Buyout (LBO, MBO, MBI) • Distribution

CI Capital Partners and PennantPark Acquire Foundation Building Materials

On December 1, 2012, private equity firm CI Capital Partners and lender PennantPark acquired distribution company Foundation Building Materials

Acquisition Context
  • This is CI Capital Partners’ 5th and PennantPark’s 2nd transaction in the Distribution sector.
  • This is CI Capital Partners’ 16th and PennantPark’s 12th transaction in the United States.
  • This is CI Capital Partners’ 1st and PennantPark’s 3rd transaction in California.
Investment Fate
  • Foundation Building Materials went public in 2017.
  • Foundation Building Materials was sold to a financial buyer in 2020 for 1.4B USD.
  • Foundation Building Materials was sold to a consortium of financial buyers in 2024.
  • Foundation Building Materials was sold to a publicly-traded strategic buyer in 2025 for 8.8B USD.

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M&A Deal Summary

Date December 1, 2012
Target Foundation Building Materials
Sector Distribution
Buyer(s) CI Capital Partners
PennantPark
Deal Type Buyout (LBO, MBO, MBI)

Target Company

Foundation Building Materials

Santa Ana, California, United States
Foundation Building Materials is a specialty building products distributor of gypsum wallboard, suspended ceiling systems, metal framing, insulation, and complementary products throughout North America. Foundation Building Materials was founded in 2011 and is based in Santa Ana, California.
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Buyers Overview 2

Buyer

CI Capital Partners

New York, New York, United States

Investor Investor


Category Private Equity Firm
Founded 1993
Size Large
Type Sector Agnostic
DESCRIPTION

CI Capital Partners is a private equity investment firm specializing in leveraged buyouts of middle-market companies. CI Capital primarily targets investments in North America and looks to invest between $10 and $150 million of equity capital per transaction. The Firm concentrates on acquiring companies in stable industries with consolidation potential. CI has a particular interest in business services, consumer services, distribution, transportation, and healthcare Services. CI Capital Partners was founded in 1993 and is based in New York City.


Deal Context for Buyer #
Overall 19 of 31
Sector: Distribution 5 of 5
Type: Buyout (LBO, MBO, MBI) 16 of 22
State: California 1 of 1
Country: United States 16 of 28
Year: 2012 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-07-19 OnPoint Group

Perrysburg, Ohio, United States

OnPoint Group is a North American provider of management and maintenance services for doors, docks, material handling and warehouse accessories through its industry leading divisions: TFS, Miner, TrueSource, and Concentric. OnPoint Group has more than 600 technicians in over 80 locations to consistently deliver efficiency, safety and productivity to customers responsible for maintaining multifacility operations. OnPoint Group was founded in 2001 and is based in Perrysburg, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-05-23 Ply Gem Industries

Cary, North Carolina, United States

Ply Gem Industries, Inc. is a manufacturer of building products in North America. Number one in vinyl siding and in vinyl and aluminum windows, Ply Gem produces a comprehensive product line of windows and patio doors, vinyl and aluminum siding and accessories, designer accents, cellular PVC trim and mouldings, vinyl fencing and railing, stone veneer, roofing and gutterware products, used in both new construction and home repair and remodeling across the United States and Canada.

Sell -
Buyer

PennantPark

Investor Investor Investor Investor Investor


Category Lender
Founded 2007
PE ASSETS 10.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

PennantPark is a provider of credit solutions to middle-market private equity sponsors. The Firm looks to provide $10 to $100 million of capital and can support a variety of investment structures. PennantPark was formed in 2007 and is headquartered in New York City.


Deal Context for Buyer #
Overall 12 of 22
Sector: Distribution 2 of 2
Type: Buyout (LBO, MBO, MBI) 4 of 5
State: California 3 of 4
Country: United States 12 of 22
Year: 2012 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-09-25 Convergint

Schaumburg, Illinois, United States

Convergint is a designer, installer, and services integrated building systems including electronic security, fire alarm, and life safety systems. Convergint was founded in 2001 and is based in Schaumburg, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-13 Vestcom

Little Rock, Arkansas, United States

Vestcom is a provider of technology-enabled shelf-edge media solutions to the retail and consumer products industry. The company offers an array of solutions including customized shelf-edge labels, branding and promotional content labels, and shelf-edge strips with product information. Vestcom was founded in 1996 and is based in Little Rock, Arkansas.

Buy -