Building Products & Infrastructure | Q1 2018
THE BUILDING PRODUCTS & INFRASTRUCTURE TEAM GRANT HAMILTON BlackArch Partners, Managing Director Piper Jaffray, Edgeview Partners, Bank One
M.B.A. from University of Chicago’s Booth School of Business B.S. from Miami University Office:
(704) 414-6318
Cell: (704) 607-8756
[email protected]
Charlotte, NC 227 West Trade Street | Suite 2200 Charlotte, NC 28202 (704) 414-6300
Chicago, IL
PHIL ROSS BlackArch Partners, Vice President Robinson, Bradshaw & Hinson, M&A Attorney
10 South Wacker Drive | Suite 2575 Chicago, IL 60606 (312) 219-6574
J.D. from Wake Forest University School of Law, magna cum laude
B.B.A. in Accounting from East Tennessee State University, summa cum laude Office:
(704) 414-6319
Cell: (704) 430-6955
[email protected]
KATHERINE HOWELL
Houston, TX 3773 Richmond Avenue Houston, TX 77046 (346) 704-3150
www.BlackArchPartners.com
BlackArch Partners, Analyst Babson Capital Management, Private Finance Intern B.A. from Davidson College, cum laude Office:
(704) 414-6332
Cell: (336) 813-5046
[email protected]
STRICTLY CONFIDENTIAL
|2
PUBLIC COMPANY TRADING MULTIPLE TRENDS BY SUB-SECTOR 18.0x
Median TEV/EBITDA Multiple
16.0x
14.0x
12.0x
10.0x
8.0x
6.0x 3/31/2014 6/30/2014 9/30/2014 12/31/2014 3/31/2015 6/30/2015 9/30/2015 12/31/2015 3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017 6/30/2017 9/30/2017 12/31/2017 3/31/2018 Building Products
STRICTLY CONFIDENTIAL
Building Materials
Distribution & Retail
Engineering & Construction Services
|3
Building Products & Infrastructure Industry Update | Q1 2018
Comparable Public Company Analysis ($ in Millions Except Per Share Amounts) LTM Financial and Performance Data (1)
Market Data Price Company
Ticker
3/31/2018
52-Week High
Equity
Low
Value
TEV (2)
Revenue
EBITDA
Valuation Multiples
EBITDA
3 Yr. Revenue
Margin
CAGR %
TEV/LTM: Revenue
EBITDA
Building Products Roofing, Siding & Decking Compagnie de Saint-Gobain S.A.
ENXTPA:SGO
$52.71
$64.44
$51.40
$29,044
$36,839
$49,003
$4,947
10.1%
2.1%
0.8x
Owens Corning
NYSE:OC
80.40
96.52
59.26
8,982
11,188
6,384
1,135
17.8%
6.7%
1.8x
9.9x
Kingspan Group plc
ISE:KRX
42.30
49.07
34.08
7,594
8,241
4,405
535
12.1%
24.7%
1.9x
15.4x
USG Corporation
NYSE:USG
40.42
41.18
25.60
5,664
6,286
3,204
499
15.6%
3.3%
2.0x
12.6x
Trex Company, Inc.
NYSE:TREX
108.77
120.40
61.57
3,201
3,170
565
160
28.3%
13.0%
5.6x
19.8x
Continental Building Products, Inc.
NYSE:CBPX
28.55
31.00
21.00
1,069
1,262
489
136
27.8%
4.8%
2.6x
9.3x
16.7%
5.8%
1.9x
11.2x
Median
7.4x
Windows & Doors ASSA ABLOY AB (publ)
OM:ASSA B
$21.55
$23.71
$19.61
$23,941
$26,625
$9,301
$1,695
18.2%
10.2%
2.9x
15.7x
JELD-WEN Holding, Inc.
NYSE:JELD
30.62
42.27
27.61
3,257
4,310
3,764
368
9.8%
NA
1.1x
11.7x
Masonite International Corporation
NYSE:DOOR
61.35
85.30
50.40
1,718
2,180
2,033
238
11.7%
3.4%
1.1x
9.2x
Griffon Corporation
NYSE:GFF
18.25
25.15
17.60
805
1,968
1,610
128
7.9%
(7.6%)
1.2x
15.4x
PGT Innovations, Inc.
