Sources: CRH Plc, Dublin; Bain Capital LLC, Boston; CP staff
CRH will sell its Ibstock and Glen-Gery businesses in the United Kingdom and United States, respectively, in a $640 million deal with funds managed by Bain Capital Europe LLP. Projected to close during the first half of 2015, the transaction includes assumption of certain debt and pension liabilities resulting in net cash value to CRH of approximately $457 million.
Beyond Glen-Gery and Ibstock flagship properties, the deal includes U.K. concrete products companies Forticrete and Supreme Concrete. In the U.S., Wyomissing, Pa.-based Glen-Gery has been part of the Oldcastle Inc. portfolio for 25-plus years and, within Oldcastle Building Products, a clay unit masonry companion to a much larger concrete and stone veneer business anchored by the Belgard brand. Glen-Gery has nine clay brick plants across Pennsylvania, Ohio, Virginia, Kentucky and Iowa, plus 11 sales centers or yards serving Mid-Atlantic to Kansas City markets.