M&A · Industrials · Prefabricated Metal Buildings & Components
Clayton, Dubilier & Rice, LLC to acquire Cornerstone Building Brands, Inc.
Announced Mar 7, 2022 · Closed Jul 25, 2022
Deal value$5.80BEV $5.80B
Premium16.0%To unaffected price
EV / Adj. EBITDA8.6x1.0x EV / Revenue
ConsiderationAll cash$24.65 per share
Transaction
- Acquirer
- Clayton, Dubilier & Rice, LLC
- Target
- Cornerstone Building Brands, Inc.
- Buyer type
- Private equity
- Offer price per share
- $24.65
- Enterprise value
- $5.80B
- Status
- Closed Jul 25, 2022
Deal protections
- Break fee (target pays)
- $105M · 1.8%
- Reverse fee (buyer pays)
- $210M · 3.6%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Centerview
Sector context · Industrials
- Comparable deals
- 57 in the prior 24 months
- Premium
- 16.0% vs. 46.9% sector median
- EV / Adj. EBITDA
- 8.6x vs. 11.1x sector median
- Break fee
- 1.8% vs. 2.8% sector median
Timeline
- AnnouncedMar 7, 2022
- Proxy filedApr 7, 2022
- Definitive proxyMay 24, 2022
- Shareholder voteJun 23, 2022
- ClosedJul 25, 2022
Valuation · fairness opinions
Trading comparables$10.75$19.25
Precedent transactions$25.75$39.00
Trading comparables$20.50$35.50
52-week trading range$16.50$20.00
52-week trading range$18.00$21.50
Offer $24.65
Implied value per Cornerstone Building Brands, Inc. share by analysis, from Centerview · DCF discount rate 10%–12.5%.