Beacon Roofing Supply announced Monday the execution of a definitive agreement to sell its interior products business to affiliates of American Securities, a leading U.S. private equity firm.
The cash purchase price of $850 million is subject to certain net working capital and other adjustments, with the transaction expected to close during Beacon’s fiscal 2021 second quarter, subject to customary regulatory approvals.
The unit consisting of 81 branch locations where it distributes construction products including wallboard, acoustical ceilings, steel framing and insulation to both residential and commercial contractors.
The Company intends to use the anticipated after-tax proceeds of approximately $750 million from this divestiture to reduce net leverage and strengthen its balance sheet.
Source: Nasdaq
Can’t stop reading? Read more
Ardian to acquire 90% stake in Centrotherm, boosting European semiconductor portfolio
Ardian to acquire 90% stake in Centrotherm, boosting European semiconductor portfolio Ardian has...
Beijing pushes fund managers to launch more equity funds in bid to revive markets
Beijing pushes fund managers to launch more equity funds in bid to revive markets Chinese...
Brookfield smashes fundraising record, lifts credit reach with Oaktree acquisition
Brookfield smashes fundraising record, lifts credit reach with Oaktree acquisition Brookfield...