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BUILDING PRODUCTS & MATERIALS

0

INDUSTRY UPDATE │ MAY 2015

PAGE |


BUILDING PRODUCTS & MATERIALS GROUP OVERVIEW

1

CONTENTS

WHAT WE’RE READING

PUBLIC MARKETS

PUBLIC COMPARABLES

M&A ACTIVITY

CONTACTS

Mike HoganManaging [email protected]+1 (804) 915-0104

Ryan NelsonManaging [email protected]+1 (804) 915-0121

Trey PackardVice [email protected]+1 (804) 887-6016

INTRODUCTION

Harris Williams & Co. is pleased to present our Building Products and MaterialsIndustry Update for May 2015. This report provides commentary and analysis oncurrent capital market trends and merger and acquisition dynamics within theglobal building products and materials industry.

We hope you find this edition helpful and encourage you to contact us directly ifyou would like to discuss our perspective on current industry trends and M&Aopportunities or our relevant industry experience.



OUR PRACTICE

Harris Williams & Co. is a leading advisor to the building products and materialsindustry. Our significant experience covers a broad range of end markets,industries, and business models.

Construction

Materials

Building

Products

Distribution &

Services

has been acquired by

a portfolio company of





a subsidiary of


Select Atlanta, Georgia

aggregates assets of LaFarge

SA have been acquired byhas been acquired by

a division of





Aggregates

Asphalt

Aluminum

Bricks

Clay

Glass

Precast Concrete / Ready Mix

Steel

Stone

Acoustical

Cabinets &

Countertops

Carpet and Flooring

Gypsum / Wallboard

Electrical Fixtures

HVAC

Lumber

Plumbing Fixtures

Roofing

Siding

Tools and Hardware

Windows & Doors

Architectural and

Engineering

Installation and

Contracting

Lumber and

Hardware

Plumbing

Roofing and Siding

Site Development

Wallboard

Construction

MaterialsBuilding Products

Distribution &

Services










a division of



a subsidiary of




http://www.harriswilliams.com/

mailto:[email protected]



http://colonialwebb.com/

http://colonialwebb.com/


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WHAT WE’RE READING

2

HOUSING STARTS PROJECTED TO HIT 1.1 MILLION IN 2015

5 KEY REMODELING TRENDS FOR 2015

HOME BUILDING SURGES TO BEST PACE SINCE 2007

A MAJOR STEP FORWARD FOR LARFARGE-HOLCIM MERGER

Builder Online 5/11/2015

Metrostudy, a Hanley Wood company, announced today the release of its first quarter 2015 Home Building Outlookdetailing housing construction trends nationwide. The Home Building Outlook is the platform for Metrostudy’s nationaland local forecasts, spotlighting the Top 100 Housing Markets across the United States. The first quarter updateindicates U.S. Housing Starts are expected to advance gradually to hit 1.1 million this year, with 715,000 of those beingsingle family homes as defined by the Commerce Department. Multi-family housing starts are expected to increaseto 385,000 as the rental market continues to exhibit strength.

Read the full article here.

Remodeling.hw.net 5/8/2015

Kermit Baker, senior research fellow at the Joint Center for Housing Studies at Harvard, presented emerging trends inthe market at the 30th annual Remodeling Leadership Conference on May 6. Baker described 2015 as a year in which"spending exceeds its pre-recessionary high.” The remodeling market has almost fully recovered from the economicdownturn, he said.


The Wall Street Journal 5/19/2015

U.S. home building surged in April to the highest level since before the recession officially began, a sign of thaw in thehousing market during the crucial spring selling season. U.S. housing starts rose 20.2% from a month earlier to aseasonally adjusted annual rate of 1.135 million in April, the Commerce Department said Tuesday. That was thehighest reading since November 2007, and the biggest percentage increase since February 1991. New applicationsfor building permits, a bellwether for construction in coming months, increased 10.1%. ome-construction figures arevolatile and often revised, and housing data have been mixed over the past several months. But economists havebeen cautiously optimistic despite the uneven readings and many said Tuesday’s report offered reassurance thehousing market is rebounding after a dismal first quarter.