NYSE:PGTI
18.65
19.60
10.05
929
1,108
511
80
15.7%
18.6%
2.2x
13.8x
Tyman plc
LSE:TYMN
4.18
5.43
3.93
812
1,041
706
119
16.8%
14.2%
1.5x
8.8x
17.40
24.60
16.50
610
833
863
93
10.8%
13.1%
1.0x
8.9x
11.7%
11.7%
1.2x
11.7x
Quanex Building Products Corporation NYSE:NX
Median Kitchen & Bath Masco Corporation
NYSE:MAS
$40.44
$46.45
$32.97
$12,674
$14,693
$7,644
$1,296
17.0%
2.9%
1.9x
11.3x
Fortune Brands Home & Security, Inc.
NYSE:FBHS
58.89
73.62
57.75
8,717
9,903
5,283
852
16.1%
9.6%
1.9x
11.6x
American Woodmark Corporation
NASDAQGS:AMWD
98.45
148.44
78.75
1,723
2,472
1,103
135
12.3%
11.0%
2.2x
18.2x
Caesarstone Ltd.
NASDAQGS:CSTE
19.65
44.00
18.35
675
569
588
95
16.2%
9.5%
1.0x
6.0x
16.2%
9.6%
1.9x
11.5x
Median Flooring Mohawk Industries, Inc.
NYSE:MHK
$232.22
$286.85
$226.57
$17,283
$19,999
$9,491
$1,863
19.6%
6.7%
2.1x
10.7x
Interface, Inc.
NASDAQGS:TILE
25.20
26.25
18.15
1,495
1,638
996
147
14.8%
(0.2%)
1.6x
11.1x
Armstrong Flooring, Inc.
NYSE:AFI
13.57
20.20
13.10
349
396
1,134
56
4.9%
(2.4%)
0.3x
7.1x
14.8%
(0.2%)
1.6x
10.7x
Median Electrical & Lighting Schneider Electric S.E.
ENXTPA:SU
$87.73
$93.88
$79.78
$48,843
$54,265
$29,711
$4,762
16.0%
(0.3%)
1.8x
11.4x
Hubbell Incorporated
NYSE:HUBB
121.78
149.03
109.32
6,678
7,357
3,669
628
17.1%
3.0%
2.0x
11.7x
Acuity Brands, Inc.
NYSE:AYI
139.19
209.18
131.64
5,812
5,740
3,524
578
16.4%
11.6%
1.6x
9.9x
LSI Industries Inc.
NASDAQGS:LYTS
8.11
10.24
4.99
207
256
341
18
5.4%
3.7%
0.8x
13.9x
16.2%
3.3%
1.7x
11.6x
Median HVAC & Plumbing Ingersoll-Rand Plc
NYSE:IR
A. O. Smith Corporation
NYSE:AOS
Lennox International Inc.
NYSE:LII
AAON, Inc.
NASDAQ:AAON
$85.51
$97.67
$79.58
$21,368
$23,949
$14,198
$2,052
14.5%
3.3%
1.7x
11.7x
63.59
68.39
49.48
10,908
10,498
2,997
591
19.7%
8.3%
3.5x
17.8x
204.37
223.05
160.18
8,415
9,351
3,840
551
14.3%
4.5%
2.4x
17.0x
39.00
40.25
29.95
2,045
2,014
405
90
22.2%
4.4%
5.0x
22.4x
17.1%
4.4%
3.0x
17.4x
Median Subsector Median
11.7x
Footnotes: (1) LTM refers to the most recent twelve-month period for which data was available (2) Total enterprise value equals equity value plus minority interest, preferred stock and net debt; net debt equals total debt less cash and cash equivalents Strictly Confidential | BlackArch Partners | 4
Building Products & Infrastructure Industry Update | Q1 2018
Comparable Public Company Analysis ($ in Millions Except Per Share Amounts) LTM Financial and Performance Data (1)
Market Data Price Company
Ticker
3/31/2018
52-Week High
Equity
Low
Value
TEV (2)
Revenue
EBITDA
Valuation Multiples
EBITDA
3 Yr. Revenue
Margin
CAGR %
TEV/LTM: Revenue
EBITDA
Building Materials Aggregates, Cement & Concrete LafargeHolcim Ltd
SWX:LHN
$52.90
$62.68
$52.65
$32,630
$51,010
$26,811
$1,532
5.7%
11.5%
1.9x
33.3x
CRH plc
ISE:CRG
33.90
42.87
32.62
28,520
36,325
30,283
3,775
12.5%
10.1%
1.2x
9.6x
HeidelbergCement AG
DB:HEI
94.80
118.05
94.62
19,451
31,984
20,744
3,490
16.8%
11.0%
1.5x
9.2x
Vulcan Materials Company
NYSE:VMC
114.17
141.20
110.23
15,110
17,823
3,890
951
24.5%
9.1%
4.6x
18.7x
CEMEX, S.A.B. de C.V.
