Data
George H. Reddin is a
principal in FMI's Investment
Banking practice. He can be
reached at 919-785-9286 or
at greddin@fminet.com.
Market activity reflects corporate
divestitures and bolt-on deals
R
ecent deal activity continued with the
same themes we have seen in the last
few years — corporate divestitures
for balance sheet management and
small strategic bolt-on deals by the sector's major producers. Vulcan Materials Co. and Lafarge
S.A. continue to divest of non-core assets in an
effort to reduce debt, while Oldcastle continues
its charge of smaller strategic bolt-on acquisitions.
Recent transactions
Vulcan Materials Co., as part of ongoing efforts to
divest its non-core assets, has sold its remaining
quarry assets in Wisconsin to Lannon Stone Products, Inc. and Payne & Dolan, Inc. Lannon Stone
Products, Inc. acquired the Sussex operations, and
Payne & Dolan, Inc. acquired quarries in the cities
of Franklin, Dousman, and Racine.
Lone Star Funds agreed to acquire North
American gypsum assets from Lafarge S.A. at an
enterprise value of $700 million. In 2012, these
operations generated sales of $310 million.
Alexander & Baldwin, Inc. will acquire
Grace Pacific Corp. for $280 million, including
the assumption of projected net debt of approximately $42 million. The purchase price will
consist of 85 percent in the form of Alexander
& Baldwin, Inc. common stock and 15 percent
in cash. Grace also owns and operates Mid Pac
Petroleum, a fuel distribution and retailing
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