Builders Merchants Journal – BMJ Publishing to Builders Merchants and the UK merchanting industry for more than 95 years
International building materials group CRH has reached an agreement to sell brick manufacturer Ibstock to US private equity company Bain Capital.
The agreement also includes the sale of US clay company Glen Gary as well as UK concrete products companies Forticrete and Supreme Concrete in a deal worth £414 million.
As part of the transaction Bain will assume certain debt and pension liabilities relating to the business and accordingly, the net cash consideration payable to CRH is expected to be approximately GBP£295 million.
The transaction is subject to regulatory approvals and is expected to close in H1 2015.
