M&A Deal Summary

Cornerstone Building Brands Acquires Union Corrugating

On November 9, 2021, Cornerstone Building Brands acquired building materials company Union Corrugating from Industrial Opportunity Partners and Patriot Capital

Acquisition Highlights
  • This is Cornerstone Building Brands’ 8th transaction in the Building Materials sector.
  • This is Cornerstone Building Brands’ 9th transaction in the United States.
  • This is Cornerstone Building Brands’ 2nd transaction in North Carolina.

M&A Deal Summary

Date 2021-11-09
Target Union Corrugating
Sector Building Materials
Buyer(s) Cornerstone Building Brands
Sellers(s) Industrial Opportunity Partners
Patriot Capital
Deal Type Add-on Acquisition

Target

Union Corrugating

Fayetteville, North Carolina, United States
Union Corrugating is a manufacturer of metal roofing systems and roofing components for use in residential, commercial, and post-frame/agricultural applications. Union Corrugating was founded in 1946 and is based in Fayetteville, North Carolina.

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Buyer(S) 1

Buyer

Cornerstone Building Brands

Cary, North Carolina, United States

Category Company
Founded 1984
Sector Building Materials
Employees20,500
Revenue 4.6B USD (2020)
DESCRIPTION

Cornerstone Building Brands is an integrated manufacturer of metal products for the nonresidential building industry. Cornerstone Building Brands was formed in 1984 and is based in Cary, North Carolina.


DEAL STATS #
Overall 9 of 12
Sector (Building Materials) 8 of 11
Type (Add-on Acquisition) 8 of 11
State (North Carolina) 2 of 2
Country (United States) 9 of 11
Year (2021) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-02 Cascade Windows

Spokane Valley, Washington, United States

Cascade Windows is a manufacturer of vinyl windows and doors serving the Western U.S. new and retrofit single and multi-family housing market. Cascade Windows operates six strategically located manufacturing facilities throughout the Western United States. Cascade Windows goes to market through an extensive network of dealers, builders, and distributors in its markets. Cascade Windows was founded in 1989 and is based in Spokane Valley, Washington.

Buy $245M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-11 Cornerstone Building Brands - Coil Coatings Business

Mount Waverley, Australia

Cornerstone Building Brands' Coil Coatings Business serves manufacturers nationwide by applying a broad range of coatings that include Epoxies, Acrylics, Polyesters, Silicone Modified Polyesters (SMP), Fluorocarbons (PVDF), and Plastisols (PVC) to Steel and Aluminum substrates. Its brands are committed to helping manufacturers convert from inefficient post-painted operations to highly efficient and environmentally friendly pre-painted metal. Coatings are designed for exterior and interior applications, and are used by manufacturers of building components, water heaters, lighting fixtures, ceiling grids, HVAC, appliances, and much more.

Sell $500M

Seller(S) 2

SELLER

Industrial Opportunity Partners

Evanston, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2005
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Industrial Opportunity Partners is a private equity firm focused on acquiring and managing middle-market manufacturing and value-added distribution businesses. IOP looks to invest $15 to $100 million in companies with revenues between $50 and $500 million with an EBITDA of $5 to $50 million. Sectors of interest include building products, electronics, foundry, and casting products, precision machining, stamped and fabricated products, automotive components and steel/metal processing. IOP has a particular investment focus on enhancing the operations and optimizing the cost structures of businesses. Industrial Opportunity Partners was formed in 2005 and is based in Evanston, Illinois.


DEAL STATS #
Overall 18 of 22
Sector (Building Materials) 1 of 1
Type (Add-on Acquisition) 10 of 14
State (North Carolina) 3 of 3
Country (United States) 16 of 20
Year (2021) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-03 Brewster Home Fashions

Randolph, Massachusetts, United States

Brewster Home Fashions is a designer, supplier, and manufacturer of “Do It Yourself” peel & stick wallpaper, peel & stick flooring, traditional wallpaper, home décor, decals, and additional products for the residential market in the U.S. and internationally.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-17 Monroe Truck Equipment

Monroe, Wisconsin, United States

Monroe Truck Equipment specializes in the design, manufacture, distribution, and installation/upfitting of specialized truck equipment for the municipal and commercial markets. Monroe Truck Equipment was founded in 1986 and is based in Monroe, Wisconsin.

Sell -
SELLER

Patriot Capital

Baltimore, Maryland, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Size Large
Type Sector Agnostic
DESCRIPTION

Patriot Capital is a private investment firm that provides equity and junior capital to support acquisitions, growth capital financings, management buyouts, and recapitalizations of middle-market companies. The Firm looks to invest $5 to $25 million in businesses generating revenues of $10 to $200 million. Areas of interest include business and consumer services, consumer products, niche manufacturing and distribution, education, e-commerce, application software, transportation, and telecom services. Patriot focuses its investment activity with the Mid-Atlantic, Midwest, and Southern areas of the US. Patriot Capital is based in Baltimore, Maryland.


DEAL STATS #
Overall 43 of 50
Sector (Building Materials) 2 of 2
Type (Add-on Acquisition) 25 of 29
State (North Carolina) 3 of 4
Country (United States) 43 of 50
Year (2021) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-15 Red River Waste Solutions

Dripping Springs, Texas, United States

Red River Waste Solutions is a solid waste management and recycling company specializing in residential and commercial solid waste collection, hauling, and landfill management. Red River Waste Solutions was founded in 1953 and is based in Dripping Springs, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-19 Premium Inspection & Testing

Baton Rouge, Louisiana, United States

Premium Inspection & Testing is a premier provider of non-destructive testing and inspection services to midstream oil and gas companies as well as customers in the nuclear, civil infrastructure, and defense industries. Premium Inspection & Testing is based in Baton Rouge, Louisiana.

Sell -