Press Releases

KPS Capital Partners to Acquire Oldcastle BuildingEnvelope Inc. from CRH Plc

Feb 28, 2022

NORTH AMERICAN LEADER IN ARCHITECTURAL HARDWARE, GLASS AND GLAZING SYSTEMS

New York, NY (February 28, 2022) -- KPS Capital Partners, LP (“KPS”) announced today that, through a newly formed affiliate, it has signed a definitive agreement to acquire Oldcastle BuildingEnvelope Inc. (“OBE” or the “Company”) from CRH plc (LSE: CRH) 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.”

BofA Securities and J.P. Morgan Securities LLC acted as financial advisors to CRH plc.  Citi acted as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to KPS and its affiliates.


About Oldcastle BuildingEnvelope 
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.  For more information on Oldcastle BuildingEnvelope, visit www.obe.com.

About CRH
CRH (LSE: CRH, ISE: CRG, NYSE: CRH) is the leading building materials business in the world, employing approximately 77,400 people at around 3,200 operating locations in 28 countries.  It is the largest building materials business in North America and Europe and also has regional positions in Asia.  CRH manufactures and supplies a range of integrated building materials, products and innovative solutions which can be found throughout the built environment, from major public infrastructure projects to commercial buildings and residential structures.  A Fortune 500 company, CRH is a constituent member of the FTSE 100 Index, the EURO STOXX 50 Index, the ISEQ 20 and the Dow Jones Sustainability Index (DJSI) Europe.  CRH’s American Depositary Shares are listed on the NYSE.  For more information visit www.crh.com.

About KPS Capital Partners

KPS, through its affiliated management entities, is the manager of the KPS Special Situations Funds, a family of investment funds with approximately $13.1 billion of assets under management (as of December 31, 2021).  For nearly three decades, the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing.  KPS creates value for its investors by working constructively with talented management teams to make businesses better, and generates investment returns by structurally improving the strategic position, competitiveness and profitability of its portfolio companies, rather than primarily relying on financial leverage. The KPS Funds’ portfolio companies generate aggregate annual revenues of approximately $19.9billion, operate 234 manufacturing facilities in 27 countries, and have approximately 52,000 employees, directly and through joint ventures worldwide (as of December 31, 2021, pro forma for recent acquisitions and exits). The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.

← Back to Press Releases

footer-logo

One Vanderbilt Avenue, 52nd Floor
New York, NY 10017
T: 212.338.5100 | F: 646.307.7100

The information set forth in the materials on this site is as of December 31, 2021, pro forma for recent acquisitions and exits, and does not purport to be a complete summary of KPS or its investments. No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions contained in such materials. No reliance may be placed for any purpose on the information and opinions contained in such materials or their accuracy or completeness and nothing in such materials may be relied upon in making any investment decision. Certain information on or linked to from this site is furnished by or is derived from materials furnished by outside sources. KPS does not assume responsibility for independent verification of such information and has relied on such information being complete and accurate in all material respects. Any information presented by outside sources represents the understandings and opinions of such outside sources, which may differ from those of KPS. Any statements and quotes from third-parties are not selected on the basis of any performance-based data. Any performance information included in any document on or linked to from this site is presented for illustrative purposes only and is not indicative of the future returns of any of the funds managed by KPS and there can be no assurance that such funds will achieve comparable results, be able to avoid losses or be able to implement their investment strategies.

For information on our data processing practices, please read our privacy policy here.

For more information on the “Explanatory Documents for KPS Investors V, Ltd under Article 63-4(3) of Financial Instruments and Exchange Act of Japan” please click here.