Construction News

15/12/2014

Building Materials Firm CRH Sells Ibstock

Irish building materials firm CRH has sold its clay and concrete businesses in the United Kingdom and its clay business in the United States to funds managed by Bain Capital Europe LLP for an Enterprise Value (EV) of £414 million.

The amount excludes real estate assets with an estimated market value of £30 million that are being retained by CRH for future disposal.

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The Business being divested comprises clay companies Ibstock in the UK and Glen Gery in the US, as well as UK concrete products companies Forticrete and Supreme Concrete. 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 £295 million.

(CD/MH)

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