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CRH Announces Disposal of its Clay and Concrete Products Businesses in UK and its Clay Business in US

December 14, 2014

Media Contacts

  • CRH Dublin
    Frank Heisterkamp
    Head of Investor Relations
    404 1000 (+353 1 404 1000)

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CRH plc, the international building materials group, announces today that it has reached agreement to dispose of its clay and concrete businesses in the United Kingdom and its clay business in the United States (together the "Business") to funds managed by Bain Capital Private Equity for an Enterprise Value (EV) of GBP£414 million (Euro€522million). This amount excludes real estate assets with an estimated market value of GBP£30 million that are being retained by CRH for future disposal.

The transaction is subject to regulatory approvals and is expected to close in H1 2015.

The Business being divested comprises clay companies Ibstock in the UK and Glen Gery in the US, as well as UK concrete products companies Forticrete and Supreme Concrete. As part of the transaction Bain will assume certain debt and pension liabilities relating to the Business and accordingly, the net cash consideration payable to CRH is expected to be approximately GBP£295 million.

In 2013, the Business generated profit before tax of GBP£16 million. Gross assets of the Business at 31 December 2013 totaled approximately GBP£300 million.

All proceeds received by CRH will be used for general corporate purposes.

This press release has been updated to reflect the new business unit name, "Bain Capital Private Equity," which was changed from "Bain Capital" or "Bain Capital, LP."