The Concrete Producer 5/7/2015

Switzerland-based Holcim Ltd. and France's Lafarge SA have received clearances in the United States and Canadafor a proposed merger. The approval, announced May 4, represents another step forward in the deal and requiresthat the companies complete several Federal Trade Commission-specified divestments. According to an FTC pressrelease “[the merger] would have harmed competition in 12 markets for portland cement, an essential ingredient inmaking concrete, and in two additional markets for slag cement, a specialty cement used for making more durableconcrete structures.”



USDA INCREASES FUNDING TO PROMOTE WOOD MARKETS

Building-Products.com 4/27/2015

Agriculture Secretary Tom Vilsack announced the award of over $9 million to expand and accelerate wood energyand other wood product markets. The federal funds will leverage $22 million in investments from partners, resulting in atotal investment of $31 million in 23 states. “Working with our partners, the Forest Service is promoting deployment ofnew technologies, designed to support new market opportunities for wood energy and innovative wood buildingmaterials,” said Vilsack. “This funding also supports forest management needs on the National Forest System and otherforest lands throughout the United States.”




http://www.builderonline.com/building/housing-starts-projected-to-hit-11-million-in-2015_o

http://www.remodeling.hw.net/benchmarks/economic-outlook-rri/5-key-remodeling-trends-for-2015_o

http://www.wsj.com/articles/housing-starts-climb-20-2-in-april-1432038806?cb=logged0.13613692042417824

http://www.theconcreteproducer.com/mergers-and-acquisitions/a-major-step-forward-for-lafargeholcim-merger-in-the-us_o.aspx

http://www.building-products.com/April-2015/USDA-Increases-Funding-to-Promote-Wood-Markets/

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PUBLIC MARKETS



3

MEDIAN TEV / 2015 EBITDA

MEDIAN REVENUE GROWTH (2014 – 2015P)

MEDIAN EBITDA MARGIN (2013 – 2015P) MEDIAN EBITDA GROWTH (2014E-2015P)

MEDIAN CAPEX / REVENUE (2015E)

MEDIAN REVENUE GROWTH (2011 – 2014)

HISTORICAL STOCK PRICES (MAY 14TH, 2010 – MAY 14TH, 2015)

8.5%

8.7%

7.3%

Building Products Distributors

Building Products

Building Materials

7.9%

6.4%

6.3%


Building Products

Building Materials

4.3%

12.8%

16.6%


Building Products

Building Materials

12.7%

17.1%

12.1%


Building Products

Building Materials

0.9%

2.7%

6.2%


Building Products

Building Materials

11.6x

10.9x

9.9x


Building Products

Building Materials

(60%)

(40%)

(20%)

0%

20%

40%

60%

80%

100%

120%

140%

May-10 Nov-10 May-11 Nov-11 May-12 Nov-12 May-13 Nov-13 May-14 Nov-14 May-15

Building Materials Index Building Products Index Building Products Distributors Index S&P 500 Index


PAGE |


As of May 14, 2015 ($ in Millions, except per share amounts)

PUBLIC COMPARABLES

4

BUILDING MATERIALS



Stock Performance

Current % of 2014 TEV / EBITDA

Price LTM High Mkt Cap TEV Revenue EBITDA Margin 2015 2016

Aggregates and Cement

Holcim Ltd. $79.89 88.3% $26,034 $39,468 $19,238 $3,755 19.5% 9.4x 8.3x

CRH plc $28.47 93.5% 23,165 26,171 22,892 1,972 8.6% 11.2x 9.3x

Lafarge S.A. $72.97 94.6% 20,764 34,181 15,546 3,139 20.2% 9.9x 8.9x

HeidelbergCement AG $84.98 97.6% 15,732 24,138 15,281 2,472 16.2% 8.2x 7.5x

CEMEX, S.A.B. de C.V. $1.01 90.6% 12,851 29,326 14,228 2,482 17.4% 9.8x 8.7x

Vulcan Materials Company $91.75 100.0% 12,055 13,940 2,994 575 19.2% 16.8x 13.2x

Martin Marietta Materials Inc. $154.10 98.9% 10,390 11,916 2,679 588 22.0% 13.4x 11.0x