NYSE:CX
Martin Marietta Materials, Inc.
NYSE:MLM
Boral Limited
ASX:BLD
5.70
Eagle Materials Inc.
NYSE:EXP
103.05
Summit Materials, Inc.
NYSE:SUM
29.63
U.S. Concrete, Inc.
NASDAQCM:USCR
60.65
6.62
10.37
6.45
9,944
23,277
13,149
2,435
18.5%
8.9%
1.8x
9.6x
207.30
244.32
191.09
13,019
14,603
3,721
999
26.9%
11.6%
3.9x
14.6x
6.30
4.35
6,688
8,496
4,088
555
13.6%
6.6%
2.1x
15.3x
122.49
86.51
5,015
5,559
1,380
417
30.2%
10.2%
4.0x
13.3x
34.06
23.39
3,342
4,823
1,933
422
21.8%
17.1%
2.5x
11.4x
86.35
58.60
1,016
1,708
1,336
168
12.6%
23.8%
1.3x
10.2x
17.7%
10.6%
2.0x
12.4x
Median Stone United States Lime & Minerals, Inc.
NASDAQGS:USLM
$73.18
$101.40
$70.56
$409
$324
$145
$41
Median
28.2%
(1.1%)
2.2x
8.0x
28.2%
(1.1%)
2.2x
8.0x
Lumber & Wood Products West Fraser Timber Co. Ltd.
TSX:WFT
$66.34
$73.34
$42.76
$5,167
$5,460
$4,094
$856
20.9%
10.0%
1.3x
6.4x
Norbord Inc.
TSX:OSB
36.20
40.10
28.81
3,129
3,427
2,177
667
30.6%
10.8%
1.6x
5.1x
Canfor Corporation
TSX:CFP
22.75
24.70
13.83
2,929
3,214
3,715
634
17.1%
11.6%
0.9x
5.1x
Louisiana-Pacific Corporation
NYSE:LPX
28.77
31.07
22.07
4,173
3,621
2,734
657
24.0%
12.2%
1.3x
5.5x
Universal Forest Products, Inc.
NASDAQGS:UFPI
32.45
39.58
25.93
1,986
2,118
3,941
234
5.9%
14.0%
0.5x
9.1x
Boise Cascade Company
NYSE:BCC
38.60
45.95
26.25
1,500
1,761
4,432
221
5.0%
7.4%
0.4x
8.0x
19.0%
11.2%
1.1x
5.9x
Median Timber & Forest Products Weyerhaeuser Company
NYSE:WY
$35.00
$37.89
$30.95
$26,463
$32,142
$7,197
$1,944
27.0%
9.5%
4.5x
16.5x
Rayonier Inc.
NYSE:RYN
35.18
36.31
26.85
4,527
5,542
820
340
41.5%
10.7%
6.8x
16.3x
34.3%
10.1%
5.6x
16.4x
Median Subsector Median
9.6x
Footnotes: (1) LTM refers to the most recent twelve-month period for which data was available (2) Total enterprise value equals equity value plus minority interest, preferred stock and net debt; net debt equals total debt less cash and cash equivalents Strictly Confidential | BlackArch Partners | 5
Building Products & Infrastructure Industry Update | Q1 2018
Comparable Public Company Analysis ($ in Millions Except Per Share Amounts) LTM Financial and Performance Data (1)
Market Data Price Company
Ticker
3/31/2018
52-Week High
Equity
Low
Value
TEV (2)
Revenue
EBITDA
Valuation Multiples
EBITDA
3 Yr. Revenue
Margin
CAGR %
TEV/LTM: Revenue
EBITDA
Distribution & Retail Distributors Ferguson plc
LSE:FERG
$75.12
$80.29
$62.12
$18,571
$19,972
$22,268
$1,715
7.7%
7.4%
0.9x
11.6x
Fastenal Company
NASDAQGS:FAST
54.59
58.74
39.79
15,703
16,001
4,391
1,008
23.0%
5.6%
3.6x
15.9x
HD Supply Holdings, Inc.
