M&A · Industrials · Wholesale-Lumber & Other Construction Materials
Woodgrain Inc. to acquire Huttig Building Products Inc
Announced Mar 21, 2022 · Closed May 3, 2022
Deal value$350MEV $361M
Premium105.0%To unaffected price
EV / Adj. EBITDA6.0x0.4x EV / Revenue
ConsiderationAll cash$10.70 per share
Transaction
- Acquirer
- Woodgrain Inc.
- Target
- Huttig Building Products Inc
- Buyer type
- Strategic
- Offer price per share
- $10.70
- Enterprise value
- $361M
- Status
- Closed May 3, 2022
Deal protections
- Break fee (target pays)
- $8.8M · 2.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · Wells Fargo
Advisors
- To the acquirer
- Wells Fargo
- To the target
- Lincoln International
Sector context · Industrials
- Comparable deals
- 60 in the prior 24 months
- Premium
- 105.0% vs. 46.8% sector median
- EV / Adj. EBITDA
- 6.0x vs. 10.7x sector median
- Break fee
- 2.5% vs. 2.8% sector median
Timeline
- AnnouncedMar 21, 2022
- Tender offerMar 28, 2022
- ClosedMay 3, 2022
Valuation · fairness opinions
Trading comparables$9.10$11.10
Precedent transactions$10.10$14.10
Discounted cash flow$9.90$12.05
Offer $10.70
Implied value per Huttig Building Products Inc share by analysis · DCF discount rate 12.5%–13.5%.