Oldcastle BuildingEnvelope® Established as a Standalone Enterprise
DALLAS – (May 3, 2022) – Oldcastle BuildingEnvelope® (“OBE”), today announced it has been acquired by KPS Capital Partners, LP (“KPS”), a leading global private equity firm with expertise in investing across a range of manufacturing industries. Formerly a CRH company, OBE is the leading vertically integrated manufacturer, fabricator and distributor of architectural hardware, glass and glazing systems in North America.
Headquartered in Dallas, Texas, OBE is a world-class building products company with significant presence in every major metropolitan statistical area in the U.S. and Canada. OBE delivers products to a broad customer base of architects, glaziers, contractors and developers serving diversified residential and commercial construction end-markets.
“The entire OBE management team looks forward to partnering with KPS as we begin our journey as an independent company,” said Liz Haggerty, Chief Executive Officer of OBE. “KPS has an exemplary track record of investing in and improving manufacturing businesses, and we are exceedingly confident that they are the right partner to help us execute on our strategic plan. We will continue to build on our industry-leading reputation for quality, reliability and product innovation. KPS’ experience with manufacturing businesses and the significant capital resources available will allow us to continue our investment in our commercial and operational growth strategy. We intend to expand our capabilities as a customer-oriented solutions provider in architectural hardware, glass and glazing markets. We are excited about OBE’s future opportunities, and we have found a great partner in KPS to capture them.”
“We are thrilled to acquire North America’s largest provider of architectural hardware, glass and glazing systems. OBE is the only ‘one-stop shop’ for every critical product a glazing industry customer needs, and they serve attractive, growing end-markets,” said Raquel Vargas Palmer, Managing Partner of KPS. “We intend to drive profitable growth by providing OBE with the financial resources to invest in commercial and operational excellence. We will leverage KPS’ decades of manufacturing expertise to create an entrepreneurial culture centered on innovation, continuous improvement and excellent customer experience. OBE has demonstrated a strong ability to integrate synergistic acquisitions over the past several decades and we will provide strategic support and capital in pursuit of future growth opportunities. We look forward to partnering with OBE’s talented employees and management team under the leadership of CEO Liz Haggerty to accelerate value creation opportunities.”
About Oldcastle BuildingEnvelope®
Oldcastle BuildingEnvelope® is North America’s leading vertically integrated manufacturer, fabricator and distributor of architectural hardware, glass and glazing systems. Headquartered in Dallas, Texas, OBE is a world-class building products company with significant presence in every major metropolitan statistical area in the U.S. and Canada. OBE manufactures high-performance architectural glass products and aluminum framing systems and, through its subsidiary C.R. Laurence, distributes complementary branded hardware and glazing supplies. OBE delivers products to a broad customer base of architects, glaziers, contractors, and developers serving diversified residential and commercial construction end-markets. With over 6,700 employees, OBE operates 85 manufacturing and distribution facilities in five countries. For more information visit www.obe.com.
About KPS Capital Partners, LP
KPS, through its affiliated management entities, is the manager of the KPS Special Situations Funds, a family of investment funds with approximately $13.1 billion of assets under management (as of December 31, 2021). For over three decades, the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing. KPS creates value for its investors by working constructively with talented management teams to make businesses better, and generates investment returns by structurally improving the strategic position, competitiveness, and profitability of its portfolio companies, rather than primarily relying on financial leverage. The KPS Funds’ portfolio companies currently generate aggregate annual revenues of approximately $18.0 billion, operate 173 manufacturing facilities in 26 countries, and have approximately 45,000 employees, directly and through joint ventures worldwide (as of December 31, 2021, pro forma for recent acquisitions and exits). The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.
CRH (LSE: CRH, ISE: CRG, NYSE: CRH) is the leading building materials business in the world, employing c.71,000 people at c.3,200 operating locations in 28 countries. It is the largest building materials business in North America and Europe and also has regional positions in Asia. CRH manufactures and supplies a range of integrated building materials, products and innovative solutions which can be found throughout the built environment, from major public infrastructure projects to commercial buildings and residential structures. A Fortune 500 company, CRH is a constituent member of the FTSE 100 Index, the EURO STOXX 50 Index, the ISEQ 20 and the Dow Jones Sustainability Index (DJSI) Europe. CRH’s American Depositary Shares are listed on the NYSE. For more information visit www.crh.com.
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