building products & materials · the dodge momentum index fell 3.7% in november to 119.9...

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 │ DECEMBER 2015

PAGE |

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 December 2015. This report provides commentary andanalysis on current capital market trends and merger and acquisition dynamicswithin the global 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.

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

www.harriswilliams.com

Construction Materials

Building Products

Distribution & Services has been acquired by

a portfolio company of

has been acquired by

Select Atlanta, Georgia

aggregates assets of LaFarge

SA have been acquired byhas been acquired by

a division of


a subsidiary of






a division of



a subsidiary of




a portfolio company of a portfolio company of









mailto:[email protected]



http://www.harriswilliams.com/

PAGE |

WHAT WE’RE READING

2

LONG-AWAITED HIGHWAY BILL PASSES IN CONGRESS

DODGE MOMENTUM INDEX FALLS IN NOVEMBER

U.S. BORROWING GROWTH SLOWS TO FOUR-YEAR LOW AHEAD OF RATE HIKE

GREEN AND HEALTHIER HOMES REPORT SHOWS REMODELERS ARE MAKING STRIDES

Concrete Construction 12/7/2015After many years of ups and downs and short-term solutions, Congress last week passed a bi-partisan, fully fundedtransportation bill. The Fixing America’s Surface Transportation (FAST) Act is the longest term highway infrastructure billin nearly a decade. The $305 billion, five-year bill, is a sign of relief to industry leaders and associations who have beenurging Congress to come up with a long-term bill.

Read the full article here.

Dodge 12/7/2015The Dodge Momentum Index fell 3.7% in November to 119.9 (2000=100) from its October reading of 124.5. 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. Previously, the Indexhad posted large month-to-month increases in July (+4.6%) and September (+4.9%). The loss of momentum seen inOctober and again in November is returning the Index to a level that’s more consistent with the gentle upward trendin planning activity that began in 2012. The decline in November for the overall Index was the result of a 10.2% slide incommercial planning activity, while projects entering planning in the institutional sector increased by 5.3%.


Builder 12/11/2015Market Watch staffer Steve Goldstein reports on the lowest growth in borrowing seen in over four years during the thirdquarter. The decline of the stock market took away over $1 trillion in household wealth. In the second quarter businessdebt grew 8.4%; however, in the third quarter, it only grew 4.7%. Households, meanwhile, expanded their debt at aslim 1.5% rate. A category called “other loans and advances”, which includes margin accounts at broker/dealers, fellduring the quarter and helped offset 1.6% growth in mortgage debt and the 7.2% advance in consumer credit, whichencompasses auto, student and credit-card debt.


Construction Dive 11/20/2015Remodelers and builders are increasingly committed to green building, according to a McGraw Hill Construction’s Dodge Construction Market Forecast released Wednesday morning. Nearly one-third (31%) of builders report that over 60% of home projects they’ve built this year featured green technology. By 2020, more than half (51%) of builders project that they’ll reach that same level of green work.


CONSTRUCTION MATERIAL PRICES SLIDE FOR 5TH STRAIGHT MONTH

Construction Dive 12/11/2015Construction material prices fell 0.4% between October and November and 4.2% year-over-year, according to anAssociated Builders and Contractors analysis of Bureau of Labor Statistics data released Friday. November was the fifthconsecutive month of declines in construction industry inputs in the Producer Price Index. Only four of eleven inputprices rose between October and November: softwood lumber; prepared asphalt, tar roofing and siding products;plumbing fixtures and fittings; and concrete products.



http://www.concreteconstruction.net/infrastructure20projects/long-awaited-highway-bill-passes-in-congress_o.aspx?dfpzone=general

http://construction.com/about-us/press/Dodge-Momentum-Index-Falls-in-November.asp

http://www.builderonline.com/newsletter/us-borrowing-growth-slows-to-four-year-low-ahead-of-rate-hike_c

http://www.remodeling.hw.net/business/green-and-healthier-homes-report-shows-remodelers-are-making-strides_s

http://www.constructiondive.com/news/abc-construction-material-prices-slide-for-5th-straight-month/410700/

PAGE |

13.0%

5.0%

3.1%


Building Products Distributors

Building Products

PUBLIC MARKETS


3

MEDIAN TEV / 2015E EBITDA

MEDIAN REVENUE GROWTH (2014 – 2015E)