NASDAQGS:HDS
37.94
42.25
28.97
7,039
8,582
5,121
687
13.4%
(8.5%)
1.7x
12.5x
Beacon Roofing Supply, Inc.
NASDAQGS:BECN
53.07
66.48
39.57
3,609
5,584
4,496
383
8.5%
23.8%
1.2x
14.6x
Watsco, Inc.
NYSE:WSO
180.97
183.84
134.08
6,195
6,390
4,342
373
8.6%
3.3%
1.5x
17.1x
Builders FirstSource, Inc.
NASDAQGS:BLDR
19.84
23.28
13.33
2,264
3,991
7,034
382
5.4%
63.7%
0.6x
10.4x
BMC Stock Holdings, Inc.
NASDAQGS:BMCH
19.55
25.70
18.20
1,314
1,674
3,366
190
5.6%
36.9%
0.5x
8.8x
Foundation Building Materials, Inc.
NYSE:FBM
14.91
17.00
11.03
639
1,209
2,061
137
6.7%
NA
0.6x
8.8x
BlueLinx Holdings Inc.
NYSE:BXC
32.59
38.77
7.57
298
610
1,816
32
1.8%
(2.8%)
0.3x
18.9x
CanWel Building Materials Group Ltd. TSX:CWX
4.92
5.81
4.52
382
546
906
49
5.4%
14.4%
0.6x
11.1x
Huttig Building Products, Inc.
5.23
9.24
4.89
136
239
753
5
0.7%
6.5%
0.3x
47.7x
6.7%
7.0%
0.6x
12.5x
NASDAQCM:HBP
Median Retailers The Home Depot, Inc.
NYSE:HD
$178.24
$207.61
$144.25
$206,272
$229,705
$100,904
$16,743
16.6%
6.7%
2.3x
13.7x
Lowe's Companies, Inc.
NYSE:LOW
87.75
108.98
70.76
72,833
89,138
68,619
8,145
11.9%
6.9%
1.3x
10.9x
Tractor Supply Company
NASDAQGS:TSCO
63.02
82.68
49.87
7,807
8,159
7,256
852
11.7%
8.3%
1.1x
9.6x
Floor & Decor Holdings, Inc.
NYSE:FND
52.12
52.78
29.37
5,008
5,196
1,480
172
11.6%
NA
3.5x
30.2x
Tile Shop Holdings, Inc.
NASDAQGS:TTS
6.00
22.40
5.15
313
334
345
55
15.9%
10.2%
1.0x
6.1x
11.9%
7.6%
1.3x
10.9x
Median Subsector Median
12.1x
Footnotes: (1) LTM refers to the most recent twelve-month period for which data was available (2) Total enterprise value equals equity value plus minority interest, preferred stock and net debt; net debt equals total debt less cash and cash equivalents Strictly Confidential | BlackArch Partners | 6
Building Products & Infrastructure Industry Update | Q1 2018
Comparable Public Company Analysis ($ in Millions Except Per Share Amounts) LTM Financial and Performance Data (1)
Market Data Price Company
Ticker
3/31/2018
52-Week High
Equity
Low
Value
TEV (2)
Revenue
EBITDA
Valuation Multiples
EBITDA
3 Yr. Revenue
Margin
CAGR %
TEV/LTM: Revenue
EBITDA
Engineering & Construction Services Engineering & Construction Jacobs Engineering Group Inc.
NYSE:JEC
$59.15
$72.18
$49.31
$8,380
$10,006
$10,221
$662
6.5%
(7.3%)
1.0x
15.1x
SNC-Lavalin Group Inc.
