.8x

HD Supply Holdings, Inc. 43.00 96.1% 8,655 12,637 7,434 921 12.4% 13.7x 12.6x

Beacon Roofing Supply, Inc. 45.44 92.1% 2,730 3,801 4,127 347 8.4% 10.9x 10.0x

Builders FirstSource, Inc. 12.94 91.8% 1,443 3,417 6,367 372 5.8% 9.2x 7.7x

BMC Stock Holdings, Inc. 21.00 97.7% 1,399 1,802 3,104 193 6.2% 9.3x 7.9x

GMS Inc. 30.08 95.1% 1,232 1,893 2,270 181 8.0% 10.5x 9.0x

Richelieu Hardware Ltd 20.36 91.2% 1,179 1,169 634 71 11.2% 16.5x 14.8x

SIG plc 1.39 64.7% 824 1,137 3,407 146 4.3% 7.8x 7.8x

Foundation Building Materials, Inc. 16.34 99.2% 338 838 1,761 80 4.5% 10.5x NA

CanWel Building Materials Group Ltd. 4.52 81.9% 277 399 750 39 5.2% 10.2x 8.6x

Hardwoods Distribution Inc. 12.43 80.8% 265 334 593 35 5.8% 9.6x 7.7x

Huttig Building Products, Inc. 6.66 92.6% 170 232 710 21 3.0% 11.0x 8.6x

Goodfellow Inc. 6.48 69.3% 55 125 452 17 3.8% 7.3x 6.9x


PUBLIC COMPARABLES6

5

BUILDING PRODUCTS DISTRIBUTORS



* 2016 financials include consensus estimates for companies that have not yet announced full year earnings ** Pro forma EBITDA figures from the presentation for the Rugby Architectural Building Products acquisition


**

**

PAGE |


Stock Performance



Aggregates and Cement

LafargeHolcim Ltd. $57.07 96.0% $34,635 $55,793 $27,274 $5,578 20.5% 10.0x 9.6x

CRH Plc 33.77 91.7% 28,121 36,646 29,594 3,315 11.2% 11.1x 9.8x

HeidelbergCement AG 93.73 91.1% 18,598 30,012 17,011 3,169 18.6% 9.5x 8.0x

Vulcan Materials Company 120.61 87.3% 15,963 18,093 3,593 966 26.9% 18.7x 15.2x

Martin Marietta Materials, Inc. 215.95 88.5% 13,619 15,430 3,577 972 27.2% 15.9x 13.9x

Eagle Materials Inc. 103.71 93.7% 5,021 5,306 1,195 414 34.6% 12.8x 10.5x

Summit Materials, Inc. 23.89 90.3% 2,569 3,052 1,488 371 25.0% 8.2x 7.3x

U.S. Concrete, Inc. 63.00 89.5% 991 1,396 1,168 160 13.7% 8.7x 7.1x

Median 90.7% $3,585 $969 22.7% 10.5x 9.7x

Heavy Construction Materials

Boral Limited $4.51 85.8% $5,282 $3,053 $3,122 $462 14.8% 6.6x 6.2x

Forterra, Inc. 19.83 87.1% 1,268 2,351 1,620 280 17.3% 8.4x 8.2x

Median 86.5% $2,371 $371 16.0% 7.5x 7.2x


PUBLIC COMPARABLES6

6

CONSTRUCTION MATERIALS





*

*

PAGE |

RELEVANT TRANSACTIONS7

7



Announced

DateTarget Vertical Business Description Acquirer

2/14/2017 Midwest Wholesale

Hardware

Building Products

Distribution

Leading value-added wholesale distributor of commercial and

institutional door hardware, electronic access control and security

products.

High Road Capital Partners

2/9/2017 Bentley Mills Building Products &

Serv ices

Global manufacturer of modular carpet tile, broadloom, and area rugs. Lone Star Funds

2/8/2017 Stone Forest Materials Building Products

Distribution

Distributor of hardscape and related products to landscape

professionals.

SiteOne Landscape Supply

2/7/2017 Futura Industries Building Products &

Serv ices

Designs and manufactures a wide range of extruded aluminum

products including branded flooring trims and TSLOTS.

The William L Bonnell

Company

2/6/2017 Evergreen Lumber Building Products

Distribution

Lumber distributor serv ing Washington state. Homewood Holdings

2/2/2017 Baker Brothers Building Products &

Serv ices

Market-leading provider of residential plumbing and HVAC repair and

installation serv ices.

Wrench Group

2/1/2017 Ridout Companies Building Products

Distribution

The largest privately owned building products and materials dealer in

Arkansas.

US LBM Holdings, LLC

2/1/2017 Original Cast Lighting Building Products &

Serv ices

Specializes in architectural lighting solutions for commercial and high-

end residential buildings in the United States.

Legrand

1/31/2017 Arbo Holdings Building Products &

Serv ices

Manufactures a range of sealants, coatings and other building

envelope products to the UK and European construction markets for

waterproofing and air and vapor barrier applications.

