KPS Capital Partners to acquire Oldcastle BuildingEnvelope
By KPS Capital Partners
By KPS Capital Partners
KPS Capital Partners, LP has announced that, through a newly formed affiliate, it has signed a definitive agreement to acquire Oldcastle BuildingEnvelope Inc. from CRH plc for approximately $3.45 billion in cash. Completion of the transaction is expected in mid-2022 and is subject to customary closing conditions and approvals.
OBE is North America’s leading vertically-integrated manufacturer, fabricator and distributor of architectural hardware, glass and glazing systems. Headquartered in Dallas, Texas, OBE is a world-class building products company with significant presence in every major metropolitan statistical area in the United States and Canada. The Company manufactures high-performance architectural glass products and aluminum framing systems and, through its subsidiary C.R. Laurence, distributes complementary branded hardware and glazing supplies. OBE delivers products to a broad customer base of architects, glaziers, contractors and developers serving diversified residential and commercial construction end-markets. The Company has over 6,700 employees and operates 84 manufacturing and distribution facilities in five countries.
Raquel Vargas Palmer, Co-Managing Partner of KPS, said, “We are thrilled to acquire North America’s largest provider of architectural hardware, glass and glazing systems. OBE is the only ‘one-stop shop’ for every critical product a glazing industry customer needs, and the Company serves attractive, growing end-markets. We intend to drive profitable growth by providing the Company with the financial resources to invest in commercial and operational excellence. We will leverage KPS’ decades of manufacturing expertise to create an entrepreneurial culture centered on innovation, continuous improvement and excellent customer experience. OBE has demonstrated a strong ability to integrate synergistic acquisitions over the past several decades and we will provide strategic support and capital in pursuit of future growth opportunities. We look forward to partnering with OBE’s talented employees and management team under the leadership of President and Chief Executive Officer Liz Haggerty to accelerate the Company’s value creation opportunities.”
Liz Haggerty said, “The entire OBE management team looks forward to partnering with KPS as the Company begins its journey as an independent company. KPS has an exemplary track record of investing in and improving manufacturing businesses, and we are exceedingly confident that they are the right partner to help us execute on our strategic plan. We will continue to build on our industry-leading reputation for quality, reliability and product innovation. KPS’ experience with manufacturing businesses and the significant capital resources available will allow us to invest in our commercial and operational growth strategy. We intend to expand our capabilities as a customer-oriented solutions provider in architectural hardware, glass and glazing markets. We are very excited about OBE’s future opportunities and we have found a great partner in KPS to capture them.”