Eagle Materials Inc. $88.15 83.4% 4,373 4,877 1,032 284 27.5% 10.8x 8.8x

Summit Materials, Inc. $26.10 97.8% 689 1,637 1,204 173 14.4% 6.7x 5.3x

Median 94.6% 19.2% 9.9x 8.8x

Mean 93.8% 18.3% 10.7x 9.0x

Heavy Construction Materials

CRH plc $28.47 93.5% $23,165 $26,171 $22,892 $1,972 8.6% 11.2x 9.3x

James Hardie Industries plc $12.41 94.6% 5,533 5,860 1,622 348 21.5% 14.3x 11.9x

Boral Limited $5.15 95.3% 3,971 4,689 3,643 335 9.2% 9.7x 8.7x

Headwaters Incorporated $20.07 100.0% 1,442 1,937 825 134 16.2% 11.2x 10.2x

U.S. Concrete, Inc. $39.80 98.5% 587 801 704 70 9.9% 7.7x 6.4x

Median 95.3% 20.4% 11.2x 7.6x

Mean 96.4% 13.1% 10.8x 9.3x

Lumber and Wood Products

Weyerhaeuser Co. $32.39 87.4% $16,583 $20,841 7,693 $1,722 22.4% 13.4x 10.9x

West Fraser Timber Co. Ltd. $54.25 82.6% 4,522 4,964 3,330 497 14.9% 8.4x 6.6x

Canfor Corp. $19.36 72.6% 2,599 3,024 2,891 442 15.3% 6.4x 4.7x

Louisiana-Pacific Corp. $17.05 96.0% 2,423 2,715 1,935 16 0.8% 36.1x 10.4x

Boise Cascade Company $34.89 79.5% 1,367 1,534 3,574 196 5.5% 7.6x 6.4x

Norbord, Inc. $21.35 87.6% 1,807 2,310 1,198 89 7.4% 20.9x 7.9x

Universal Forest Products Inc. $55.83 96.1% 1,118 1,318 2,660 130 4.9% 8.0x 7.6x

Median 87.4% 7.4% 8.4x 7.6x

Mean 86.0% 14.5% 11.1x 7.8x

Overall Median 94.6% 15.3% 9.9x 8.7x

Overall Mean 91.8% 14.4% 12.0x 8.7x


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PUBLIC COMPARABLES

5

BUILDING PRODUCTS



Stock Performance



ASSA ABLOY AB $59.08 88.5% $22,030 $24,678 $7,265 $1,312 18.1% 16.1x 14.8x

Mohawk Industries Inc. $183.03 97.2% 13,255 15,564 7,803 1,161 14.9% 11.5x 10.2x

Masco Corporation $27.18 98.8% 9,208 11,547 8,521 1,003 11.8% 10.5x 9.5x

Fortune Brands Home & Security, Inc. $45.22 93.9% 7,163 7,747 4,014 498 12.4% 12.5x 10.5x

Lennox International, Inc. $113.43 99.4% 5,034 6,083 3,367 387 11.5% 13.4x 11.7x

Owens Corning $39.75 87.0% 4,623 6,876 5,276 717 13.6% 8.8x 7.8x

USG Corporation $27.85 86.5% 4,000 5,993 3,724 454 12.2% 10.3x 8.7x

Kingspan Group plc $21.42 96.8% 3,776 3,957 2,289 229 10.0% 14.0x 12.1x

Armstrong World Industries, Inc. $56.53 94.4% 3,088 4,005 2,515 313 12.5% 10.8x 9.5x

Masonite International Corporation $68.20 96.7% 2,045 2,457 1,838 117 6.3% 12.8x 10.2x

Trex Co. Inc. $50.14 86.9% 1,566 1,647 392 84 21.4% 15.4x 12.5x

Nortek Inc. $84.28 91.3% 1,293 2,699 2,546 242 9.5% 8.9x 8.1x

Interface Inc. $22.45 98.6% 1,460 1,660 1,004 113 11.3% 11.1x 9.8x

NCI Building Systems Inc. $15.33 70.7% 1,098 1,532 1,383 69 5.0% 11.0x 8.7x

Continental Building Products, Inc. $22.55 94.1% 937 1,257 425 115 27.0% 9.1x 7.8x