Carlisle Cos. Inc

1/31/2017 Set-Rite Building Products &

Serv ices

Manufactures a patented toilet flange spacer system that can be used

for both retrofit applications and new construction.

Oatey

1/27/2017 Arrow Tru-Line Building Products &

Serv ices

Manufacturer and supplier of critical hardware components for the U.S.

sectional overhead door market.

Sun Capital Partners, Inc.

1/25/2017 Air King Fastening Systems Building Products &

Serv ices

Offers a range nailers and industrial staplers, as well as screws and nails

in all crowns and lengths.

SouthernCarlson

1/21/2017 Aspen Valley Landscape

Supply

Building Products

Distribution

Distributor of hardscapes and landscape supplies to the professional

market.

SiteOne Landscape Supply

1/19/2017 US Floors Building Products &

Serv ices

Dalton, Georgia-based hardwood floor manufacturer. The Shaw Group

1/18/2017 Midwest Fireproofing Building Products &

Serv ices

Heavy commercial fireproofing and insulation company with locations

in Chicago and Indianapolis.

TopBuild

1/12/2017 AWP Windows & Doors Building Products &

Serv ices

The merger will create the largest window and door manufacturer in

Florida.

TM Windows

1/10/2017 United Subcontractors Building Products &

Serv ices

Prov ides insulation, specialty, and shell construction serv ices for

residential and commercial projects.

Trilantic North America

1/6/2017 Everist Materials &

Razorback Concrete

Construction Materials Owns ready-mix concrete and asphalt plants in proximity to Summit’s

existing portfolio.

Summit Materials

1/4/2017 Binford Supply Building Products

Distribution

One of the largest residential & commercial fencing distributors in Texas,

primarily serv ing residential and commercial fencing contractors

throughout TX and OK.

U.S. Fence Solutions

1/4/2017 Tradesmen International Building Products &

Serv ices

Prov ider of outsourced skilled craftsmen to non-residential construction

and industrial contractors.

Blackstone

PAGE |


8



Announced


1/2/2017 Stetson Building Products Construction Materials Distributor of over 70,000 SKUs of construction materials, accessories and

tools, primarily for professional concrete and masonry contractors in the

United States and Canada, v ia 48 branches.

Construction Supply

12/26/2016 Floors, Inc. & Malibu

Acceptance Corporation

Building Products

Distribution

Full serv ice designer, installer and retailer of flooring products to home

builders and homeowners.

Dunes Point Capital

12/21/2016 Soft-Lite Windows Building Products &

Serv ices

Manufacturer of v inyl replacement windows. Harvey Building Products

12/21/2016 ForzaStone Construction Materials Manufacturer of thin natural stone panels for commercial and

residential applications.

Home Brands Group

12/20/2016 East Haven Landscape

Products

Building Products

Distribution

Distributor of nursery, hardscapes and landscape supplies. SiteOne Landscape Supply,

Inc.

12/16/2016 BJ Supply Building Products

Distribution

Distributor of roofing and related building products. Beacon Roofing Supply,

Inc.

12/16/2016 O&S Doors Building Products &

Serv ices

Manufacturer of made-to-measure kitchen doors. Sun Capital Partners, Inc.

12/15/2016 Tectum, Inc. Building Products &

Serv ices

Manufacturer of acoustical ceiling, wall and structural solutions for

commercial building applications.

Armstrong World Industries

12/15/2016 Rmax Operating Building Products &

Serv ices

Market leader in the production of polyiso insulation products for

complete building envelope solutions (roofing and wall systems).

Sika

12/14/2016 Sotawall, Inc. Building Products &

Serv ices

Designer and fabricator of curtainwall systems for commercial

construction projects.

Apogee Enterprises

12/12/2016 Ray L Hellwig Plumbing &

Heating

Building Products &

Serv ices

Designer and installer of plumbing systems. Total Facility Solutions

12/7/2016 SGI, Inc. (door and drywall

div isions)

Building Products &

Serv ices

Interior Products Supply Drywall Div ision and Interior Products Supply

Door Div ision of SGI, Inc.

Clio

12/7/2016 Rosboro Building Products &

Serv ices

Manufacturer of forest products. GMS Inc.

12/6/2016 Top Master Building Products &

Serv ices

Leading regional countertop manufacturer. Wynnchurch Capital, LLC

12/6/2016 ConTech Lighting Building Products &

Serv ices

Manufacturer of high-performance and sustainable lighting solutions

and fixtures.

Lev iton

12/5/2016 Bassi Construction Ltd. Building Products &

Serv ices

Prov ider of construction serv ices. Mosaic Capital

Corporation

12/5/2016 ES Windows Building Products

Distribution

US-based distributor of architectural glass, windows, and aluminum

products.

Tecnoglass S.A.

12/2/2016 Xella Construction Materials World's largest manufacturer of aerated concrete blocks, calcium-

silicate units, and high-performance boards.

