building products & materials industry update - november 2016

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 │ NOVEMBER 2016

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BUILDING PRODUCTS & MATERIALS GROUP OVERVIEW

1

CONTENTS

WHAT WE’RE READING

PUBLIC MARKETS

PUBLIC COMPARABLES

M&A ACTIVITY

CONTACTS

Mike HoganManaging Director

[email protected]

+1 (804) 915-0104

Ryan NelsonManaging Director

[email protected]

+1 (804) 915-0121

Trey PackardVice President

[email protected]

+1 (804) 887-6016

INTRODUCTION

Harris Williams & Co. is pleased to present our Building Products and MaterialsIndustry Update for November 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 & MATERIALS

INDUSTRY UPDATE │ NOVEMBER 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

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







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mailto:[email protected]



http://www.harriswilliams.com/

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WHAT WE’RE READING

2

WHAT’S HAPPENING TO THE TOP 1% OF U.S. HOMES BY SIZE

THE HOUSING MARKET IS SUDDENLY LOSING ONE OF ITS BIGGEST DRIVERS

HOUSING WAS LESS AFFORDABLE IN Q3 AMID CONTINUED PRICE GROWTH

ISM MANUFACTURING INDEX HITS 51.9 IN OCT.; CONSTRUCTION SPENDING DOWN 0.4% IN SEPT.

Construction Dive 11/11/2016

A small drop in mortgage interest rates couldn’t stand up to rising home prices, making housing less affordable duringthe third quarter, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.

Regulatory costs, limited lot availability and a continued shortage of skilled workers all contributed to home priceappreciation during the period, NAHB Chief Economist Robert Dietz said in a release.

Read the full article here.



HOUSING RECOVERY CONTINUES AT MODEST PACE

Construction 11/14/2016

The number of U.S. home starts priced at $1 million or more dropped 41.6% to 1,762 in 2015, according to the NationalAssociation of Home Builders citing data from the Census Bureau Survey of Construction.

The number of homes in this price bracket has been largely on the decline since peaking at 5,647 in 2005. Althoughthe category bottomed out at 128 in 2011, it's unclear whether it will return to its pre-recession height.

Meanwhile, the category's share of the overall market for new home starts has continued to grow. The categoryaccounted for 0.55% of new home starts in 2005 and 1.06% in 2015. It reported the smallest share — 0.06% — in 2011.


CNBC 11/1/2016

U.S. construction spending unexpectedly fell in September as outlays on private nonresidential structures recorded their biggest decline in nine months, which could see a mild downward revision to the third-quarter economic growth estimate. The Commerce Department said that construction spending slipped 0.4 percent after an upwardly revised 0.5 percent drop in August. Construction outlays were down 0.2 percent from a year ago.


NAHB 11/7/2016

Markets in 162 of the approximately 340 metro areas nationwide returned to or exceeded their last normal levels ofeconomic and housing activity in the third quarter of 2016, according to the National Association of HomeBuilders/First American Leading Markets Index (LMI) released today. This represents a year-over-year net gain of 73markets.

The index’s nationwide score ticked up to .98, meaning that based on current permit, price and employment data,the nationwide average is running at 98 percent of normal economic and housing activity. Meanwhile, 91% ofmarkets have shown an improvement year over year.


Business Insider 11/23/2016

Mortgage rates recently surged. From 3.6% on November 11, the average 30-year mortgage rate jumped to almost4% on November 14. "This is a classic exogenous shock," said Mark Fleming, the chief economist at First American. "Wehad a rate path, and now there's a new rate path." On November 17th, a report from the Mortgage BankersAssociation's showed that purchase and refinancing applications fell to the lowest level since January. The index thatmeasures this activity fell 9.2% in the week ended November 11.


http://www.constructiondive.com/news/housing-was-less-affordable-in-q3-amid-continued-price-growth/430206/

http://www.constructiondive.com/news/whats-happening-to-the-top-1-of-us-homes-by-size/430356/

http://www.cnbc.com/2016/11/01/us-construction-spending-in-september-2016-ism-manufacturing-in-october.html

https://www.nahb.org/en/news-and-publications/press-releases/2016/11/housing-recovery-continues-at-modest-pace.aspx

http://www.businessinsider.com/mortgage-rates-rise-2016-11?utm_source=feedly&utm_medium=referral

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PUBLIC MARKETS



3

MEDIAN TEV / 2016E EBITDA

MEDIAN REVENUE GROWTH (2016E – 2017P)

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

MEDIAN CAPEX / 2016E REVENUE

MEDIAN REVENUE GROWTH (2012 – 2016E)