TSX:SNC
43.84
46.02
38.96
7,695
9,508
7,443
647
8.7%
4.3%
1.3x
14.7x
AECOM
NYSE:ACM
35.63
39.90
30.15
5,671
8,987
18,756
793
4.2%
20.9%
0.5x
11.3x
Skanska AB
OM:SKA B
20.39
26.09
18.24
8,335
8,718
19,287
530
2.7%
3.3%
0.5x
16.4x
Fluor Corporation
NYSE:FLR
57.22
62.09
37.04
8,006
7,810
19,521
672
3.4%
(3.2%)
0.4x
11.6x
EMCOR Group, Inc.
NYSE:EME
77.93
85.08
60.30
4,549
4,393
7,687
478
6.2%
6.2%
0.6x
9.2x
McDermott International, Inc.
NYSE:MDR
18.27
27.21
16.68
1,737
1,911
2,985
434
14.5%
9.1%
0.6x
4.4x
Stantec Inc.
NYSE:STN
24.65
29.25
22.25
2,813
3,195
2,725
277
10.2%
18.1%
1.2x
11.5x
KBR, Inc.
NYSE:KBR
16.19
21.70
13.36
2,271
2,332
4,171
243
5.8%
(13.1%)
0.6x
9.6x
Tutor Perini Corporation
NYSE:TPC
22.05
32.70
20.20
1,098
1,633
4,757
231
4.9%
1.9%
0.3x
7.1x
6.0%
3.8%
0.6x
11.4x
Median Contractors & Homebuilders Lennar Corporation
NYSE:LEN
$58.94
$72.17
$48.37
$18,738
$24,291
$13,290
$1,440
10.8%
18.1%
1.8x
16.9x
D.R. Horton, Inc.
NYSE:DHI
43.84
53.32
31.98
16,480
19,016
14,520
1,752
12.1%
18.8%
1.3x
10.9x
PulteGroup, Inc.
NYSE:PHM
29.49
35.21
21.41
8,439
11,679
8,573
1,176
13.7%
13.8%
1.4x
9.9x
NVR, Inc.
NYSE:NVR
2,800.00
3,700.00
2,028.99
10,262
10,213
6,320
893
14.1%
12.4%
1.6x
11.4x
Toll Brothers, Inc.
NYSE:TOL
43.25
52.73
34.99
6,566
9,594
6,070
718
11.8%
13.8%
1.6x
13.4x
KB Home
NYSE:KBH
28.45
38.80
19.39
2,477
4,276
4,422
332
7.5%
20.4%
1.0x
12.9x
Meritage Homes Corporation
NYSE:MTH
45.25
55.50
36.30
1,839
2,952
3,241
266
8.2%
14.1%
0.9x
11.1x
M.D.C. Holdings, Inc.
NYSE:MDC
27.92
35.18
26.94
1,570
2,161
2,578
187
7.2%
15.0%
0.8x
11.6x
M/I Homes, Inc.
NYSE:MHO
31.85
37.41
23.60
888
1,544
1,962
154
7.9%
17.3%
0.8x
10.0x
10.8%
15.0%
1.3x
11.4x
Median
Installation Services TopBuild Corp.
NYSE:BLD
$76.52
$82.26
$45.89
$2,725
$2,910
$1,906
$187
9.8%
8.0%
1.5x
15.5x
Installed Building Products, Inc.
NYSE:IBP
60.05
79.40
46.65
1,913
2,180
1,133
133
11.8%
29.8%
1.9x
16.4x
Comfort Systems USA, Inc.
NYSE:FIX
41.25
44.80
31.90
1,530
1,554
1,788
138
7.7%
8.2%
0.9x
11.3x
9.8%
8.2%
1.5x
15.5x
Median Subsector Median
11.5x
Footnotes: (1) LTM refers to the most recent twelve-month period for which data was available (2) Total enterprise value equals equity value plus minority interest, preferred stock and net debt; net debt equals total debt less cash and cash equivalents Strictly Confidential | BlackArch Partners | 7
Building Products & Infrastructure Industry Update | Q1 2018
Precedent Transaction Analysis Announced Date
Target
Acquiror
Target Description
Building Products Mar-18
Fire Door Solutions, LLC
Life Safety Consortium, LLC
Fire Door Solutions, LLC manufactures fire door safety products.
Mar-18
Thermo-Tech Windows and Doors LLC
Harvey Industries, Inc.
Thermo-Tech Windows and Doors LLC manufactures and markets vinyl windows and doors.
