Bain picks up CRH divisions for £414m
Bain Capital has acquired the clay and concrete divisions of listed UK brick maker CRH for £414m.
The deal sees Bain picking up CRH's clay and concrete business in the UK and its clay businesses in the US. As part of the deal, Bain has assumed certain debt and pension liabilities of the businesses.
CRH mandated JP Morgan earlier this year to manage the sale of the company's clay brickwork business. However, CRH has retained its European brick business, selling only its UK and US operations.
Company
The two divisions sold to Bain comprise CRH's clay companies Ibstock in the UK and Glen Gery in the US, as well as UK concrete product businesses Forticrete and Supreme Concrete.
Ibstock was founded in 1899 and employs 2,000 people.
In 2013, the business generated profit before tax of £16m. Gross assets of the business totalled £300m as of 31 December 2013.
People
Albert Manifold is CEO of CRH.
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