M&A Deal Summary

Construction Supply Group Acquires Carter-Waters Construction Materials

On June 30, 2017, Construction Supply Group acquired building materials company Carter-Waters Construction Materials from Merit Capital Partners and Aiglon Capital Management

Acquisition Highlights
  • This is Construction Supply Group’s 2nd transaction in the Building Materials sector.
  • This is Construction Supply Group’s 6th transaction in the United States.
  • This is Construction Supply Group’s 1st transaction in Kansas.

M&A Deal Summary

Date 2017-06-30
Target Carter-Waters Construction Materials
Sector Building Materials
Buyer(s) Construction Supply Group
Sellers(s) Merit Capital Partners
Aiglon Capital Management
Deal Type Add-on Acquisition

Target

Carter-Waters Construction Materials

Overland Park, Kansas, United States
Carter-Waters Construction Materials is a distributor of construction supply materials. Carter-Waters offers 17 locations across Missouri, Kansas, Illinois, Ohio, Kentucky, & Indiana to serve customers’ construction material and equipment needs. Carter-Waters also maintains an extensive rental inventory of concrete forming and shoring products, operates a custom rebar fabrication facility, manufactures special asphalt product at the Saturock Plant and provides estimating and detailing services for bid lettings.

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Buyer(S) 1

Buyer

Construction Supply Group

Denver, Colorado, United States

Category Company
Founded 2016
Sector Distribution
Employees1,150
DESCRIPTION

Construction Supply Group engages in the distribution of construction materials, accessories and tools, primarily for professional concrete and masonry contractors in the United States and Canada. Formed through the combination of Brock White and Border, the company has 73 branches with 1,150 employees and offer over 70,000 SKUs for nearly 25,000 customers.


DEAL STATS #
Overall 6 of 21
Sector (Building Materials) 2 of 5
Type (Add-on Acquisition) 2 of 17
State (Kansas) 1 of 1
Country (United States) 6 of 20
Year (2017) 6 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-30 Carter-Waters

Kansas City, Missouri, United States

Carter-Waters LLC is a distributor of construction materials and equipment utilized in concrete construction applications to commercial, highway and residential contractors. The Company operates 12 locations in Missouri, Kansas and Southern Illinois. Carter-Waters also maintains an extensive rental inventory of concrete forming and shoring products and operates a custom rebar fabrication facility.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-03 Brock White of Wisconsin

New Berlin, Wisconsin, United States

Brock White of Wisconsin, Inc. is a construction supply distributor. Brock White of Wisconsin is based in New Berlin, Wisconsin.

Buy -

Seller(S) 2

SELLER

Merit Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1993
PE ASSETS 2.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Merit Capital Partners is a private investment firm that targets investments in middle market manufacturing, distribution, and service based businesses. Merit looks for companies generating at least $25 million in sales and at least $4 million in EBITDA. Merit can provide both equity and junior capital financing and looks to commit at least $15 million per transaction. Prospective transaction situations include management buyouts, recapitalizations, growth financings, divestitures, unsponsored transactions, and ESOPs. Merit Capital will not invest in start-ups, turnarounds, real estate, specialty retail, or oil/gas opportunities. Merit Capital was originally known as William Blair Mezzanine Capital and became independent in 2004. Merit was formed in 1993 and is based in Chicago, Illinois.


DEAL STATS #
Overall 38 of 52
Sector (Building Materials) 3 of 5
Type (Add-on Acquisition) 21 of 27
State (Kansas) 2 of 2
Country (United States) 38 of 51
Year (2017) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-30 Carter-Waters

Kansas City, Missouri, United States

Carter-Waters LLC is a distributor of construction materials and equipment utilized in concrete construction applications to commercial, highway and residential contractors. The Company operates 12 locations in Missouri, Kansas and Southern Illinois. Carter-Waters also maintains an extensive rental inventory of concrete forming and shoring products and operates a custom rebar fabrication facility.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-01 Reliant At Home

Plano, Texas, United States

Reliant At Home is a home healthcare agency and hospice care provider offering a variety of in‐home services ranging from technical care to occupational therapy and medically‐necessary personal assistance, as well as end‐of‐life care. The company with a primary focus on providing home healthcare services to patients within assisted living facilities and has since expanded to serve both facility‐based patients as well as home‐based patients. Reliant At Home was founded in 2004 and is based in Plano, Texas.

Buy -
SELLER

Aiglon Capital Management

Durham, North Carolina, United States

Investor


Category Private Equity Firm
Founded 2014
Size Small
Type Sector Agnostic
DESCRIPTION

Aiglon Capital Management is a private equity firm focused on lower middle-market investments in the low-tech manufacturing, distribution, and services sectors. Aiglon prefers companies in the Southeast US with revenues of $50 to $150 million and EBITDA of $5 to $15 million. Aiglon Capital Management was formed in 2014 and is headquartered in Durham, North Carolina.


DEAL STATS #
Overall 3 of 4
Sector (Building Materials) 1 of 2
Type (Add-on Acquisition) 2 of 3
State (Kansas) 1 of 1
Country (United States) 3 of 4
Year (2017) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-30 Carter-Waters

Kansas City, Missouri, United States

Carter-Waters LLC is a distributor of construction materials and equipment utilized in concrete construction applications to commercial, highway and residential contractors. The Company operates 12 locations in Missouri, Kansas and Southern Illinois. Carter-Waters also maintains an extensive rental inventory of concrete forming and shoring products and operates a custom rebar fabrication facility.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-14 Arrow Building Center

Stillwater, Minnesota, United States

Arrow Building Center is a full service building materials retailer serving Minnesota and Western Wisconsin. Arrow Building Center’s 16 full-service lumberyards, specialty divisions, and new state-of-the-art components manufacturing plant are ready to offer the best quality building products at an affordable price with the personalized, professional service customers have come to expect from Arrow since 1903.

Sell -