MEDIAN EBITDA MARGIN (2011 – 2014) MEDIAN EBITDA MARGIN (2013 - 2015E)

MEDIAN CAPEX / 2015E REVENUE

MEDIAN REVENUE GROWTH (2011 – 2014)

HISTORICAL STOCK PRICES (DECEMBER 11TH, 2010 – DECEMBER 11TH, 2015)

HISTORICAL MEDIAN TEV / NTM EBITDA (DECEMBER 11TH, 2010 – DECEMBER 11TH, 2015)

10.4%

8.6%

8.6%



Building Products

12.4%

3.5%

10.0%



Building Products

13.7%

4.8%

12.6%



Building Products

5.8%

1.1%

2.8%



Building Products

9.5x

11.0x

10.2x



Building Products

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

PAGE |

PUBLIC COMPARABLES

4

BUILDING PRODUCTS


As of December 11, 2015 ($ in millions, except per share amounts)

Stock PerformanceCurrent % of 2015E TEV / EBITDA

Price LTM High Mkt Cap TEV Revenue EBITDA Margin 2015 2016

ASSA ABLOY AB $174.80 92.5% $194,164 $216,457 $68,004 $12,518 18.4% 17.3x 16.2xMohawk Industries Inc. 190.39 89.7% 14,075 17,184 8,130 1,381 17.0% 12.4x 10.6xMasco Corporation 28.96 94.6% 9,744 11,821 7,312 1,052 14.4% 11.2x 10.3xFortune Brands Home & Security, Inc. 55.30 97.9% 8,831 9,825 4,590 641 14.0% 15.3x 12.7xLennox International, Inc. 130.16 93.9% 5,864 6,748 3,469 452 13.0% 14.9x 13.0xOwens Corning 46.78 96.5% 5,454 7,430 5,357 824 15.4% 9.0x 8.1xKingspan Group plc 24.75 95.2% 4,380 4,859 2,689 305 11.3% 15.9x 14.1xUSG Corporation 23.25 70.7% 3,383 5,149 3,815 567 14.8% 9.1x 8.0xArmstrong World Industries, Inc. 45.82 75.5% 2,536 3,306 2,427 380 15.7% 8.7x 7.9xMasonite International Corporation 62.93 85.9% 1,912 2,341 1,841 195 10.6% 11.5x 9.5xAmerican Woodmark Corp. 83.96 93.4% 1,367 1,195 908 95 10.4% 12.6x 10.7xInterface Inc. 18.65 68.6% 1,228 1,387 1,018 150 14.8% 9.2x 8.1xTrex Co. Inc. 39.01 67.6% 1,204 1,250 437 95 21.8% 13.1x 10.8xNCI Building Systems Inc. 12.23 64.6% 906 1,251 1,603 137 8.5% 8.9x NAPly Gem Holdings, Inc 11.40 74.5% 776 1,751 1,876 176 9.4% 10.0x 7.7xContinental Building Products, Inc. 17.22 71.1% 727 1,024 422 124 29.4% 8.3x 7.3xNortek Inc. 43.49 46.8% 707 2,083 2,510 268 10.7% 7.8x 6.7xQuanex Building Products Corporation 17.87 81.5% 606 671 687 70 10.2% 10.1x 6.2xPGT, Inc. 11.29 69.9% 549 687 387 67 17.3% 10.3x 8.3xTyman plc 2.59 75.7% 436 540 358 58 16.2% 9.3x 8.7x