Mar-18
Nationwide Industries Inc.
Harbour Group
Mar-18
Demilec
Sun Capital
Mar-18
RCR International Inc.
M-D Building Products, Inc.
RCR International Inc. manufactures weather-stripping, insulation and floor protection products.
Mar-18
Sound Building Supply, Inc.
Salt Creek Capital
Sound Building Supply is a manufacturer and distributor of metal flashing, roofing and building products.
Mar-18
Ashland Products Inc.
Tyman plc
Mar-18
Heritage Windows and Doors
Andersen Corporation
Heritage Windows and Doors is a manufacturer of custom aluminum windows and doors.
Mar-18
Glasshouse
United Subcontractors, Inc.
Glasshouse designs, fabricates and installs architectural glass products for residential and commercial projects.
Feb-18
Ox Engineered Products, LLC
Wind Point Partners
Feb-18
Apogee Lighting Inc.
KLH Capital
Apogee Lighting Inc. manufactures specialty transit, industrial and architectural LED lighting fixtures.
Feb-18
A&L Windows Pty Limited
JELD-WEN Holding, Inc.
A&L Windows Pty Limited manufactures and supplies residential windows and patio doors.
Feb-18
Aurora Systems Inc.
Allegion plc
Feb-18
The Fletcher-Terry Company
Capital Partners, Inc.
Feb-18
Hirschfeld Holdings LP
W&W Steel Company
Feb-18
Mainely Trusses
Hancock Lumber
Mainely Trusses manufactures roof and floor trusses.
Feb-18
V2T Technology LLC
Unknown Acquiror
V2T Technology LLC provides V2T Roof Systems for the building products industry.
Feb-18
Assets of Forterra, Inc.
Foley Products Company
Assets of Forterra, Inc. manufactures water and drainage pipes and related products.
Feb-18
Assets of Vision Quest Lighting, Inc.
Royal Contract Lighting, Inc.
Jan-18
Atrium Corporation
Clayton, Dubilier & Rice, Inc.
Atrium Corporation manufactures and sells residential aluminum and vinyl windows and doors.
Jan-18
Ply Gem Holdings, Inc
Clayton, Dubilier & Rice, Inc.
Ply Gem Holdings, Inc. manufactures and sells residential and commercial building products.
Jan-18
Bravura Brass
The Delaney Co.
Bravura Brass manufactures forged brass door hardware.
Nationwide Industries Inc. manufactures hardware products for the fence, gate and cable railing markets. Demilec is a provider of spray polyurethane foam insulation systems for residential and commercial applications.
Ashland Products Inc. manufactures residential window and door hardware for the fenestration industry.
Ox Engineered Products, LLC manufactures structural sheathing and thermal insulation building products.
Aurora Systems Inc. designs and manufactures sliding doors and interior storefront assemblies. The Fletcher-Terry Company manufactures substrate cutters for the hobby, retail and industrial markets. Hirschfeld Holdings LP is an integrated fabricator of engineered structural steel components.
Assets of Vision Quest Lighting, Inc. manufactures lighting products for the specification and commercial lighting markets.
Strictly Confidential | BlackArch Partners | 8
Building Products & Infrastructure Industry Update | Q1 2018
Precedent Transaction Analysis Announced Date
Target
Acquiror
Target Description
Building Products (Cont.) DW3 Products Group Ltd. manufactures premium door solutions and
Jan-18
DW3 Products Group Ltd.
Masonite International Corporation
Jan-18
Nelson Fastener Systems
Stanley Black & Decker, Inc.
Jan-18
Residential Division of Lockheed Window Corp.
Slocomb Windows and Doors, Inc.
Jan-18
The Canvas Exchange Inc.
Ohio Awning & Manufacturing Co., Inc.
Jan-18
Arizona Polymer Flooring, Inc.
ICP Construction, Inc.
Jan-18
Janus International Group, LLC
Clearlake Capital Group, L.P.
Jan-18
Alta Forest Products LLC
ITOCHU International Inc.
Alta Forest Products LLC manufactures wooden fence boards.
Jan-18
The Group Legacy, L.C.
Bohle America, Inc.
The Group Legacy, L.C. designs and manufactures hardware and accessories for kitchens and bathrooms.
Jan-18
L.D. Kichler Co., Inc.
