building products & materials

www.harriswilliams.de

Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Christopher Williams, Mr. Ned Valentine, Mr. Paul Poggi and Mr. Thierry Monjauze, authorised and regulated by the Financial Conduct Authority.

Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins.

BUILDING PRODUCTS & MATERIALS

0

INDUSTRY UPDATE │ AUGUST 2015

PAGE |

www.harriswilliams.com

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 [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 August 2015. This report provides commentary and analysis oncurrent capital market trends and merger and acquisition dynamics within theglobal building products and materials industry.

We hope you find this edition helpful and encourage you to contact us directly ifyou would like to discuss our perspective on current industry trends and M&Aopportunities or our relevant industry experience.



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.

Construction

Materials

Building

Products

Distribution &

Services

has been acquired by

a portfolio company of

a portfolio company ofhas been acquired by


Select Atlanta, Georgia

aggregates assets of LaFarge

SA have been acquired by


a division of


a portfolio company ofa subsidiary of

Aggregates

Asphalt

Aluminum

Bricks

Clay

Glass

Precast Concrete /

Ready Mix

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



a division of



a subsidiary of

www.harriswilliams.de


has been acquired byhas been acquired by

a portfolio company ofa portfolio company of











has been recapitalizedby


http://www.harriswilliams.com/

mailto:[email protected]




PAGE |


WHAT WE’RE READING

2

JUNE CONSTRUCTION SPENDING POSTS SMALLEST GAIN IN FIVE MONTHS, BUT UP 12% ANNUALLY

BUILDING MATERIAL PRICES FALL DESPITE RISING CONSTRUCTION SPENDING

BUILDERS’ SENTIMENT INCHES UP

OLDCASTLE PARENT CLOSES ON LAFARGE, HOLCIM ASSETS

Forbes Business 8/3/2015

Construction spending in the U.S. rose 12% year-over-year in June, the Commerce Department said Monday. But on amonthly basis, the gain was the smallest in five months. Spending in June was nearly flat with May’s level, inchingup just 0.1% to a seasonally adjusted annual rate of $1,064.6 billion. That was the smallest rise for construction spendingsince January. But June’s total is 12% higher than the estimate for June 2014, when (seasonally adjusted, annual)construction spending stood at $950.3 billion. The June increase fell short of the consensus 0.6% bump forecast byeconomists surveyed ahead of the release by Bloomberg .

Read the full article here.

Construction Dive 8/17/2015

The July numbers bucked conventional wisdom, which says prices of building materials should spike whenconstruction spending is up and fall when spending is down. But nonresidential construction spending is on anupswing, rising by approximately 11.5% between June 2014 and June 2015, and multifamily construction is booming inmost U.S. cities. Yet the prices of concrete, fabricated structural metal products, iron and steel, prepared asphalt,metals, and nonferrous wire and cable fell slightly last month. Crude energy materials and crude petroleum pricestumbled more substantially.


NAHB 8/17/2015

The August read on builder sentiment continued its slow rise to a nine plus year high of 61, up one point from July. Theindex has been at 60 or more since June and above the tipping point of 50 since July 2014. Components measuringcurrent and future home sales also rose to or remained at new heights not seen since late 2005. The current salesindex rose one point to 66 and the expected sales component remained at 70 after rising to that level in July.Regional indicators (as measured by a three-month moving average) also rose or remained at heightened levels.


Rock Journal 8/6/2015

CRH has closed on a portfolio of Lafarge S.A. and Holcim Ltd. cement, concrete and aggregate production assets in10 countries across the Americas and Europe. At a $7.2 billion enterprise value, the transaction is among the largest todate involving publicly traded, global heavy building materials companies – trailing Cemex-Rinker andHeidelbergCement-Hanson ($15 billion–$16 billion; 2007) and Lafarge-Orascom ($12 billion, 2008). The acquired assetsrepresent the bulk of properties Lafarge and Holcim officials agreed to unload in advance of an early-July mergerforming LafargeHolcim Ltd. The assets span nearly 700 sites, approximately 10 percent of which are cement, readymixed concrete and aggregate plants, plus 18 terminals, under or tied to Holcim (Canada) Inc. Those propertiesextend to the north a solid footprint Oldcastle Materials enjoys throughout Great Lakes markets in the U.S.