Overall Median 78.6% 14.6% 10.2x 8.7x

Overall Mean 80.3% 14.7% 11.3x 9.7x

PAGE |

PUBLIC COMPARABLES

5

BUILDING PRODUCTS DISTRIBUTORS





Wolseley plc $37.18 84.5% $9,412 $10,247 $13,332 $959 7.2% 10.2x 9.4xHD Supply Holdings, Inc. 29.60 80.4% 5,924 10,241 9,195 900 9.8% 11.7x 10.6xBeacon Roofing Supply, Inc. 41.20 93.6% 2,427 2,604 2,515 159 6.3% 13.4x 8.1xBuilders FirstSource, Inc. 11.82 70.8% 1,292 3,218 2,505 125 5.0% 13.3x 7.7xBMC Stock Holdings, Inc.1 14.70 58.3% 961 1,329 1,378 65 4.7% 11.0x 7.9xHardwoods Distribution Inc. 17.47 94.0% 291 337 545 32 5.9% 9.9x 8.6xCanWel Building Materials Group Ltd. 4.44 71.0% 188 329 788 30 3.8% 10.3x 7.6xHuttig Building Products Inc. 3.55 86.2% 88 153 649 16 2.4% NA NAGoodfellow Inc. 10.05 91.4% 85 144 517 16 3.1% NA NABluelinx Holdings Inc. 0.60 46.9% 54 516 1,943 27 1.4% NA NATaiga Building Products Ltd. 0.76 82.6% 25 235 1,382 42 3.0% NA NA


Overall Mean 78.2% 4.8% 11.4x 8.6x

1) Pro forma EBITDA figures from the company’s investor presentation

PAGE |

PUBLIC COMPARABLES

6

CONSTRUCTION MATERIALS





Aggregates and CementCEMEX, S.A.B. de C.V. $9.02 57.3% $121,294 $389,258 $14,634 $2,702 18.5% 8.3x 7.4xLafargeHolcim Ltd. 49.81 67.5% 30,230 52,372 29,636 5,541 18.7% 9.5x 8.5xCRH plc 26.13 92.2% 21,503 22,830 23,141 2,155 9.3% 10.6x 7.4xHeidelbergCement AG 70.70 91.7% 13,286 20,280 13,588 2,529 18.6% 8.0x 6.9xVulcan Materials Company 94.28 88.2% 12,569 14,380 3,459 824 23.8% 17.4x 13.5xMartin Marietta Materials, Inc. 142.09 79.5% 9,398 10,668 3,581 797 22.3% 13.4x 10.6xEagle Materials Inc. 60.08 67.7% 3,007 3,510 1,134 365 32.2% 9.6x 8.1xSummit Materials, Inc. 20.27 70.9% 1,008 2,340 1,412 277 19.6% 8.5x 6.7x

Median 75.2% 19.2% 9.5x 7.8x

Mean 76.9% 20.4% 10.7x 8.6x

Heavy Construction MaterialsJames Hardie Industries plc $15.46 77.1% $6,887 $7,613 $1,704 $427 25.0% 12.9x 11.8xBoral Limited 5.39 78.1% 4,008 4,815 4,556 611 13.4% 7.9x 7.5xHeadwaters Incorporated 17.09 78.5% 1,263 1,695 911 171 18.7% 9.9x 8.8xU.S. Concrete, Inc. 54.46 86.7% 798 1,082 966 127 13.2% 8.5x 7.1x

Median 78.3% 16.1% 9.2x 8.1x

Mean 80.1% 17.6% 9.8x 8.8x

Lumber and Wood ProductsWeyerhaeuser Co. $30.48 82.3% $15,558 $19,926 $7,061 $1,420 20.1% 14.0x 11.3xWest Fraser Timber Co. Ltd. 51.05 65.0% 4,209 4,636 4,119 429 10.4% 10.8x 6.5xCanfor Corp. 19.49 61.0% 2,609 3,192 3,726 359 9.6% 8.9x 5.4xLouisiana-Pacific Corp. 16.57 88.8% 2,367 2,673 1,906 (2) NM NM 11.2xNorbord, Inc. 25.86 88.5% 2,208 3,256 1,407 113 8.0% NM 7.9xUniversal Forest Products Inc. 71.44 90.8% 1,438 1,475 2,898 172 5.9% 8.6x 7.8xBoise Cascade Company 26.58 60.6% 1,032 1,170 3,614 170 4.7% 6.9x 6.1x

Median 82.3% 8.8% 8.9x 7.8x

Mean 76.7% 9.8% 9.8x 8.0x


Overall Mean 77.5% 16.2% 10.2x 8.4x

PAGE |

M&A TRANSACTIONS

7


Announced Date

Target Vertical Business Description Acquirer

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 in 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.


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

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.

LongWater Opportunities LLC

11/10/2015 Overhead Door Company of Burlington Inc.

Building Products Overhead Door Company of Burlington manufactures and installs 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. and Eco-Tect Insulation, Inc. offer fiberglass and cellulose insulation installation serv ices.

