M&A Deal Summary

TopBuild Acquires LCR Contractors

On January 20, 2021, TopBuild acquired construction company LCR Contractors from MFG Partners and ORIX Private Equity Solutions

Acquisition Highlights
  • This is TopBuild’s 5th transaction in the Construction sector.
  • This is TopBuild’s 13th transaction in the United States.
  • This is TopBuild’s 2nd transaction in Texas.

M&A Deal Summary

Date 2021-01-20
Target LCR Contractors
Sector Construction
Buyer(s) TopBuild
Sellers(s) MFG Partners
ORIX Private Equity Solutions
Deal Type Add-on Acquisition
Advisor(s) Evercore Group (Financial)

Target

LCR Contractors

Hutto, Texas, United States
LCR Contractors specializes in providing spray applied to fireproof and spray thermal insulation services to commercial and residential construction projects. LCR Contractors was founded in 1984 and is based in Hutto, Texas.

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Buyer(S) 1

Buyer

TopBuild

Daytona Beach, Florida, United States

Category Company
Founded 2015
Sector Construction
Employees14,012
Revenue 5.2B USD (2023)
DESCRIPTION
Entrance to TopBuild's headquarters in Daytona Beach, Florida.
Entrance to TopBuild's headquarters in Daytona Beach, Florida.

TopBuild is a provider of construction and installation services for the residential and commercial building industries. TopBuild offers a comprehensive range of solutions, including insulation, waterproofing, fireproofing, and installation services for a variety of building components. TopBuild was founded in 2015 and is based in Daytona Beach, Florida.


DEAL STATS #
Overall 13 of 28
Sector (Construction) 5 of 7
Type (Add-on Acquisition) 13 of 28
State (Texas) 2 of 4
Country (United States) 13 of 28
Year (2021) 1 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-01 Garland Insulating

Dallas, Texas, United States

Garland Insulating services a wide range of customers including production and custom builders, multi-family developers, and individual homeowners. Garland Insulating was founded in 1946 and is based in Dallas, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-01 American Building Systems

Columbus, Georgia, United States

American Building Systems is a residential insulation and distribution business founded in 1982, has 34 branches that primarily service the eastern United States. Major operations exist in Georgia, Virginia, the Carolinas, Florida, Massachusetts, and New Jersey. Approximately 94% of ABS’ $144 million of annual revenue is from the installation of insulation and other building products, with the remaining 6% from distribution.

Buy -

Seller(S) 2

SELLER
DESCRIPTION

MFG Partners acquires controlling stakes in founder and family-owned industrial, manufacturing, distribution, and business services companies valued from $25 to $100 million. MFG will consider opportunities throughout North America and looks to collaborate with existing company leadership to identify and execute on growth opportunities and operational initiatives. MFG Partners was formed in 2016 and is headquartered in New York City.


DEAL STATS #
Overall 1 of 2
Sector (Construction) 1 of 1
Type (Add-on Acquisition) 1 of 2
State (Texas) 1 of 1
Country (United States) 1 of 2
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-03 Storage Solutions

Westfield, Indiana, United States

Storage Solutions is a warehouse integrator that provides solutions for material handling and industrial storage equipment, including design, equipment procurement, and installation. Storage Solutions was founded in 1978 and is based in Westfield, Indiana.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-27 Mellott

Warfordsburg, Pennsylvania, United States

Mellott provides a full spectrum of integrated aggregates processing services and equipment, including equipment and parts distribution, service and repair, engineering and fabrication, as well as contract crushing. The company partners with a diverse range of top-tier customers and has become the trusted, go-to supplier of processing needs for the industry’s largest aggregates producers. Mellott was founded in 1920 and is based in Warfordsburg, Pennsylvania.

Buy -
DESCRIPTION

ORIX Mezzanine & Private Equity is the direct investment arm of asset manager ORIX. ORIX Mezzanine & Private Equity looks to invest $10 to $20 million to support buyouts, acquisitions, growth capital needs, and sponsored led transactions of profitable (greater than $5 million of EBITDA) companies throughout North America. ORIX will consider a variety of investment structures, including subordinated and convertible debt to common, preferred and convertible preferred equity. ORIX Mezzanine & Private Equity is headquartered in Dallas, Texas.


DEAL STATS #
Overall 15 of 21
Sector (Construction) 2 of 3
Type (Add-on Acquisition) 10 of 12
State (Texas) 2 of 3
Country (United States) 13 of 19
Year (2021) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-10 Venafi

Salt Lake City, Utah, United States

Venafi is a cybersecurity software platform that monitors, protects, and remediates an enterprise’s keys and certificates, which are required for secure communication, commerce, and mobility. Venafi provides its Global 5000 enterprise customers the ability to orchestrate the complete life cycle of all machine identity types, including TLS/SSL and SSH keys, and code-signing certificates. Venafi was founded in 2000 and is based in Salt Lake City, Utah.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-22 ACL AirShop

Greenville, South Carolina, United States

ACL AirShop is a manufacturer of air cargo nets, straps, and assemblies and sells, leases, and repairs air cargo unit loading devices. ULDs are broadly defined as any platform used to facilitate the movement of air cargo. ACL AirShop was founded in 1979 and is based in Greenville, South Carolina.

Sell -