U.S. HOUSING STARTS NEAR EIGHT-YEAR HIGH, BUT PERMITS FALL

Reuters 8/18/2015

WASHINGTON, Aug 18 (Reuters) - U.S. housing starts rose to a near eight-year high in July as builders ramped upconstruction of single-family homes, suggesting that the economy was firing on almost all cylinders. The CommerceDepartment report on Tuesday added to solid payrolls, retail sales and industrial output data in suggesting theeconomy got off to a strong start in the third quarter. The steady flow of upbeat economic reports has bolstered viewsthat the Federal Reserve will raise interest rates in September. "The Fed is likely to take further reassurance that housingis on an improving trend and this should add to the view that the economy is in more normal territory," said JohnRyding, an economist at RDQ Economics in New York.





http://www.forbes.com/sites/erincarlyle/2015/08/03/june-construction-spending-up-12-over-prior-year/

http://www.constructiondive.com/news/building-material-prices-fall-despite-rising-construction-spending/404054/

http://eyeonhousing.org/2015/08/builders-sentiment-inches-up/

http://www.rockproducts.com/news-late/14611-oldcastle-parent-closes-on-lafarge-holcim-assets.html#.VdJ_-xRVhBc

http://www.reuters.com/article/2015/08/18/usa-economy-idUSL1N10T0N120150818

PAGE |


11.8x

11.2x

9.8x

Building Products Distributors

Building Products

Building Materials

PUBLIC MARKETS



3

MEDIAN TEV / 2015 EBITDA

MEDIAN REVENUE GROWTH (2014 – 2015P)

MEDIAN EBITDA MARGIN (2013 – 2015P) MEDIAN EBITDA GROWTH (2014E-2015P)

MEDIAN CAPEX / REVENUE (2015E)

MEDIAN REVENUE GROWTH (2011 – 2014)

HISTORICAL STOCK PRICES (AUGUST 10TH, 2010 – AUGUST 15TH, 2015)

(50%)

0%

50%

100%

150%

200%

Aug-10 Feb-11 Aug-11 Feb-12 Aug-12 Feb-13 Aug-13 Feb-14 Aug-14 Feb-15 Aug-15

Building Materials Index Building Products Index Building Products Distributors Index S&P 500 Index

9.9%

8.7%

7.3%


Building Products

Building Materials

3.8%

7.1%

2.9%


Building Products

Building Materials

4.9%

12.8%

15.0%


Building Products

Building Materials

8.9%

14.7%

9.9%


Building Products

Building Materials

1.2%

2.7%

5.8%


Building Products

Building Materials


PAGE |


PUBLIC COMPARABLES

4

BUILDING PRODUCTS



As of August 17, 2015 ($ in Millions, except per share amounts)

Stock Performance

Current % of 2014 TEV / EBITDA

Price LTM High Mkt Cap TEV Revenue EBITDA Margin 2015 2016

ASSA ABLOY AB $19.82 91.8% $22,254 $25,038 $7,265 $1,312 18.1% 17.1x 15.6x

Mohawk Industries Inc. 206.96 99.6% 15,328 18,661 7,803 1,161 14.9% 13.6x 11.5x

Masco Corporation 27.18 95.8% 9,362 11,458 8,521 1,003 11.8% 11.0x 10.0x

Fortune Brands Home & Security, Inc. 50.98 99.9% 8,141 9,310 4,014 498 12.4% 14.7x 12.2x

Lennox International, Inc. 123.53 98.7% 5,631 6,640 3,367 387 11.5% 14.6x 12.6x

Owens Corning 46.45 99.5% 5,459 7,596 5,276 717 13.6% 9.5x 8.4x

USG Corporation 32.19 98.5% 4,666 6,562 3,724 454 12.2% 11.1x 9.6x

Kingspan Group plc 25.23 94.6% 4,445 4,623 2,289 229 10.0% 15.0x 12.7x

Armstrong World Industries, Inc. 58.73 98.0% 3,245 4,080 2,515 313 12.5% 11.0x 9.8x