Installed Building Products, Inc.

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

Building Materials Heavy Materials, LLC and Spartan Concrete Products, LLC manufacture ready-mixed concrete and aggregates.

U.S. Concrete, Inc.

10/27/2015 Building Supply Association, Inc.


Building Supply Association, Inc. distributes exterior-building products for housing contractors / builders.

U.S. LBM Holdings, LLC

10/20/2015 HomeXterior Building Supply, Inc.


HomeXterior Building Supply, Inc. distributes building products to contractors in the United States.


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.

Building Materials Select assets of Wilkinson Construction Company, Inc. including an asphalt plant and aggregate extraction and processing property and equipment were acquired by Geneva Rock Products, Inc.

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.

Building Materials Cretex Concrete Products North, Inc. develops, manufactures, and supplies various precast and prestressed products for the construction industry in the midwest and north eastern U.S.

Hanson Pipe & Precast LLC

PAGE |

M&A TRANSACTIONS

8


Announced Date


9/28/2015 The Wantage Stone Building Materials The Wantage Stone comprises a site development quarry including an 80 acre land parcel and mining rights for an additional 77 acres of land.

U.S. Concrete, Inc.

9/28/2015 Grabber Construction Products, Inc.


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


CEMEX, Inc., Gypsum Wallboard Business primarily distributes wallboard, metal framing, and acoustical ceiling products in the Southeastern U.S.


9/24/2015 Harvey Industries, Inc. Building Products / Building Products Distribution

Harvey Industries, Inc. manufactures and distributes building products to building industry professionals and homeowners in the United States.

Dunes Point Capital, LLC

9/22/2015 GBS Building Supply Building Products Distribution

GBS Building Supply supplies building and construction products through six locations across the Carolinas.


9/17/2015 Foundation Building Materials, LLC


Foundation Building Materials, LLC, distributes a full range of building products through 70 locations across the United States.

Lone Star Funds

9/17/2015 Gravel and Sand site in Mankato

Building Materials Comprises a gravel and sand production property. City of Mankato

9/15/2015 Norandex Building Materials Distribution, Inc.


Norandex Building Materials Distribution, Inc. distributes roofing, windows, decking, v inyl products, composites, shingles, siding, doors, and a wide variety of building accessories.


9/14/2015 Murray Supply Company, LLC


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.

9/1/2015 Capitoline Products, Inc. Building Products Capitoline Products, Inc. manufactures post formed countertops, high pressure laminate panels, finished high pressure laminate panel component parts, and extended plywood.

VT Industries, Inc.

8/31/2015 WII Components Inc. Building Products WI I Components Inc., through its subsidiaries, manufactures and sells hardwood cabinet doors, hardwood components, and engineered wood products.

Quanex Building Products Corporation

8/28/2015 E&A Materials, Inc., Select Assets

Building Materials E&A Materials, Inc. mines and supplies construction aggregates. I t offers concrete sand, masonry sand, fill sand, asphalt sand, rocks, gravel and other specialty products.

U.S. Concrete, Inc.

8/27/2015 C.R. Laurence Co., Inc. Building Products C.R. Laurence Co., Inc. designs, engineers, manufactures, and supplies architectural hardware for glazing, railing, architectural, construction, industrial, food serv ice, and automotive industries.

Oldcastle BuildingEnvelope, Inc.

8/20/2015 Robert Bowden, Inc. Building Products Robert Bowden, Inc. manufactures, assembles, sells, installs, and serv ices various building materials for construction professionals and homebuilders in Georgia.

Building Materials Holding Corporation

8/19/2015 Superior Manufacturing Group, Inc.

Building Products Superior Manufacturing Group, Inc. manufactures floor mat products. Checkers Industrial Safety Products, 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 Comprises Marietta Materials, Inc.'s, California cement business assets (excludes Clinker grinding plant in Crestmore).

CalPortland Company, Inc.

PAGE |

M&A TRANSACTIONS

9


Announced Date


8/4/2015 Three Aggregates Facilities and Seven Ready-Mixed Concrete Operations

Building Materials Announced the acquisition of three aggregates facilities and seven ready-mixed concrete operations in Arizona and New Mexico during the 2nd quarter of 2015.

Vulcan Materials Company

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.


