KPS Capital Partners LP (KPS), a global private equity firm, has completed its acquisition of Oldcastle BuildingEnvelope® (OBE), formerly a CRH company. KPS announced earlier this year it had signed a definitive agreement to acquire OBE from CRH plc for approximately $3.45 billion in cash through a newly formed affiliate.
“The entire OBE management team looks forward to partnering with KPS as we begin our journey as an independent company,” said Liz Haggerty, CEO of OBE. “KPS has an exemplary track record of investing in and improving manufacturing businesses, and we are exceedingly confident that they are the right partner to help us execute on our strategic plan. We will continue to build on our industry-leading reputation for quality, reliability and product innovation. KPS’ experience with manufacturing businesses and the significant capital resources available will allow us to continue our investment in our commercial and operational growth strategy. We intend to expand our capabilities as a customer-oriented solutions provider in architectural hardware, glass and glazing markets. We are excited about OBE’s future opportunities, and we have found a great partner in KPS to capture them.”
Raquel Vargas Palmer, managing partner of KPS, adds, “We are thrilled to acquire North America’s largest provider of architectural hardware, glass and glazing systems. OBE is the only one-stop shop for every critical product a glazing industry customer needs, and they serve attractive, growing end-markets. We intend to drive profitable growth by providing OBE with the financial resources to invest in commercial and operational excellence. We will leverage KPS’ decades of manufacturing expertise to create an entrepreneurial culture centered on innovation, continuous improvement and excellent customer experience. OBE has demonstrated a strong ability to integrate synergistic acquisitions over the past several decades and we will provide strategic support and capital in pursuit of future growth opportunities. We look forward to partnering with OBE’s talented employees and management team under the leadership of CEO Liz Haggerty to accelerate value creation opportunities.”