Masonite International Corporation 64.64 88.2% 1,961 2,319 1,838 117 6.3% 11.7x 8.6x

Interface Inc. 25.63 94.3% 1,691 1,878 1,004 113 11.3% 12.0x 10.4x

Trex Co. Inc. 40.83 70.7% 1,312 1,346 392 84 21.4% 13.6x 11.0x

Nortek Inc. 74.63 83.0% 1,214 2,670 2,546 242 9.5% 9.1x 8.2x

American Woodmark Corp. 64.87 98.0% 1,063 901 807 57 7.0% 11.2x 9.9x

Ply Gem Holdings, Inc 14.26 93.2% 972 1,992 1,567 119 7.6% 11.5x 8.6x

Continental Building Products, Inc. 20.49 84.6% 892 1,206 425 115 27.0% 8.7x 7.6x

NCI Building Systems Inc. 11.50 53.0% 849 1,289 1,383 69 5.0% 9.7x 7.5x

Tyman plc 4.85 90.7% 827 990 547 84 15.4% 10.2x 9.3x

Quanex Building Products Corporation 19.54 89.1% 671 612 597 45 7.5% 9.2x 7.2x

PGT, Inc. 13.06 80.2% 639 785 306 44 14.2% 11.0x 9.2x

Overall Median 93.8% 12.0% 11.2x 9.7x

Overall Mean 90.1% 12.5% 11.8x 10.0x


PAGE |


PUBLIC COMPARABLES

5

DISTRIBUTORS




Stock Performance



Wolseley plc $66.54 96.9% $16,856 $18,822 $20,129 $1,381 6.9% 11.6x 10.4x

HD Supply Holdings, Inc. 34.37 93.4% 6,961 12,167 9,009 831 9.2% 13.6x 12.2x

Beacon Roofing Supply, Inc. 36.00 99.0% 1,802 2,076 2,371 126 5.3% 12.6x 10.3x

Builders FirstSource, Inc. 14.22 91.9% 1,549 1,917 1,604 61 3.8% 22.3x 17.1x

Stock Building Supply Holdings, Inc. 19.03 75.5% 502 582 1,296 32 2.5% 13.3x 8.8x

Hardwoods Distribution Inc. 13.02 93.8% 217 254 389 22 5.7% 9.7x 9.1x

CanWel Building Materials Group Ltd. 4.19 83.5% 176 321 656 25 3.8% 12.0x 9.2x

Bluelinx Holdings Inc. 0.90 64.7% 87 564 1,979 23 1.2% NA NA

Huttig Building Products Inc. 3.13 71.1% 78 154 642 14 2.1% NA NA

Goodfellow Inc. 6.91 82.0% 59 109 409 13 3.1% NA NA

Taiga Building Products Ltd. 0.61 84.2% 20 235 1,104 35 3.1% NA NA


Overall Mean 85.1% 4.2% 13.6x 11.0x


PAGE |


PUBLIC COMPARABLES

6

BUILDING MATERIALS




Stock Performance



Aggregates and Cement

LafargeHolcim Ltd. $67.36 85.0% $21,882 $33,678 $19,238 $3,755 19.5% 5.3x 5.1x

CRH plc 30.51 97.1% 25,092 28,033 22,892 1,972 8.6% 12.1x 9.7x

HeidelbergCement AG 78.53 91.7% 14,624 22,796 15,281 2,472 16.2% 7.9x 7.2x

Vulcan Materials Company 97.84 99.6% 13,022 14,993 2,994 575 19.2% 18.3x 13.9x

CEMEX, S.A.B. de C.V. 0.81 77.6% 10,314 25,825 14,228 2,482 17.4% 9.0x 7.7x

Martin Marietta Materials, Inc. 173.54 99.0% 11,727 13,343 2,679 588 22.0% 15.9x 12.4x

Eagle Materials Inc. 83.29 78.8% 4,214 4,730 1,032 284 27.5% 12.1x 9.7x

Summit Materials, Inc. 26.48 91.3% 1,293 2,297 1,204 174 14.4% 8.2x 7.1x

Median 91.5% 18.3% 10.5x 8.7x

Mean 90.0% 18.1% 11.1x 9.1x

Heavy Construction Materials

James Hardie Industries plc $13.35 90.4% $5,933 $6,238 $1,622 $348 21.5% 14.4x 12.3x