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, Inc. Building Products MGM Industries, Inc. manufactures custom painted v inyl windows and doors for new construction and replacement projects.

Custom Window Systems, Inc.

7/31/2015 Beatrice Concrete Company, Inc.

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

NEBCO, Inc.

7/30/2015 Mayner's Fortune Limestone Property

Building Materials Mayner's Fortune consists of a two kilometer thick metasedimentary sequence hosting six limestone units south west of Terrace, B.C.

Durango Resources 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 U.S. LBM Holdings, LLC Building Products Distribution

U.S. LBM Holdings, LLC, through its subsidiaries, distributes building materials in the Midwest, Northeast, Southeast, Mid-Atlantic, and Western United States.

Kelso & Company

7/29/2015 Brass and Vinyl Assets of Watts Water Technologies

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 Building Products 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. Building Products 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.

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. Building Products 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

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

7/2/2015 BD Enterprises, Inc. Building Products Distribution

BD Enterprises, Inc., doing business as Single Source Cabinet Supplies, distributes and sells laminates, millwork, and cabinetry supplies.

Richelieu Hardware Ltd.

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 Products / Building Products 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.

6/19/2015 Craft Equipment Company Building Products 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

PAGE |

REPRESENTATIVE BUILDING PRODUCTS & MATERIALS TRANSACTIONS

10




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

has completed a recapitalization

with

have been acquired by

The Wichita, Kansas aggregates, concrete,

asphalt, and paving assets

of LaFarge SA







a division of



has been acquired byhas been acquired by


Strategic Industries, LLC

Private Investors


a portfolio company ofa portfolio company of


portfolio companies of


Dyad Partners has been acquired by





a portfolio company ofa portfolio company of


a division of



a subsidiary of



a division of






a division of






has been acquired by has been acquired by



http://www.dealsource.com/images/splogo.gif

http://www.dealsource.com/images/splogo.gif

http://colonialwebb.com/

http://colonialwebb.com/

http://images.google.com/imgres?imgurl=http://www.bluelakeint.com/images/AndersenLogo.jpg&imgrefurl=http://www.bluelakeint.com/&h=132&w=180&sz=17&tbnid=zX9CzYvoBBwJ:&tbnh=70&tbnw=95&hl=en&start=17&prev=/images?q=andersen+corporation+logo&hl=en&lr=

http://images.google.com/imgres?imgurl=http://www.bluelakeint.com/images/AndersenLogo.jpg&imgrefurl=http://www.bluelakeint.com/&h=132&w=180&sz=17&tbnid=zX9CzYvoBBwJ:&tbnh=70&tbnw=95&hl=en&start=17&prev=/images?q=andersen+corporation+logo&hl=en&lr=

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

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

http://www.nautic.com/index.html

http://www.nautic.com/index.html

Energy, Power& Infrastructure

IndustrialsHealthcare & Life Sciences

Transportation & Logistics

Aerospace, Defense & Government

Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

PAGE |

HARRIS WILLIAMS & CO. OFFICE LOCATIONS

UNITED STATES EUROPE

BostonTwo International Place24th FloorBoston, 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

FrankfurtBockenheimer Landstrasse 33-3560325 FrankfurtGermanyPhone: +49 069 3650638 00

London63 Brook StreetLondon W1K 4HS, EnglandPhone: +44 (0) 20 7518 8900

NETWORK OFFICES

BeijingHong KongMumbai

New DelhiShanghai

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.

11

OUR FIRM


PAGE |

HARRIS WILLIAMS & CO.

12


Bloomberg

Builder Online

Building Design & Construction

Building-Products.com

Bureau of Economic Analysis

Concrete Construction

Construction Dive

Dodge Data & Analytics

Eurostat

Floor Daily

Freedonia

Global Industry Analysts

IBIS

NAHB

New York Times

PNC Economic Outlook

S&P Capital IQ

S&P Leveraged Commentary & Data

The Wall Street Journal

Thomson Financial – SDC Database

Thomson Reuters

U.S. Census Bureau

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.

Copyright© 2015 Harris Williams & Co., all rights reserved.

DISCLOSURES

SOURCES

http://www.harriswilliams.com/

building products & materials · the dodge momentum index fell 3.7% in november to 119.9...

Documents