HISTORICAL STOCK PRICES (NOVEMBER 23, 2011 – NOVEMBER 23, 2016)

HISTORICAL MEDIAN TEV / NTM EBITDA (NOVEMBER 23, 2011 – NOVEMBER 23, 2016)

100

140

180

220

260

300

340 Building Products Index

Building Products Distributors Index

Construction Materials Index

S&P 500 Index

6.0x

7.0x

8.0x

9.0x

10.0x

11.0x

12.0x

13.0x

Building Products Index

Building Products Distributors Index

Construction Materials Index

S&P 500 Index

9.4x

9.9x

10.0x

Construction Materials

Building Products Distributors

Building Products

9.1%

8.1%

7.8%



Building Products

11.4%

8.8%

5.8%



Building Products

19.2%

6.6%

16.4%



Building Products

14.9%

4.9%

12.7%



Building Products

6.3%

1.0%

3.1%



Building Products

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PUBLIC COMPARABLES

4

BUILDING PRODUCTS



As of November 23, 2016

Building Products

Stock Performance

Current % of 2016E TEV / EBITDA EBITDA

($ in millions except per share data) Price LTM High Mkt. Cap TEV Rev. EBITDA Current 2016E 2017P

Windows & Doors

Masonite International Corp. $67.40 92.6% $1,863 $2,526 $1,977 $251 12.7% 10.1x 8.7x

Ply Gem Holdings, Inc. 15.95 98.2% 854 1,959 1,891 227 12.0% 8.6x 7.6x

Tyman Plc 3.15 69.5% 749 724 559 93 16.6% 7.8x 6.8x

Quanex Building Products Corporation 19.75 91.2% 641 940 930 110 11.8% 8.6x 7.8x

PGT, Inc. 11.30 90.5% 556 790 459 77 16.8% 10.2x 8.8x

Median 91.2% $930 $110 12.7% 8.6x 7.8x

Roofing, Decking & Siding

Kingspan Group Plc $25.80 87.5% $4,675 $5,083 $3,283 $423 12.9% 12.0x 11.4x

USG Corporation 27.77 90.0% 3,538 5,362 3,189 625 19.6% 8.6x 8.2x

Trex Company, Inc. 69.70 96.5% 1,176 2,030 477 126 26.4% 16.1x 14.3x

Continental Building Products, Inc. 22.65 91.4% 729 1,147 460 132 28.6% 8.7x 8.3x

Median 90.7% $1,833 $278 23.0% 10.4x 9.9x

Cabinets, Plumbing / HVAC

Masco Corporation $32.42 86.7% $10,518 $12,627 $7,368 $1,229 16.7% 10.3x 9.4x

Fortune Brands Home & Security, Inc. 56.72 88.0% 8,875 10,248 5,010 781 15.6% 13.1x 11.4x

Lennox International Inc. 152.99 93.3% 5,580 7,694 3,623 526 14.5% 14.6x 13.0x

American Woodmark Corporation 74.70 83.1% 1,186 1,038 1,019 123 12.0% 8.5x 7.6x

Median 87.4% $4,316 $653 15.0% 11.7x 10.4x

Hardware

ASSA ABLOY AB $18.33 81.4% $23,452 $22,964 $7,710 $1,357 17.6% 16.9x 15.0x

Simpson Manufacturing Co., Inc. 47.85 98.8% 1,645 2,095 857 175 20.4% 12.0x 11.0x

Richelieu Hardware Ltd 20.06 89.9% 1,044 1,163 631 70 11.1% 16.6x 15.2x

Median 89.9% $857 $175 17.6% 16.6x 15.0x

Glass / Building Systems

Owens Corning $52.62 89.7% $5,451 $8,170 $5,600 $1,043 18.6% 7.8x 7.6x

Apogee Enterprises, Inc. 47.80 91.9% 1,130 1,310 1,078 156 14.5% 8.4x 7.3x

NCI Building Systems, Inc. 17.45 97.8% 775 1,641 1,690 165 9.8% 9.9x 8.8x

Median 91.9% $1,690 $165 14.5% 8.4x 7.6x

Flooring

Mohawk Industries, Inc. $199.50 92.1% $14,001 $17,519 $8,926 $1,714 19.2% 10.2x 9.7x

Armstrong World Industries, Inc. 41.25 81.9% 2,532 3,041 1,240 319 25.8% 9.5x 9.0x

Interface, Inc. 18.07 87.4% 1,261 1,276 971 135 13.9% 9.5x 8.3x

Median 87.4% $1,240 $319 19.2% 9.5x 9.0x

Overall Median 90.3% $1,465 $201 16.1% 10.0x 8.8x

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PUBLIC COMPARABLES

5

BUILDING PRODUCTS DISTRIBUTORS



1) Pro forma EBITDA figures from the presentation for the Rugby Architectural Building Products acquisition