Boral Limited 4.83 94.9% 3,695 4,349 3,643 335 9.2% 9.8x 8.8x

Headwaters Incorporated 21.15 97.2% 1,562 2,039 825 134 16.2% 12.0x 10.3x

U.S. Concrete, Inc. 55.72 96.8% 823 1,089 704 70 9.9% 9.5x 7.8x

Median 95.9% 20.7% 10.9x 7.8x

Mean 94.8% 14.2% 11.4x 9.8x

Lumber and Wood Products

Weyerhaeuser Co. $30.94 83.5% $16,038 $20,333 $7,693 $1,722 22.4% 13.6x 11.1x

West Fraser Timber Co. Ltd. 41.65 69.3% 3,485 3,779 3,330 497 14.9% 8.7x 5.8x

Canfor Corp. 16.55 67.7% 2,210 2,628 2,891 442 15.3% 7.4x 4.9x

Louisiana-Pacific Corp. 16.64 89.3% 2,371 2,646 1,935 16 0.8% 44.1x 11.0x

Norbord, Inc. 17.92 80.1% 1,536 2,278 1,198 89 7.4% 21.6x 7.2x

Boise Cascade Company 30.95 70.5% 1,235 1,391 3,574 196 5.5% 8.1x 6.5x

Universal Forest Products Inc. 63.95 99.7% 1,286 1,420 2,660 130 4.9% 8.8x 8.1x

Median 80.1% 7.4% 8.8x 7.2x

Mean 80.0% 13.9% 11.9x 7.8x


Overall Mean 87.3% 14.4% 13.0x 8.8x


PAGE |


M&A TRANSACTIONS

7



Announced

DateTarget Vertical Business Description Acquirer

8/14/2015 Limestone Property on the

North Coast of British

Columbia

Building Materials Limestone Property on the North Coast of British Columbia comprises

limestone mineral property and is located in Canada.

Durango Resources Inc.

8/12/2015 Quest Construction

Products, LLC

Building Products Quest Construction Products, LLC manufactures protective systems and

coatings for the construction Industry.

Building Materials

Corporation of America,

Inc.

8/11/2015 Lindab Inc. Building Products Lindab Inc. engages in the development, manufacture, and marketing

of sheet metal products for the heating, ventilation, and air conditioning

(HVAC) industry.

Ductmate Industries, Inc.

8/4/2015 Martin Marietta Materials,

Inc., California Cement

Business Assets

Building Materials Martin Marietta Materials, Inc., California Cement Business Assets

includes the business operations manufacturing cement.

CalPortland Company, Inc.

8/4/2015 Select Aggregate and

Ready-Mixed Concrete

Facilities

Building Materials Three Aggregates Facilities and Seven Ready-Mixed Concrete

Operations in Arizona and New Mexico were acquired by Vulcan

Materials Company.

Vulcan Materials Company

8/4/2015 Beatrice Concrete

Company, Inc.

Building Products Beatrice Concrete Company, Inc. produces sand, gravel, and crushed

rock.

NEBCO, Inc.

8/4/2015 Midwest Millwork, Inc. Building Products Midwest Millwork, Inc. manufactures cabinets, doors, millwork,

windows, hardware, plywood, framing lumber, and building materials.

Bliffert Lumber & Fuel

Company, Inc.

8/3/2015 Alaska Industrial

Hardware, Inc.

Distribution Alaska Industrial Hardware, Inc. operates as a retailer and distributor of

hand and power tools, builder hardware, contractor and industrial

supplies, and maintenance and safety products in Alaska.

Bering Straits Native

Corporation

8/3/2015 MGM Industries,

Incorporated

Building Products MGM Industries, Incorporated produces custom PVC v inyl window and

door products for homeowners, builders, and remodelers.

Custom Window Systems,

Inc.

7/29/2015 Structus Building

Technologies, Inc.

Building Products Structus Building Technologies, Inc. designs and manufactures building

products for the drywall industry.

CertainTeed Gypsum, Inc.

