Lone Star to Acquire Hanson Building Products for $1.4B
December 30, 2014
Lone Star Funds has entered into an agreement to acquire Hanson Building Products, the North American and U.K. building products business of HeidelbergCement (XETRA: HEI), for an aggregate purchase price of $1.4 billion. Up to $100 million will be payable in 2016, depending on the performance of the business in 2015. Hanson Building Products manufactures bricks and concrete pressure and gravity pipes, generating 2013 revenues and adjusted pro-forma EBITDA of about $1.1 billion and $90 million, respectively; the company has a network of 107 manufacturing plants and 11 distribution facilities in the U.S., U.K. and eastern Canada. The deal is expected to close in 1Q 2015.