Stock Performance



Wolseley plc $5.77 95.2% $13,984 $16,090 $18,737 $1,525 8.1% 10.6x 10.4x

HD Supply Holdings, Inc. 39.31 99.7% 5,257 11,935 7,444 925 12.4% 12.9x 11.9x

Beacon Roofing Supply, Inc. 45.94 93.8% 2,520 3,877 4,127 347 8.4% 11.2x 10.0x

Builders FirstSource, Inc. 11.65 82.4% 1,216 3,269 6,318 369 5.8% 8.9x 7.3x

BMC Stock Holdings, Inc. 19.35 90.0% 1,094 1,691 3,107 194 6.2% 8.7x 7.4x

Hardwoods Distribution Inc. 12.98 84.4% 217 346 585 35 5.9% 10.0x 8.0x

CanWel Building Materials Group Ltd. 3.95 71.6% 146 365 751 40 5.4% 9.1x 7.7x

Huttig Building Products, Inc. 5.69 81.3% 95 208 710 21 3.0% 9.9x 7.7x

Goodfellow Inc. 7.30 78.1% 66 139 452 17 3.8% 8.2x 7.7x


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PUBLIC COMPARABLES

6

CONSTRUCTION MATERIALS





Stock Performance



Aggregates and Cement

LafargeHolcim Ltd. $52.82 88.9% $30,430 $53,406 $27,375 $6,374 23.3% 8.4x 9.2x

CRH Plc 32.88 91.6% 23,708 35,998 30,711 3,444 11.2% 10.5x 9.5x

HeidelbergCement AG 88.63 86.1% 15,437 29,167 16,415 3,101 18.9% 9.4x 8.0x

Vulcan Materials Company 127.17 92.0% 12,647 19,021 3,644 1,003 27.5% 19.0x 15.0x

Martin Marietta Materials, Inc. 220.95 93.5% 8,807 15,787 3,575 977 27.3% 16.2x 13.4x

Eagle Materials Inc. 94.76 97.6% 3,402 4,985 1,197 411 34.4% 12.1x 10.3x

Summit Materials, Inc. 23.97 96.6% 1,197 3,330 1,495 368 24.6% 9.1x 7.8x

Median 92.0% $3,644 $1,003 24.6% 10.5x 9.5x

Heavy Construction Materials

James Hardie Industries PLC $14.78 85.3% $6,122 $7,120 $1,906 $470 24.7% 15.1x 13.1x

Boral Limited 4.57 81.1% 3,444 4,106 3,182 471 14.8% 8.7x 8.4x

Headwaters Incorporated 23.57 98.7% 1,253 2,480 975 190 19.5% 13.1x 10.1x

U.S. Concrete, Inc. 59.20 85.0% 783 1,348 1,173 158 13.4% 8.6x 6.8x

Median 85.2% $1,539 $330 17.1% 10.9x 9.3x

Cabinets, Plumbing / HVAC

Weyerhaeuser Company $31.58 95.2% $15,304 $31,866 $6,648 $1,675 25.2% 19.0x 15.7x

West Fraser Timber Co. Ltd. 36.38 86.9% 3,118 3,217 3,331 473 14.2% 6.8x 5.9x

Louisiana-Pacific Corporation 19.90 94.9% 2,575 3,073 2,216 330 14.9% 9.3x 10.1x

Canfor Corporation 11.05 69.6% 2,093 1,963 3,157 394 12.5% 5.0x 4.7x

Norbord Inc. 24.55 91.7% 1,657 2,788 1,732 362 20.9% 7.7x 7.4x

Universal Forest Products, Inc. 102.20 92.1% 1,387 2,142 3,089 206 6.7% 10.4x 8.6x

Boise Cascade Co. 22.25 69.9% 991 1,198 3,912 162 4.1% 7.4x 6.2x

Median 91.7% $3,157 $362 14.2% 7.7x 7.4x


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M&A TRANSACTIONS

7



Announced

DateTarget Vertical Business Description Acquirer

11/14/2016 Koroseal Interior Products Building Products Manufacturer and distributor of decorative, industrial transit and office

products.

Sangetsu Corporation

11/9/2016 Halex Corporation Building Products Manufacturer of flooring installation products. GCP Applied Technologies

11/8/2016 Mesker Door Building Products 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 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 Manufactures v inyl and aluminum windows and doors. Management

10/18/2016 US Floors Building Products Manufacturer of wood-plastic composite (WPC) flooring in the LVT

category, as well as cork, bamboo and hardwood products.