7/29/2015 US LBM Holdings, LLC Distribution US LBM Holdings, LLC, through its subsidiaries, distributes building

materials in the Midwest, Northeast, Southeast, the Mid-Atlantic, and

Western United States.

Kelso & Company

7/29/2015 Watts Water Technologies,

Inc., Select Assets

Building Products Select assets of Watts Water Technologies, Inc., including facilities

related to brass fittings, brass & tubular and v inyl tubing product lines for

homes.

Sioux Chief Manufacturing

Company, Inc.

7/27/2015 Roofing Supply Group, LLC Distribution Roofing Supply Group, LLC distributes and markets roofing materials and

related building products in the United States.

Beacon Roofing Supply,

Inc.

7/22/2015 Interline Brands Inc. Distribution Interline Brands, Inc., together with its subsidiaries, operates as a

distributor and direct marketer of broad-line maintenance, repair, and

operations products in the United States, Canada, and Central America.

The Home Depot, Inc.

7/21/2015 Madawaska Doors, Inc. Building Products Madawaska Doors, Inc. manufactures and markets wooden doors. Plaintree Systems Inc.

7/17/2015 House of Doors, Inc. Distribution House of Doors, Inc. supplies, installs, and serv ices commercial and

residential sectional doors, rolling steel doors, dock equipment, and

wood carriage house doors.

Material Handling Serv ices,

LLC

7/15/2015 Cali Bamboo, LLC Building Products Cali Bamboo, LLC manufactures green building products for residential

and commercial projects.

High Road Capital Partners;

High Road Capital Partners

Fund I I , L.P.

7/14/2015 Better Life Technology, LLC Building Products Better Life Technology, LLC manufactures and supplies roll-out garage

and concrete basement floor covers worldwide.

Century Park Capital

Partners, LLC; Century Park

Capital Partners I I , L.P

7/1/2015 Jarv is Supply Company,

Inc.

Distribution Jarv is Supply Company, Inc. distributes industrial tooling to machine

shops in Colorado and beyond.

BlackHawk Industrial

Distribution, Inc.

7/2/2015 BD Enterprises, Inc. Distribution BD Enterprises, Inc., doing business as Single Source Cabinet Supplies,

distributes and sells laminates, millwork, and cabinetry supplies.

Richelieu Hardware Ltd.


PAGE |


M&A TRANSACTIONS

8



Announced


6/30/2015 Advanced Flooring and

Design LLC

Building Products Advanced Flooring and Design LLC manufactures floor covering and

interior finish products to builders and homebuyers.

Interior Specialists, Inc.

6/24/2015 Golden State Window &

Door Design

Building Product

Distribution

Golden State Window & Door Design supplies doors, windows, molding,

and mantles to residential and commercial customers.

Golden State Lumber, Inc.

6/23/2015 C.H.I . Overhead Doors,

Inc.

Building Products C.H.I . Overhead Doors, Inc. manufactures residential, commercial,

rolling steel, and garage doors for residential and business applications.

KKR & Co. L.P.; KKR North

American XI Fund, L.P.

6/19/2015 Craft Equipment Company Distribution Craft Equipment Company distributes material handling, storage, and

waste reduction equipment in Alabama, Florida, Georgia, South

Carolina, and Tennessee.

Material Handling Serv ices,

LLC

6/17/2015 Anchor Block Company

and Anchor Wall Systems,

Inc.

Building Materials Anchor Block Company designs, manufactures, and sells concrete

landscape and masonry products.

Oldcastle Architectural,

Inc.

6/11/2015 Oldcastle Surfaces, Inc. Building Materials Oldcastle Surfaces, Inc. manufactures and markets countertops and

solid surfaces.

Seven Stone Surface

Fabrication, Inc.

6/10/2015 Kentec, Inc. Distribution Kentec, Inc. distributes commercial quality tools, pneumatic nailing and

stapling systems, foam insulation, and adhesives.

Southern Fastening Systems,

Inc.

6/8/2015 Rock Ridge Stone Inc. Building Materials Rock Ridge Stone Inc. quarries, manufactures, and distributes natural

stone products for outdoor applications in the residential and

commercial construction markets.

