Forterra prevails in court challenge to HeidelbergCement affiliate claims

Sources: Forterra Inc., Irving, Texas; CP staff

Delaware Court of Chancery has granted Forterra attorneys’ motion to dismiss a lawsuit that HeidelbergCement AG affiliates had filed over earn-out contingency fees tied to the $1.2 billion sale of the former Hanson Building Materials. Terms called for buyer Lone Star Fund IX (U.S.), L.P. to pay an additional sum for the 67-plant business, up to $100 million, depending on fiscal 2015 EBITDA (earnings before interest, taxes, depreciation and amortization) thresholds.

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Oldcastle Materials, Vulcan veteran Brown named Forterra CFO

Sources: Forterra Inc., Irving, Texas; CP staff

Concrete pipe and precast drainage products leader Forterra has appointed Charlie Brown as executive vice president and chief financial officer. He previously served in the latter capacity at Atlanta-based Oldcastle Materials, leading more than 500 associates in finance, accounting, risk management and real estate personnel; implementing cost savings, Sarbanes-Oxley compliance and improved business reporting initiatives; and, participating in 100-plus acquisitions.

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Forterra, Thompson Pipe trade gravity and pressure pipe production assets

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Under an agreement announced late last month, Rialto, Calif.-based Thompson Pipe Group will acquire the concrete and steel pressure pipe assets of U.S. Pipe, a division of concrete drainage products leader Forterra Inc., Irving, Texas. In exchange for five pressure pipe plants and a fittings facility, the latter will receive $23.2 million in cash plus Thompson’s Conroe, Texas, concrete drainage pipe and products operation.

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Thompson Pipe, Forterra swap gravity, pressure pipe assets

Sources: Thompson Pipe Group, Rialto, Calif.; Forterra Inc., Irving, Texas

Under a late-June agreement, Thompson Pipe will acquire the concrete and steel pressure pipe assets of U.S. Pipe, a division of concrete drainage products leader Forterra. In exchange for five pressure pipe plants and a fittings facility, the latter will receive $23.2 million in cash plus Thompson’s Conroe, Texas, concrete drainage pipe and products operation.

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Forterra floats 29 percent stake in $340 million initial public offering

Water and wastewater infrastructure-geared Forterra Inc., a recently established entity emanating from Forterra Building Products, raised $340 million in a mid-October initial public offering, trading under the symbol FRTA on the Nasdaq Global Select Market. In U.S. Securities & Exchange Commission (SEC) filings, the company indicated that the IPO would give new investors and principal owner Forterra US Holdings LLC, respectively, 29 percent and 71 percent stakes in a 96-plant operation with annual sales of about $1.6 billion across Drainage Pipe & Precast Products and Water Transmission Pipe & Products segments.

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Fast-moving Forterra steps up pace for initial public offering approaching $400M

Sources: CP staff; Forterra Inc., Irving, Texas

Water and wastewater infrastructure-geared Forterra Inc., a recently established entity emanating from Forterra Building Products, details in U.S. Securities & Exchange Commission filings an initial public offering of 18.4 million shares priced in the $19-$21 range. Success in the impending sale would give new investors and principal owner Forterra US Holdings LLC, respectively, 29 percent and 71 percent stakes in a 96-plant operation with annual sales of about $1.6 billion across Drainage Pipe & Precast Products and Water Transmission Pipe & Products segments.

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