Shaw Industries Group

10/17/2016 East Coast Insulators Inc. Building Products Prov ider of residential, commercial and industrial insulation. Installed Building Products,

Inc.

10/11/2016 Granite Source Northern

VA

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

10/11/2016 Princess Marble Co Building Products Manufacturer of cultured marble vanity tops, bathtubs, shower bases

and window sills.

Clio Holdings, LLC

10/06/2016 Henry Company LLC Building Products 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 Manufacturer and distributor of air conditioning, heating, ventilating

and related appliances.

Airxcel, Inc.

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

9/20/2016 United Copper Industries,

Inc

Building Products Manufacturer of copper building wires for the electrical distribution

market.

Southwire Company, LLC

9/16/2016 Polycor Inc. Construction Materials Manufacturer of granite, marble, limestone, recycled glass, karmstone

and soapstone products.

Torquest Partners Inc.

9/16/2016 Swenson Granite

Company LLC

Construction Materials Engages in quarrying and cutting granite. Polycor Inc.

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M&A TRANSACTIONS

8



Announced


9/16/2016 Groom Energy Solutions

LLC

Building Products Prov ider of commercial and industrial energy solutions including

consulting, designing, building, maintaining and financing energy

projects.

DK Energy US LLC

9/14/2016 Fortiline Building Products

Distribution

Wholesale distributor of underground water, sewer and storm utility

products.

MORSCO

9/7/2016 M.B. Roofing Systems Building Products Specializes in re-roofing commercial properties with low sloped roofing

systems.

Tecta America

9/7/2016 US Impact Systems Building Products Fabricator of storefront window and door products. PGT Industries, Inc.

9/7/2016 Solarfective Products

Limited

Building Products Manufacturer of of roller shades, skylights, and projection screens. Legrand SA

9/6/2016 Fabcon Construction Materials Manufacturer of precast, pre-stressed concrete wall panels for

nonresidential construction applications.

Platinum Equity

9/6/2016 Wilson Parker Homes Building Products Wilson Parker homes focuses on the construction and development of

housing properties

D.R. Horton Inc.

9/2/2016 Olympia Building Supplies Construction Materials Leading supplier of wallboard and related construction products

including steel studs, joint compound, finishing products, insulation and

other specialty products to the South Florida market.

GMS Inc.

8/29/2016 L&W Supply Construction Materials L&W is one of the largest distributors of gypsum wallboard and

suspended ceiling tiles.

ABC Supply

8/29/2016 Dauenhauer Plumbing Building Products Dauenhauer Plumbing is the leading provider of maintenance and new

installation plumbing serv ices in Kentucky.

Trivest

8/29/2016 CEMEX (certain assets in

Texas and New Mexico)

Construction Materials The assets being sold by mainly consist of CEMEX’s cement plant in

Odessa, Texas, two cement terminals and the building materials business

in El Paso, Texas and Las Cruces, New Mexico.

Grupo Cementos de

Chihuahua (GCC)

8/22/2016 IDS Specialty Building

Products

Building Products Full line insulation and specialty serv ices contractor. United Subcontractors

8/22/2016 Riobel Building Products Riobel manufactures plumbing faucets and fixtures. Fortune Brands

8/18/2016 HeidelbergCement, Select

Assets

Construction Materials HeidelbergCement, through its subsidiaries Essroc Corp. and Lehigh

Hanson, Inc., has entered into a definitive agreement with Argos USA

LLC, a subsidiary of Cementos Argos, to sell its Martinsburg, West Virginia

cement plant and eight related terminals.

Cementos Argos

8/16/2016 Southern Insulators &

Specialties

Building Products Southern Insulators & Specialties is an installer of fiberglass insulation and

spray foam insulation.

Installed Building Products

8/15/2016 Tecta America Building Products Prov ider of commercial roofing serv ices in the US offering installation,

replacement and repair serv ices.

ONCAP

8/11/2016 Absolute Coatings, Inc. Building Products Prov ides wood floor installation serv ices. Huron Capital Partners

8/10/2016 Jenna Concrete Corp. Construction Materials Produces ready-mix concrete. U.S. Concrete, Inc.

8/9/2016 SensoCrete, Inc. Construction Materials Prov ides ready mix concrete serv ices. The firm's technology Verifi

system that monitors and controls the final stages of the manufacturing

process while the concrete is in transit and before it is poured.

GCP Applied Technologies,

Inc.

8/9/2016 Griplock Systems Building Products Designs and markets adjustable cable suspension systems primarily for

the linear fluorescent lighting and theatrical rigging industries.

