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BECN

Beacon Roofing

$39.64

-0.72 (-1.78%)

, CRH

CRH

$34.29

-0.35 (-1.01%)

04:44
08/24/17
08/24
04:44
08/24/17
04:44

Beacon Roofing to acquire Allied Building Products from CRH for $2.625B in cash

Beacon Roofing Supply (BECN) announced that the company has entered into a definitive purchase agreement to acquire Allied Building Products from global diversified building products group CRH (CRH) for $2.625B in cash. Beacon expects to finance the acquisition with approximately $2.2B of debt financing through an upsized ABL revolving credit facility, an upsized term loan B facility, a new unsecured senior note and approximately $500M of committed convertible preferred equity financing from an entity affiliated with the investment firm Clayton, Dubilier & Rice, which in October 2015 sold Roofing Supply Group to Beacon. The parties currently expect to consummate the transaction on or around January 2, 2018, subject to satisfaction of customary closing conditions. The combination of Beacon and Allied will make Beacon one of the largest publicly traded wholesale building materials distributors in North America with pro forma revenues of approximately $7B and 593 branches in all 50 states and 6 provinces across Canada. Beacon will also become the fourth largest wallboard and acoustical ceiling tile wholesale distributor in the U.S., with more than $1B of revenue in the interior market category. The combined company is expected to realize $110M in annual run-rate synergies within two years of closing. Excluding year one incremental transaction-related amortization of approximately $70-80 million and year one acquisition costs of approximately $65-75 million, Beacon expects the transaction will be immediately accretive to adjusted earnings per share by approximately $0.50-0.60 in year one. Beacon expects the transaction will be accretive to GAAP earnings per share in year two. Following the close, Beacon expects rapid de-levering to result from the anticipated combined EBITDA of the new Beacon entity, realization of cost savings and strong pro forma free cash flow generation. The trailing twelve month June 30, 2017 Adjusted EBITDA of Allied coupled with significant run rate synergies of $110M results in a transaction purchase multiple of 8.7x. Following completion of the transaction, Isabella will continue to serve as President and CEO of the combined company, and Buck will remain Chairman of the Board of Directors. Feury, CEO of Allied, will continue in a key executive leadership role, focused on integration and growth, reporting to Isabella. Philip Knisely, an advisor to the CD&R Funds, will remain on Beacon's Board of Directors. Sleeper, a Partner at CD&R, will rejoin Beacon's Board of Directors.

BECN

Beacon Roofing

$39.64

-0.72 (-1.78%)

CRH

CRH

$34.29

-0.35 (-1.01%)

  • 29

    Aug

  • 30

    Aug

BECN Beacon Roofing
$39.64

-0.72 (-1.78%)

04/11/17
WBLR
04/11/17
NO CHANGE
WBLR
Outperform
Beacon Roofing Q2 sales can top expectations, says William Blair
William Blair analyst Ryan Merkel believes Beacon Roofing Supply's fiscal Q2 sales have some upside relative to consensus expectations after his firm's roofing surveys indicated better than expected growth in Q1. Contacts experienced mid-single-digit organic daily sales growth despite tough comparisons, with March being "surprisingly strong," Merkel tells investors in a research note. The analyst keeps an Outperform rating on Beacon Roofing.
05/31/17
WEDB
05/31/17
INITIATION
WEDB
Neutral
Beacon Roofing coverage assumed with a Neutral at Wedbush
Wedbush analyst Jay McCanless assumed coverage of Beacon Roofing with a $47 price target and a Neutral rating. The analyst's estimates for the company are slightly below consensus as he expects its non-residential sales to be flat in 2H17 and rise slightly in fiscal 2018.
06/27/17
NRCS
06/27/17
NO CHANGE
Target $76
NRCS
Buy
Owens Corning price target raised to $76 from $70 at Northcoast
Northcoast analyst Kevin Hocevar raised his price target for Owens Corning (OC) to $76 after holding discussions with a large sample of residential roofing distributors throughout the United States. Demand in Q2 looks "robust" with 61% of contacts reporting higher volumes in the period, Hocevar tells investors in a research note. To reflect strength in sell-out of residential roofing shingles, the analyst raised his Q2, 2017 and 2018 estimates for Owens Corning. He keeps a Buy rating on the shares. Hocevar also sees potential upside to estimates for Neutral-rated Beacon Roofing (BECN).
08/03/17
RHCO
08/03/17
NO CHANGE
RHCO
Beacon Roofing weakness creates good entry point, says SunTrust
After Beacon reported weaker than expected results, SunTrust analyst Keith Hughes says he expects the company's business to rebound over the longer term. Additionally, he is upbeat on the company's valuation and expects it to make more acquisitions. Hughes says that the weakness in the stock has created an attractive entry point.
CRH CRH
$34.29

-0.35 (-1.01%)

10/20/16
SOCG
10/20/16
UPGRADE
SOCG
Buy
CRH upgraded to Buy from Hold at Societe Generale
11/02/16
ADAM
11/02/16
UPGRADE
ADAM
Buy
CRH upgraded to Buy from Hold at Canaccord
01/31/17
MSCO
01/31/17
DOWNGRADE
MSCO
Underweight
CRH downgraded to Underweight from Equal Weight at Morgan Stanley
04/21/17
BOFA
04/21/17
UPGRADE
BOFA
Buy
CRH upgraded to Buy from Neutral at BofA/Merrill

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