American Woodmark Corp. $51.68 91.6% 806 665 807 57 7.0% 8.6x NA

Tyman plc $4.83 89.8% 814 954 547 84 15.4% 9.4x 8.5x

Ply Gem Holdings, Inc $12.67 85.5% 847 1,879 1,567 119 7.6% 11.1x 8.2x

Quanex Building Products Corporation $18.50 84.9% 620 556 597 45 7.5% 9.1x 7.6x

PGT, Inc. $12.09 98.0% 572 716 306 44 14.2% 10.1x 8.5x


Overall Mean 91.5% 12.5% 11.2x 9.7x



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PUBLIC COMPARABLES

6

DISTRIBUTORS



Stock Performance



Wolseley plc $61.70 92.5% $15,770 $17,750 $20,129 $1,376 6.8% 10.9x 9.8x

Beacon Roofing Supply, Inc. $31.46 87.2% 1,554 1,757 2,371 126 5.3% 10.9x 9.2x

Richelieu Hardware Ltd. $51.70 92.4% 1,009 1,004 567 67 11.9% 13.8x 12.6x

Builders FirstSource, Inc. $12.82 91.2% 1,242 1,614 1,604 61 3.8% 17.8x 9.3x

Stock Building Supply Holdings, Inc. $18.24 84.1% 473 552 1,296 32 2.5% 11.6x 7.6x

Hardwoods Distribution Inc. $11.04 94.3% 184 217 389 22 5.7% 8.6x 7.8x

CanWel Building Materials Group Ltd. $4.64 84.7% 132 299 656 25 3.8% 11.8x 10.6x

Bluelinx Holdings Inc. $1.10 74.8% 98 561 1,979 23 1.2% NA NA


Overall Mean 87.7% 5.1% 12.2x 9.6x



PAGE |


M&A TRANSACTIONS

7



Date Target Vertical Business Description Acquirer

5/7/2015 Simon Contractors.,

Cheyenne, Wyoming

Asphalt Terminal

Building Materials Blueknight Energy Parterns has acquired a Cheyenne, Wyoming asphalt

terminalling facility prev iously owned by Simon Contractors, a multi-

state, heavy highway contractor.

Blueknight Energy Partners,

L.P.

5/4/2015 TruStile Doors, LLC Building Products TruStile Doors, LLC designs and manufactures doors. In addition the

company provides design, planning, and support serv ices. TruStile is

based in Denver, CO.

Marv in Windows and

Doors, Inc.

4/22/2015 Holcim Ltd., Cement

Facilities in USA

Building Materials Holcim Ltd. divested several cement manufacturing facilities in the USA.

The acquisition will be finalized when the pending Holcim and LaFarge

merger completes later in 2015.

ESSROC Cement Corp.

4/20/2015 VNS Corporation Building Products Headquartered in Vidalia, Georgia, VNS operates six full line building

material stores, a wholesale company, a one step roofing yard, two

manufacturing companies plus a construction serv ices company.

Building Materials Holding

Corporation

4/17/2015 Direct Cabinet Sales, Inc. Distribution Direct Cabinet Sales, Inc. designs, distributes, sells, and installs

kitchen/bath/storage cabinetry and related products to residential,

commercial, and new construction markets.

US LBM Holdings, LLC

4/17/2015 Rosen Materials, LLC Distribution Rosen Materials, LLC distributes residential and commercial building

products.


4/17/2015 Grabill Incorporated Building Products Grabill Incorporated manufactures windows and doors. Pella Corporation, Inc.

4/17/2015 Lafarge North America

Inc., Cement Assets

Building Materials Lafarge North America Inc., Cement Assets comprise cement plant and

cement distribution terminals.

Continental Cement

Company, LLC

4/15/2015 A1A Sod Sand & Soil, Inc. Distribution A1A Sod Sand & Soil, Inc. operates a retail and wholesale garden

center that offers a range of commercial and residential designs,

delivery, and installations in South Florida.

A1 Group, Inc.

4/14/2015 Security Supply

Corporation

Distribution Security Supply Corporation markets plumbing, heating, and cooling

equipments.

WinWholesale Inc.

4/13/2015 ProBuild Holdings, Inc. Distribution ProBuild Holdings, Inc. distributes lumber and building materials to

builders, contractors, and tradesmen in the United States.

Builders FirstSource, Inc.

4/7/2015 Northland Construction

Supplies Ltd.

Distribution Northland Construction Supplies Ltd. supplies goods to concrete

construction, ceramic, and masonry industries.