Spell Capital Partners

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M&A TRANSACTIONS

9



Announced


8/8/2016 AquiSense Technologies Building Products Manufactures UV-C LED systems to disinfect water, air, and surfaces

without the use of chemicals or Mercury.

Nikkiso America, Inc.

8/4/2016 Door Engineering &

Manufacturing

Building Products Prov ides customized industrial, commercial, av iation, and specialty door

solutions.

Audax Group, Inc.

8/3/2016 Dectron, Inc. Building Products Global prov ider of highly-engineered custom and semi-custom

dehumidification, air quality, and energy recovery solutions primarily for

indoor pools.

Specified Air Solutions

8/2/2016 Krestmark Industries Building Products Manufacturer of v inyl and alumninum windows and patio doors. Headwaters, Inc.

8/1/2016 Wind Mill Slatwall Products Building Products Wind Mill Slatwall Products manufactures slatwall, custom retail display

products, fixtures, and wood component parts.

Amerhart Limited

7/27/2016 Reilly Windows & Doors Building Products Manufacturer and designer of custom window walls and doors. Pella Corporation

7/21/2016 PPG Flat Glass Unit Building Products Manufactures flat glass. Vitro, S.A.B. de C.V.

7/18/2016 Alltemp Products Building Products Manufactures heating, ventilating, and air conditioning equipment. DiversiTech Corp; The

Jordan Company

7/15/2016 E.O. Wood Building Products E.O. Wood specializes in the fabrication of Rigid Wrap® pipe and tank

insulation systems.

Distribution International,

Inc.

7/7/2016 Applied Polymerics, Inc. Building Products Manufactures supplies and installs specialist construction products,

including bridge expansion joints, concrete repair compounds,

protective coatings, and pavement preservation products.

RPM International, Inc.

7/7/2016 Marketing Associates, Inc.

(North Carolina)

Building Products Manufactures, supplies, and installs specialist construction products,

including bridge expansion joints, concrete repair compounds,

protective coatings, and pavement preservation products.

RPM International, Inc.

7/6/2016 Nortek, Inc. Building Products Manufactures and distributes building ventilation products for residential

and commercial applications.

Melrose Industries Plc

7/6/2016 RockWise LLC Building Products Supplies drywall and stucco to professional contractors in Arizona and

Colorado.

GMS, Inc.

7/5/2016 Superior Plus Building Products

Distribution

Distributes construction products, including commercial and industrial

insulation, specialty walls, and ceiling products.

Lone Star Funds

6/29/2016 Eastern Industries Corp. Construction Materials The company provides building supplies, hot-mix asphalt, masonry block,

ready-mix concrete, road oils, stone and other construction materials.

Precision Punch Corp.

6/27/2016 NYCON Supply Corp. Construction Materials Supplies concrete products for construction, municipal work, road

construction, city sidewalks, and homeowners projects.

U.S. Concrete, Inc.

6/22/2016 Lake States Lumber, Inc. Building Products

Distribution

Wholesales and distributes building materials. I t offers manufacturing,

factory refinishing, and wood preserv ing.

Cedar Creek, Inc.

6/15/2016 The Bilco Co. Building Products Manufactures building products. I t offers roof hatches, smoke vents,

floor access doors, safety products, intrusion detection, bilco basement

doors, egress window wells, and perm entry entrance.

Tyman Plc

6/13/2016 Ennis-Flint Building Products Ennis-Flint is the world leader in pavement markings and traffic safety

solutions.

Olympus Partners

6/13/2016 Rugby Architectural

Building Products

Building Products

Distribution

Rugby Architectural Building Products distributes non-structural

architectural grade building products to customers that supply end-

products to the commercial market.

Hardwoods Distribution

PAGE |

REPRESENTATIVE BUILDING PRODUCTS & MATERIALS TRANSACTIONS

20








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



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a division of



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&








http://colonialwebb.com/

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

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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 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.

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.

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Bloomberg

Builder Online

Building Design & Construction

Building-Products.com

Bureau of Economic Analysis

Business Insider

CityLab

CNBC

CNN

Concrete Construction

Conference Board

Construction Dive

Dodge Data & Analytics

Eurostat

Federal Reserve

Floor Daily

FMI Consulting

Fortune

Freedonia

Global Industry Analysts

IBIS

NAHB

New York Times

PNC Economic Outlook

Remodeling

S&P Leveraged Commentary & Data

The Wall Street Journal

Thomson Financial – SDC Database

Thomson Reuters

U.S. Census Bureau

U.S. Energy Information Administration

U.S. Geological Survey

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building products & materials industry update - november 2016

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