CD&R to Acquire Cornerstone for $5.8B - Modern Distribution Management

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CD&R to Acquire Cornerstone for $5.8B

The private equity firm says it has reached a deal to acquire the largest manufacturer of exterior building products in North America.
While distributors still face major challenges from supply chain backlogs, labor and pricing strategies, the economy seemed to be the biggest topic of concern as we passed the midpoint of 2022.

New York-based private equity firm Clayton, Dubilier & Rice says it will acquire Cornerstone Building Brands, Inc. (NYSE: CNR), the largest manufacturer of exterior building products in North America, for $5.8 billion.

The deal is an all-cash transaction, CD&R said. The approximate $5.8 billion enterprise value includes the assumption of debt.
CD&R is currently the beneficial owner of approximately 49% of Cornerstone’s outstanding shares of common stock. The proposed deal delivers “substantial value to Cornerstone Building Brands’ shareholders,” who will receive $24.65 in cash per share, representing an approximately 16% premium to the closing price of the company’s common stock as of March 4, and an approximately 75% premium to the closing price of the company’s common stock as of February 4, 2022, the last trading day prior to speculation in the market regarding a potential transaction, CD&R said.

The acquisition has been approved by a special committee of independent directors of Cornerstone’s board of directors previously formed to “evaluate and consider any potential or actual proposal from CD&R,” the firm said.

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