National Concrete

Accessories

4/2/2015 Richardson Gypsum, LLC Distribution Richardson Gypsum, LLC provides construction supplies and equipment

for construction projects.


4/2/2015 Ferrara Brothers Building

Materials Corp.

Building Materials Ferrara Brothers Building Materials Corp. manufactures concrete. U.S. Concrete, Inc.

3/31/2015 Design Specialties, Inc. Building Products Design Specialties, Inc. manufactures glass fireplace doors. Blackthorne Partners LTD.

3/30/2015 Norcraft Companies, Inc. Building Products Norcraft Companies, Inc. manufactures kitchen and bathroom

cabinetry in the United States and Canada.

Fortune Brands Home &

Security, Inc.

3/30/2015 AFC Industries, Inc. Distribution AFC Industries, Inc. engages in the purchase, distribution, assembly, and

packaging of fasteners and related hardware products.

Incline Equity Partners;

Incline Equity Partners I I I ,

L.P.

3/27/2015 PrimeSource Building

Products, Inc.

Distribution PrimeSource Building Products, Inc. distributes fasteners and building

materials.

Platinum Equity, LLC

3/26/2015 Martin Fireproofing

Corporation

Building Products Martin Fireproofing Corporation manufactures, sells, and installs

specialty roof deck solutions.

Innovative Metals

Company, Inc.

3/25/2015 Pinnacle Stone & Tile LLC Building Products Pinnacle Stone & Tile LLC manufactures and installs countertops, shower

and bath surrounds, fireplaces, vanities, floor inlays, and custom projects

in Northern California.

L.A.R.K. Industries, Inc.


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M&A TRANSACTIONS

8




3/25/2015 Pinnacle Stone & Tile LLC Building Products Pinnacle Stone & Tile LLC manufactures and installs countertops, shower

and bath surrounds, fireplaces, vanities, floor inlays, and custom projects

in Northern California.

L.A.R.K. Industries, Inc.

3/25/2015 J & B Materials, Inc. Building Materials J & B Materials, Inc. is a supplier of drywall, metal studs, plaster, pool,

and general building materials.

Gypsum Management and

Supply, Inc.

3/19/2015 Pipeline Supply, Inc. Distribution Pipeline Supply, Inc. operates as a wholesale distributor of plumbing,

HVAC, hydronics, radiant floor heating, sewer, water, and well supplies.

Dakota Supply Group, Inc.

3/17/2015 Thermoseal Industries, LLC Building Materials Thermoseal Industries, LLC develops, produces, and sells insulating glass

units to the commercial refrigeration, oven, test laboratory, and

architectural markets.

Senneca Holdings

3/12/2015 Fry Reglet Corporation,

Axiom & Serpentina Ceiling

Systems

Building Products Axiom & Serpentina Ceiling Systems of Fry Reglet Corporation, a ceiling

systems manufacturer, was acquired by Worthington Armstrong

Venture.

Worthington Armstrong

Venture

3/9/2015 Easi-Serv Products Inc. Building Products Easi-Serv Products Inc. designs and manufactures drive-thru windows,

food conveyors, and glass patios.

Franke Foodserv ice

Systems, Inc.

3/7/2015 Mechoshade Systems, Inc. Building Products Mechoshade Systems, Inc. prov ides manual, motorized, and automated

solar-shading and room-darkening solutions.

Springs Window Fashions

LLC

3/2/2015 Lampert Yards, Inc. Distribution Lamperts is a leading building material distributor prov iding windows,

doors, roofing, siding, insulation, millwork, cabinets, and framing

materials to professional builders and consumers in their local markets.


3/2/2015 BMI Products of Northern

California Inc.

Building Materials BMI Products of Northern California Inc. manufactures silo systems for

construction needs.

Sika AG

2/26/2015 Zero International, Inc. Building Products Zero International, Inc. designs and manufactures a range of

specialized sealing systems for doors and windows.

Schlage Lock Company

LLC

2/26/2015 Atis Group Inc. Building Products Atis Group Inc. manufactures and distributes doors and windows and

high performance energy-efficient products for the construction and

home improvement markets.

Desjardins Business Capital

régional et coopératif

2/25/2015 J. A. Jack & Sons, Inc. Building Materials J. A. Jack & Sons, Inc. mines and processes limestone. Harrison Gypsum, LLC

2/24/2015 Right Away Redy Mix, Inc. Building Materials Right Away Redy Mix, Inc. prov ides ready-mix, aggregate, and

concrete pumping products and serv ices.