Salt Creek Capital I I , LLC

6/4/2015 A.H. Harris & Sons, Inc. Distribution A.H. Harris & Sons, Inc. distributes and sells construction supplies to

heavy and highway construction, commercial, industrial, and residential

markets.

Frontenac Company

6/3/2015 Stock Building Supply

Holdings, Inc.

Distribution Stock Building Supply Holdings, Inc., together with its subsidiaries,

distributes lumber and building materials in the United States.

Building Materials Holding

Corporation

6/3/2015 Insulation Fabricators, Inc. Building Products Insulation Fabricators, Inc. fabricates and distributes thermal and

acoustical insulation products for industrial and commercial markets.

Distribution International,

Inc.

6/2/2015 Mason Corporation Building Products Mason Corporation manufactures aluminum building products for the

residential and light commercial markets. I ts products include glass

enclosures, retractable doors, awnings, and patio covers.

Superior Metal Products

Co., Inc.

6/1/2015 ProCoat Systems, Inc. Distribution ProCoat Systems, Inc. supplies building materials to commercial and

residential construction projects in Colorado and surrounding areas.

Beacon Roofing Supply,

Inc.

6/1/2015 DuBROOK Concrete, Inc. Building Materials DuBROOK Concrete, Inc. manufactures and delivers ready-mixed

concrete in the northern Virginia market through its three ready-mixed

concrete batch plants and fleet of 42 mixer trucks.

U.S. Concrete, Inc.

5/31/2015 Thermo-Cell Industries

Limited

Building Products Thermo-Cell Industries Limited manufactures thermal and acoustical

cellulose insulation, specialty fibers, and hydroseeding mulches.

US GreenFiber, LLC

5/27/2015 Advanced Building

Products, Inc.

Building Products Advanced Building Products, Inc. manufactures and installs aluminum

replacement and storm windows. I t also engages in distributing

residential exterior building materials such as siding, and roofing.

SRS Distribution, Inc.

5/22/2015 Colonial Concrete

Company, Inc.

Building Materials Colonial Concrete Company, Inc. produces ready-mix concrete and

offers products for footing applications, light weight mixes for elevated

slabs, flyash mixes, curbs and sidewalks, and color concrete.

U.S. Concrete, Inc.

5/7/2015 Simon Contractors.,

Cheyenne, Wyoming

Asphalt Terminal

Building Materials Blueknight Energy Parterns has acquired a Cheyenne, Wyoming asphalt

terminalling facility prev iously owned by Simon Contractors, a multi-

state, heavy highway contractor.

Blueknight Energy Partners,

L.P.

5/4/2015 TruStile Doors, LLC Building Products TruStile Doors, LLC designs and manufactures doors. In addition the

company provides design, planning, and support serv ices. TruStile is

based in Denver, CO.

Marv in Windows and

Doors, Inc.

4/22/2015 Holcim Ltd., Cement

Facilities in USA

Building Materials Holcim Ltd. divested its slag cement grinding facility in Camden, NJ, and

its cement terminal in Everett, MA. The acquisition will be finalized with

the pending Holcim and LaFarge merger in 2015.

ESSROC Cement Corp.


PAGE |


M&A TRANSACTIONS

9



Announced


4/22/2015 Holcim Ltd., Cement

Facilities in USA

Building Materials Holcim Ltd. divested its slag cement grinding facility in Camden, NJ, and

its cement terminal in Everett, MA. The acquisition will be finalized with

the pending Holcim and LaFarge merger in 2015.

ESSROC Cement Corp.

4/20/2015 VNS Corporation Building Products Headquartered in Vidalia, Georgia, VNS operates six full line building

material stores, a wholesale company, a one step roofing yard, two

manufacturing companies plus a construction serv ices company.

Building Materials Holding

Corporation

4/17/2015 Direct Cabinet Sales, Inc. Distribution Direct Cabinet Sales, Inc. designs, distributes, sells, and installs

kitchen/bath/storage cabinetry and related products to residential,

commercial, and new construction markets.

US LBM Holdings, LLC

4/17/2015 Rosen Materials, LLC Distribution Rosen Materials, LLC distributes residential and commercial building

products in the United States and the Caribbean.


