Bain Capital to acquire CRH’s US concrete and clay business

Buildings material company CRH is to sell its its US-based clay business and its UK concrete and clay businesses to Bain Capital for $63m (€52 million).

Among the businesses being sold are Ibstock and Glen Gery. As a result of the transaction, Bain will assume some of the debt related to the divested businesses.

CRH plc, the international building materials group, announces today that it has reached agreement to dispose of its clay and concrete businesses in the United Kingdom and its clay business in the United States (together the “Business”) to funds managed by Bain Capital Europe for an Enterprise Value of £414 million (€522million). 

The sale price excludes real estate assets with an estimated market value of £30 million that are being retained by CRH for future disposal.

The transaction is subject to regulatory approvals and is expected to close in the first quarter of 2015.

The divested business comprises clay companies Ibstock in the UK and Glen Gery in the US, as well as UK concrete products companies Forticrete and Supreme Concrete. 

As part of the transaction Bain will assume certain debt and pension liabilities relating to the Business and accordingly, the net cash consideration payable to CRH is expected to be approximately £295 million.

In 2013, the Business generated profit before tax of £16 million. Gross assets of the Business at 31 December 2013 totalled approximately £300 million.All proceeds received by CRH will be used for general corporate purposes.

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