U.S. Concrete, Inc.

2/18/2015 Maryland Materials, Inc. Building Materials Maryland Materials, Inc. engages in mining and producing granite and

traprock products.

Bluegrass Materials

Company, LLC

1/29/2015 Preferred Sands of

Canada, ULC, Assets of

Hanson Lake Facility

Building Materials Preferred Proppants, LLC, Assets of Hanson Lake Facility comprises silica

sand mining assets.

Hilco Industrial, LLC;

Gordon Brothers Group,

LLC, Investment Arm

1/29/2015 B&L Wholesale Supply Building Materials B&L Wholesale Supply is a Northeastern distributor of roofing and related

residential and commercial building products, supplies, and serv ices

SRS Distribution

1/7/2015 Wameling Drywall Corp. Distribution Wameling Drywall Corp., doing business as Gilbert Supply Company,

supplies building products.

American Builders &

Contractors Supply Co.,

Inc.

12/29/2014 AGC Flat Glass North

America, Inc.

Building Materials AGC Flat Glass North America, Inc. fabricates Commercial Glass in the

United States.

Trulite Glass Company, LLC

12/23/2014 PFB Corp. Building Products PFB Corporation is engaged in manufacturing and marketing insulating

building products primarily for the residential and commercial

construction projects in North America.

Aeonian Capital

Corporation

12/23/2014 Empire Truss Ltd. Building Products Empire Truss Ltd. manufactures custom design roof trusses and floor

trusses, and distributes engineered wood products.



PAGE |


M&A TRANSACTIONS

9




12/23/2014 Empire Truss Ltd. Building Products Empire Truss Ltd. manufactures custom design roof trusses and floor

trusses, and distributes engineered wood products.


12/15/2014 Lumber Specialties, Ltd. Distribution Lumber Specialties, Ltd. manufactures and distributes structural building

components for customers in the United States.


12/15/2014 Distribution International,

Inc.

Distribution Distribution International, Inc. distributes thermal and acoustical

insulation and related supplies for maintenance and repair operations

worldwide.

Advent International

Corporation

12/11/2014 Diamond Concrete, Inc. Building Materials Diamond Concrete, Inc. manufactures and distributes concrete. U.S. Concrete, Inc.

12/9/2014 Standard Roofings, Inc. Distribution Standard Roofings, Inc., doing business as The Standard Group,

distributes exterior building products to builders, contractors, architects,

and homeowners.

American Builders &

Contractors Supply Co.,

Inc.

12/8/2014 Scofield Construction

Serv ices, LLC

Building Materials Scofield Construction Serv ices, LLC, through its subsidiaries, produces

ready-mix concrete.

Redi-Mix, L.P.

12/8/2014 American Masons' &

Building Supply Co.

Distribution American Masons' & Building Supply Co. supplies building materials in the

Greater Hartford area.


12/2/2014 HD Supply Distribution

Serv ices, LLC

Distribution HD Supply Distribution Serv ices, LLC distributes select building products

to national and regional hardware retailers, and the professional market

in North America.

The Home Depot, Inc.

12/1/2014 Handcrafted Homes, LLC Building Products Handcrafted Homes, LLC produces modular homes in the United States. Innovative Building Systems

LLC

11/25/2014 Wallboard Supply

Company, Inc.

Distribution Wallboard Supply Company, Inc. distributes and installs building

materials to commercial and residential construction industries in New

England.


11/19/2014 Atlas Homewares, Inc. Building Products Atlas Homewares, Inc. designs decorative hardware products. Top Knobs, Inc.

11/19/2014 Airxcel, Inc. Building Products Airxcel, Inc. designs and manufactures air conditioning, heating,

ventilating, and related appliances.

Yukon Partners; One Rock

Capital Partners, LLC

11/19/2014 Acanthus Industries Inc. Building Products Acanthus Industries Inc. designs and manufactures architectural wood

products in Canada.

Art for Everyday, Inc.

11/19/2014 Texas Tempered Glass, Inc. Building Materials Texas Tempered Glass, Inc. is a glass fabricator serv ing commercial and

residential end markets in the United States and abroad.