4/17/2015 Grabill Incorporated Building Products Grabill Incorporated manufactures designer windows and doors. Pella Corporation

4/17/2015 Lafarge North America

Inc., Cement Assets

Building Materials Lafarge North America Inc., Cement Assets comprise a cement plant in

Davenport, IA, plus seven Mississippi River cement distribution terminals

that stretch from Minneapolis to New Orleans.

Continental Cement

Company, LLC

4/15/2015 A1A Sod Sand & Soil, Inc. Distribution A1A Sod Sand & Soil, Inc. operates a retail and wholesale garden

center that offers a range of commercial and residential designs,

delivery, and installations in South Florida.

A1 Group, Inc.

4/14/2015 Security Supply

Corporation

Distribution Security Supply Corporation markets plumbing, heating, and cooling

equipments.

WinWholesale Inc.

4/13/2015 ProBuild Holdings, Inc. Distribution ProBuild Holdings, Inc. distributes lumber and building materials to

builders, contractors, and tradesmen in the United States.

Builders FirstSource, Inc.

4/7/2015 Northland Construction

Supplies Ltd.

Distribution Northland Construction Supplies Ltd. supplies goods to concrete

construction, ceramic, and masonry industries.

National Concrete

Accessories

4/2/2015 Richardson Gypsum, LLC Distribution Richardson Gypsum, LLC provides construction supplies and equipment

for construction projects.


4/2/2015 Ferrara Brothers Building

Materials Corp.

Building Materials Ferrara Brothers Building Materials Corp. manufactures concrete. U.S. Concrete, Inc.

3/31/2015 Design Specialties, Inc. Building Products Design Specialties, Inc. manufactures glass fireplace doors. Blackthorne Partners LTD.

3/30/2015 Norcraft Companies, Inc. Building Products Norcraft Companies, Inc. manufactures kitchen and bathroom

cabinetry in the United States and Canada.

Fortune Brands Home &

Security, Inc.

3/30/2015 AFC Industries, Inc. Distribution AFC Industries, Inc. engages in the purchase, distribution, assembly, and

packaging of fasteners and related hardware products.

North Sky Capital; Incline

Equity Partners; Incline

Equity Partners I I I , L.P.

3/27/2015 PrimeSource Building

Products, Inc.

Distribution PrimeSource Building Products, Inc. distributes fasteners and building

materials.

Platinum Equity, LLC

3/26/2015 Martin Fireproofing

Corporation

Building Products Martin Fireproofing Corporation manufactures, sells, and installs

specialty roof deck solutions.

Innovative Metals

Company, Inc.

3/25/2015 Pinnacle Stone & Tile LLC Building Products Pinnacle Stone & Tile LLC manufactures and installs countertops, shower

and bath surrounds, fireplaces, vanities, floor inlays, and custom projects

in Northern California.

L.A.R.K. Industries, Inc.

3/25/2015 J & B Materials, Inc. Building Materials J & B Materials, Inc. is a supplier of drywall, metal studs, plaster, pool,

and general building materials.

GMS, Inc.

3/19/2015 Pipeline Supply, Inc. Distribution Pipeline Supply, Inc. operates as a wholesale distributor of plumbing,

HVAC, hydronics, radiant floor heating, sewer, water, and well supplies.

Dakota Supply Group, Inc.


PAGE |

REPRESENTATIVE BUILDING PRODUCTS & MATERIALS TRANSACTIONS



19







a portfolio company ofhas been acquired by







a division of



a division of



a division of

a subsidiary of


A Private Investor

Group

has completed a

recapitalization

with



a subsidiary of



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HARRIS WILLIAMS & CO. OFFICE LOCATIONS

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BostonTwo International Place24th FloorBoston, Massachusetts 02110Phone: +1 (617) 482-7501Fax: +1 (617) 482-7503

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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.

11

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HARRIS WILLIAMS & CO.

12



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Harris Williams & Co. (www.harriswilliams.com and www.harriswilliams.de) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Christopher Williams, Mr. Ned Valentine, Mr. Paul Poggi and Mr. Thierry Monjauze, authorised and regulated by the Financial Conduct Authority.

Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins.

The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable, but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The financial instruments discussed in this report may not be suitable for all investors, and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.

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