Cornerstone Building Brands makes a deal
Cornerstone Building Brands, Inc., a leading manufacturer of exterior building products in North America, has reached an agreement to acquire Mueller Supply Company, a major manufacturer of residential metal roofing and components and steel buildings in Texas and the Southwest. Headquartered in Ballinger, Texas, where it was founded more than 90 years ago, Mueller has approximately 900 employees and a comprehensive regional footprint, including 38 retail branches, as well as five manufacturing sites in Amarillo, Ballinger and Huntsville, Texas, Oak Grove, Louisiana and Phoenix, Arizona.
This strategic acquisition further increases Cornerstone Buildings Brands’ exposure to the high growth residential metal roofing market in key geographies.
"We have long-admired Mueller’s successful expansion strategy, industry expertise and strong customer reputation," said Rose Lee, president and CEO of Cornerstone Building Brands.
"Mueller is a compelling, strategic complement to our retail-direct metal roofing business and will more than double the number of retail branches we have to serve our customers. With the expanded manufacturing capacity we’ll have across the Southwest and the greenfield growth opportunities, I’m confident that this will advance Cornerstone Building Brands’ journey to be a premier exterior building products company. I look forward to welcoming the highly talented Mueller team and uniting the legacy expertise of both companies."
Cornerstone Building Brands expects the transaction to be accretive to earnings through purchasing synergies and revenue growth opportunities. Additionally, Cornerstone Building Brands expects to finance the transaction with cash on hand and amounts borrowed under its existing credit facilities. The transaction, which is subject to customary closing conditions, is expected to close early in the third quarter of 2024.
