CRH sells Oldcastle BuildingEnvelope business

CRH plc, the Irish building materials manufacturer, has sold its Oldcastle BuildingEnvelope (OBE) business to KPS Captial Partners.

The $3.45 billion cash deal is expected to close mid-2022.

Based in Dallas, Texas, OBE is a vertically-integrated manufacturer, fabricator and distributor of architectural hardware, glass, and glazing systems. The company manufactures architectural glass products and aluminum framing systems and, through its subsidiary C.R. Laurence, distributes complementary branded hardware and glazing supplies. 

The company has over 6,700 employees and operates 84 manufacturing and distribution facilities in five countries.

“OBE is the only 'one-stop shop' for every critical product a glazing industry customer needs, and the company serves attractive, growing end-markets,” said Raquel Vargas Palmer, co-managing partner of KPS. “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."

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.

KPS said its portfolio of companies currently generates aggregate annual revenues of approximately $15.2 billion and includes 165 manufacturing facilities in 26 countries.