Lone Star Funds

12/2/2016 Drossbach Inc. Building Products &

Serv ices

US-based manufacturer of corrugated flexible tubing. Delfingen Industry, S.A.

11/28/2016 Cemex S.A. (Concrete

Pipe Manufacturing

Business)

Construction Materials Mexico-based supplier of reinforced concrete pipe, concrete box and

culvert.

The Quikrete Companies,

Inc.

PAGE |


9



Announced


11/21/2016 Guardian Industries Corp. Building Products &

Serv ices

Manufacturer of float glass and fabricated glass products. KGIC Merger Corp. / Koch

Industries

11/21/2016 Headwaters, Inc. Building Products &

Serv ices

US-based manufacturer and distributor of building products and

construction materials.

Boral Ltd.

11/18/2016 International Chimney

Corp.

Building Products &

Serv ices

Prov ider of chimney construction and maintenance serv ices. Beroa Corporation

11/14/2016 Koroseal Interior Products Building Products &

Serv ices

Manufacturer and distributor of decorative, industrial transit and office

products.

Sangetsu Corporation

11/9/2016 Halex Corporation Building Products &

Serv ices

Manufacturer of flooring installation products. GCP Applied Technologies

11/8/2016 Mesker Door Building Products &

Serv ices

Designer and manufacturer of hollow metal doors, frames and

assemblies.

Dorma + Kaba Holding AG

11/4/2016 Giant Cement Holding,

Inc.

Construction Materials Manufacturer of concrete, cement, and aggregates. Elementia S.A.

11/3/2016 B.R. Johnson Inc. Building Products

Distribution

Distributor and contractor specializing in windows, doors, hardware,

and specialty products.

Lorraine Capital; Regional

Brands, Inc.

10/29/2016 Alpha Insulation and

Waterproofing, Inc

Building Products &

Serv ices

US-based provider of commercial insulation, waterproofing,

fireproofing, and fire stopping serv ices.

Installed Building Products

10/20/2016 MI Windows and Doors Building Products &

Serv ices

Manufactures v inyl and aluminum windows and doors. Management

10/18/2016 US Floors Building Products &

Serv ices

Manufacturer of wood-plastic composite flooring, as well as cork,

bamboo and hardwood products.

Shaw Industries Group

10/17/2016 East Coast Insulators Inc. Building Products &

Serv ices

Prov ider of residential, commercial and industrial insulation. Installed Building Products,

Inc.

10/11/2016 Granite Source Northern

VA

Building Products &

Serv ices

US-based provider of granite countertops. Clio Holdings, LLC

10/11/2016 Princess Marble Co Building Products &

Serv ices

Manufacturer of cultured marble vanity tops, bathtubs, shower bases

and window sills.

Clio Holdings, LLC

10/06/2016 Henry Company LLC Building Products &

Serv ices

Manufacturer of roof coatings and cement products. American Securities LLC

10/04/2016 United Building Materials,

Inc.

Building Products

Distribution

Distributor of building material such as drywall, metal framing, acoustical

ceilings and insulation to professional contractors.

Gypsum Management and

Supply, Inc.

10/03/2016 Low's Ready Mix Construction Materials Manufacturer of ready mixed concrete. Clements Concrete Co.

9/30/2016 The Dicor Corporation Building Products &

Serv ices

Manufacturer and distributor of air conditioning, heating, ventilating

and related appliances.

Airxcel, Inc.

9/30/2016 American Bath Group, LLC Building Products &

Serv ices

Designer and manufacturer of fiberglass reinforced plastic, sheet

molded compounds, acrylic bathtubs, and showers.

Lone Star Funds

9/21/2016 All Glass & Windows, Inc. Building Products

Distribution

Installer and distributor of impact-resistant glass and glass-related

products for general contractors and builders.

Prospect Partners, LLC

PAGE |

REPRESENTATIVE BUILDING PRODUCTS & MATERIALS TRANSACTIONS

10








has been acquired by has been acquired by



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

by


has purchased certain assets of






a subsidiary of


A Private Investor Group

a subsidiary of





has sold certain assets to







a portfolio company ofhas been acquired by





a division of

have been acquired by

The Wichita, Kansas aggregates, concrete,

asphalt, and paving assets

of LaFarge SA


has completed a balance sheet

restructuring and recapitalization

transaction

Strategic

Industries, LLC

Private Investors






a division of


portfolio companies of


Dyad Partners



a division of



a subsidiary of




a division of



a division of






















&








http://colonialwebb.com/

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

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 andcollaboration across the firm, and our commitment to learning what makes them unique. For moreinformation, visit our website at www.harriswilliams.com/industries.

OUR FIRM



11

PAGE |

HARRIS WILLIAMS & CO.

12



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 a 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 7078852). 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.

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

1. NAHB

2. Construction Dive

3. ACG

4. Reuters

5. AC

6. FactSet

7. Mergermarket

http://www.harriswilliams.com/

building products & materials - harriswilliams.com · building products & materials ......

Documents