M&A Deal Summary

CD&R and American Securities Acquire Foundation Building Materials

On January 31, 2024, private equity firms CD&R and American Securities acquired distribution company Foundation Building Materials from American Securities

Acquisition Highlights
  • This is CD&R’s 17th and American Securities’ 5th transaction in the Distribution sector.
  • This is CD&R’s 64th and American Securities’ 78th transaction in the United States.
  • This is CD&R’s 2nd and American Securities’ 7th transaction in California.

M&A Deal Summary
Date 2024-01-31
Target Foundation Building Materials
Sector Distribution
Buyer(s) CD&R
American Securities
Sellers(s) American Securities
Deal Type Secondary Buyout
Advisor(s) RBC Capital Markets (Financial)

Target

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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Buyer(S) 2

Buyer

CD&R

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1978
PE ASSETS 30.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Clayton, Dubilier & Rice LLC (CD&R) is a large private equity firm that targets non-core divestitures of large corporations, growth equity financings, traditional buyouts, and corporate/family partnerships. CD&R looks for opportunities in North America, Western Europe, and Asia and will consider businesses in a wide range of sectors including consumer/retail, healthcare, industrials, and services. Prospective companies generally lead their respective markets, have stable cash flows, and possess competitive advantages through differentiated products, services, or processes. CD&R was formed in 1978 and has offices in New York City and London.

DEAL STATS #
Overall 89 of 93
Sector (Distribution) 17 of 17
Type (Secondary Buyout) 25 of 26
State (California) 2 of 2
Country (United States) 64 of 67
Year (2024) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-19 Cynosure

Westford, Massachusetts, United States

Cynosure is a developer and marketer of aesthetic treatment systems that are used by physicians and other practitioners to perform non-invasive and minimally invasive procedures to remove hair, treat vascular and pigmented lesions, rejuvenate the skin, liquefy and remove unwanted fat through laser lipolysis and temporarily reduce the appearance of cellulite. Cynosure was founded in 1991 and is based in Westford, Massachusetts.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-20 TIH Insurance Holdings

Charlotte, North Carolina, United States

TIH Insurance Holdings is an insurance broker that operates more than 240 offices through its subsidiaries: McGriff Insurance Services, Inc.; CRC Insurance Services, Inc.; Crump Life Insurance Services, Inc.; AmRisc, LLC; and it's Premium Finance companies (AFCO Credit Corporation, Prime Rate Premium Finance Corporation, Inc., and CAFO Inc.). TIH Insurance Holdings is based in Charlotte, North Carolina.

Buy $15.5B
Buyer

American Securities

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1994
PE ASSETS 26.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

American Securities is a large private equity firm that typically partners with management when pursuing company acquisitions. American Securities typically targets US-based companies and generally seeks to commit $300 to $700 million per transaction. Areas of interest include consumer products, restaurants, healthcare, industrial, aerospace, defense, agriculture, environmental, paper/packaging, energy, and specialty chemicals. The Firm was originally formed in 1947 as the family office for William Rosenwald, an heir to the Sears Roebuck & Company, and began accepting outside investors in 1994. American Securities is headquartered in New York City.

DEAL STATS #
Overall 79 of 80
Sector (Distribution) 5 of 5
Type (Secondary Buyout) 36 of 37
State (California) 7 of 7
Country (United States) 78 of 79
Year (2024) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-23 CPM

Blaine, Minnesota, United States

CPM designs, engineers, and manufactures a broad variety of branded pellet mills, oilseed processing equipment, twin screw extruders, and industrial-scale thermal processing equipment. The Company serves a global base of over 5,000 customers annually from facilities in Europe, Asia, Latin America, and North America. It produces premier process equipment and engineered systems that provide customers with a superior level of operating efficiency, durability, and reliability, maximizing process performance and machine uptime. CPM was founded in 1883 and is based in Blaine, Minnesota.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-08 NWN Carousel

Exeter, Rhode Island, United States

NWN Carousel is a provider of information systems services and solutions. These include unified communications services, data center and virtualization, network infrastructure, end user computing, applications and data services, IT staffing services, and managed services. NWN Carousel was founded in 1986 and is based in Exeter, Rhode Island.

Buy -

Seller(S) 1

SELLER

American Securities

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1994
PE ASSETS 26.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

American Securities is a large private equity firm that typically partners with management when pursuing company acquisitions. American Securities typically targets US-based companies and generally seeks to commit $300 to $700 million per transaction. Areas of interest include consumer products, restaurants, healthcare, industrial, aerospace, defense, agriculture, environmental, paper/packaging, energy, and specialty chemicals. The Firm was originally formed in 1947 as the family office for William Rosenwald, an heir to the Sears Roebuck & Company, and began accepting outside investors in 1994. American Securities is headquartered in New York City.

DEAL STATS #
Overall 50 of 51
Sector (Distribution) 2 of 2
Type (Secondary Buyout) 20 of 20
State (California) 4 of 4
Country (United States) 49 of 50
Year (2024) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-23 CPM

Blaine, Minnesota, United States

CPM designs, engineers, and manufactures a broad variety of branded pellet mills, oilseed processing equipment, twin screw extruders, and industrial-scale thermal processing equipment. The Company serves a global base of over 5,000 customers annually from facilities in Europe, Asia, Latin America, and North America. It produces premier process equipment and engineered systems that provide customers with a superior level of operating efficiency, durability, and reliability, maximizing process performance and machine uptime. CPM was founded in 1883 and is based in Blaine, Minnesota.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-08 NWN Carousel

Exeter, Rhode Island, United States

NWN Carousel is a provider of information systems services and solutions. These include unified communications services, data center and virtualization, network infrastructure, end user computing, applications and data services, IT staffing services, and managed services. NWN Carousel was founded in 1986 and is based in Exeter, Rhode Island.

Buy -
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