Oldcastle acquires CRL
By Oldcastle BuildingEnvelope
By Oldcastle BuildingEnvelope
Aug. 31, 2015 – Oldcastle BuildingEnvelope, a CRH Group company, has executed a binding agreement, subject to regulatory approval, to acquire C.R. Laurence Co. Inc., North America’s largest manufacturer and distributor of custom hardware and glazing products to the glass and glazing industry.
Headquartered in Los Angeles, California, CRL will continue to be independently managed and operated as a subsidiary of OBE and will retain all existing management structures and personnel. The company has eight manufacturing/engineering centers and 28 service centers across the U.S. and Canada, and an additional six operations in the United Kingdom, Denmark, Germany, and Australia. CRL designs and manufactures a wide range of engineered hardware products required by professional glaziers and glass shops to complete the installation of architectural glass in both commercial and residential markets. For the past two years, the Los Angeles Business Journal has recognized CRL as one of the top 100 Fastest Growing Private Companies.
Commenting on the acquisition, Ted Hathaway, CEO, Oldcastle BuildingEnvelope said: “CRL is a true American success story. CEO Don Friese has built an extraordinary organization that has enjoyed exceptional growth. I have been impressed with CRL’s leadership and unwavering commitment to the customer. We extend a warm welcome to their talented employees and management team and look forward to capturing unique and compelling synergies together.”
Friese, who will continue to lead CRL after the acquisition, said: “CRL is proud to be acquired by Oldcastle BuildingEnvelope, who we have admired for many years. As a leader in the glazing industry, it is an honor to be part of this world-class company. We look forward to the opportunity to build upon our strengths and talents to better serve our customers.”
Statement from Lloyd Talbot regarding the acquisition of C.R. Laurence:
C.R. Laurence Co. is a true American success story. Most of you who have known us and done business with us over the years know the names “CRL” and “Don Friese” are synonymous. Don will be 75 in October and has built a tremendous business over a legendary career spanning 55 years and counting. We have been working on a plan for several years by which CRL would remain an independent company for many years to come.
By now you may have read or heard of the acquisition of CRL by Oldcastle BuildingEnvelope® (OBE). Significantly, Don will remain CEO of CRL and CRL will be independently managed and operated as a subsidiary of OBE. Also, many of you have heard me say one of my primary concerns is building a strong glazing industry. By partnering with OBE, I firmly believe we have taken a positive step to further strengthen our industry.
We’ll be sharing more information about the transaction in the coming weeks.