Trulite Glass & Aluminum

Solutions, LLC

11/18/2014 Architectural Elements LLC Building Products Architectural Elements LLC manufactures and distributes doors,

windows, and hardware for residential and commercial construction in

the United States.

FP2D, LLC

11/18/2014 Brooklyn Navy Yard

Modular-Construction

Facility

Building Products Brooklyn Navy Yard Modular-Construction Facility comprises a

construction facility that constructs residential units.

Forest City Ratner

Companies, LLC

11/14/2014 Alcoa Heating & Cooling Building Products Alcoa Heating & Cooling provides installation and serv ice support for

HVAC systems, tankless gas water heaters, and home generators.

MK Russell & Abbott

11/13/2014 Peachtree Communities

Group, Inc.

Building Products Peachtree Communities, Inc. builds homes/residences in Atlanta. Century Communities, Inc.

11/11/2014 Vicwest Inc Building Products Vicwest Inc. manufactures and distributes building construction

products and steel containment products North America and

internationally.

Kingspan Group plc

11/11/2014 Southern Fastening

Systems, Inc.

Distribution Southern Fastening Systems, Inc. distributes tools and fasteners for wood

construction projects and manufacturing operations.

Carlson Systems, LLC


PAGE |

REPRESENTATIVE BUILDING PRODUCTS TRANSACTIONS

10


















a division of



a division of





a division of

a division of


and a portfolio

company ofhas been acquired by


a subsidiary of


A Private Investor

Group

has completed a

recapitalization

with



a subsidiary of



Select Atlanta,

Georgia aggregates

assets of LaFarge SA

have been acquired

by















have been acquired by

The Wichita, Kansas

aggregates, concrete,

asphalt, and paving

assets

of LaFarge SA

a division of









Strategic

Industries, LLC

Private Investors



has purchased

certain assets of



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Energy & Power

IndustrialsHealthcare & Life Sciences

Transportation & Logistics

Aerospace, Defense & Government

Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

PAGE |

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BostonTwo International Place24th FloorBoston, Massachusetts 02110Phone: +1 (617) 482-7501Fax: +1 (617) 482-7503

Cleveland1900 East 9th Street20th FloorCleveland, Ohio 44114Phone: +1 (216) 689-2400Fax: +1 (216) 689-2401

Minneapolis222 South 9th StreetSuite 3350Minneapolis, Minnesota 55402Phone: +1 (612) 359-2700Fax: +1 (612) 359-2701

Philadelphia1600 Market Street21st FloorPhiladelphia, Pennsylvania 19103Phone: +1 (267) 675-5900Fax: +1 (267) 675-5901

Richmond (U.S. Headquarters)1001 Haxall Point9th FloorRichmond, Virginia 23219Phone: +1 (804) 648-0072Fax: +1 (804) 648-0073

San Francisco575 Market Street31st FloorSan Francisco, California 94105, USAPhone: +1 (415) 288-4260Fax: +1 (415) 288-4269

FrankfurtBockenheimer Landstrasse 33-3560325 FrankfurtGermanyPhone: +49 069 3650638 00Fax: +49 069 3650638 01

London63 Brook StreetLondon W1K 4HS, EnglandPhone: +44 (0) 20 7518 8900Fax: +44 (0) 20 7526 2187

NETWORK OFFICES

Beijing

Hong Kong

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Building Products & Materials

Harris Williams & Co. has a broad range of industry expertise, which creates powerful opportunities.Our clients benefit from our deep-sector experience, integrated industry intelligence andcollaboration across the firm, and our commitment to learning what makes them unique. For moreinformation, visit our website at www.harriswilliams.com/industries.

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HARRIS WILLIAMS & CO.

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Bureau of Economic Analysis

Capital IQ

Eurostat

Freedonia

Global Industry Analysts

IBIS

PNC Economic Outlook

S&P Leveraged Commentary & Data

The Wall Street Journal

Thomson Financial – SDC Database

Thomson Reuters

U.S. Census Bureau

Harris Williams & Co. (www.harriswilliams.com) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THE THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES, FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEASE CONTACT US AT THE ABOVE ADDRESSES OR NUMBERS.

The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable, but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The financial instruments discussed in this report may not be suitable for all investors, and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.

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