Masco Corporation
Jan-18
Courion Industries, Inc.
GAL Manufacturing Company, LLC
Courion Industries, Inc. manufactures freight door systems, cartlift systems and replacement parts.
Jan-18
Anderson Metals Corporation, Inc.
Wynnchurch Capital, LLC; Wynnchurch Capital Partners IV, L.P.
Anderson Metals Corporation, Inc. manufactures brass fittings, pipe nipples, brass and plastic valves and brass pipe fittings.
Jan-18
Technical Glass Products, Inc.
Allegion plc
Jan-18
HMI Cardinal
The Riverside Company
window systems. Nelson Fastener Systems manufactures and distributes fasteners and fastening system components. The Residential Division of Lockheed Window Corp. manufactures aluminum doors, windows and vinyl products. The Canvas Exchange Inc. manufactures commercial and residential awnings and other related products. Arizona Polymer Flooring, Inc. manufactures flooring products and concrete coating systems. Janus International Group, LLC designs, manufactures and installs steel roll-up doors and building components.
L.D. Kichler Co., Inc. manufactures lighting products, ceiling fans, mirrors and other home accessories.
Technical Glass Products, Inc. manufactures advanced fire-rated entrance and wall systems for buildings. HMI Cardinal is a producer of glass and metal products for shower enclosures, storefronts and other applications.
Building Materials Mar-18
Ready-Mixed Concrete Plants of Vulcan Materials Company
Thomas Concrete Inc.
The Ready-Mixed Concrete Plants of Vulcan Materials Company produce ready-mix concrete.
Mar-18
Carolina Precision Fibers Inc
Undisclosed Acquiror
Carolina Precision Fibers Inc manufactures construction materials and building products from recycled materials.
Mar-18
Old Mill Brick Incorporated
Bridger Capital Partners, LLC
Old Mill Brick Incorporated manufactures brick products.
Mar-18
CENTRIA Incorporated
Undisclosed Acquiror
Mar-18
Assets of Golden Spread Redi-Mix, Inc.
U.S. Concrete, Inc.
Feb-18
Kelly Limestone, LLC
ACG Materials
Feb-18
Lehigh White Cement Company
CEMEX, Inc.; Aalborg Cement Company Inc.
CENTRIA Incorporated designs, develops and manufactures engineered wall, roof and floor systems. The Assets of Golden Spread Redi-Mix, Inc. include 15 ready-mix concrete plants. Kelly Limestone, LLC manufactures prill and pelletized limestone, gypsum and dolomite products. Lehigh White Cement Company produces white Portland and masonry cement.
Strictly Confidential | BlackArch Partners | 9
Building Products & Infrastructure Industry Update | Q1 2018
Precedent Transaction Analysis Announced Date
Target
Acquiror
Target Description
Building Materials (Cont.) Mertens Construction Company, Inc. manufactures aggregates,
Feb-18
Mertens Construction Company, Inc.
Summit Materials, Inc.
Feb-18
Metro Readymix, LLC
Summit Materials, Inc.
Metro Readymix, LLC processes and markets concrete.
Andeavor
Paramount-Nevada Asphalt Company, LLC manufactures asphalt.
Feb-18
Paramount-Nevada Asphalt Company, LLC (50% interest)
Jan-18
Valmiera Glass USA Corp.
P-D Management Industries-Technologies GmbH
Jan-18
On Time Ready Mix Inc.
U.S. Concrete, Inc.
Jan-18
U-C Coatings Corporation
High Road Capital Partners
Jan-18
The Shockey Precast Group
Metromont Corporation
limestone, road rocks and other construction materials.
Valmiera Glass USA Corp. manufactures fiberglass and fiberglass products. On Time Ready Mix Inc. manufactures concrete for residential and commercial construction. U-C Coatings Corporation manufactures and supplies wood protection products. The Shockey Precast Group produces structural and architectural precast concrete systems.
Distribution & Retail Top-Notch Roofing Supply distributes residential and commercial
Mar-18
Top-Notch Roofing Supply
SRS Distribution Inc.
Mar-18
Fentress County Block Company, Inc.
Undisclosed Acquiror
Mar-18
Robosson Supply
ABC Supply
Mar-18
Wright Brothers Supply
Undisclosed Acquiror
Mar-18
True Value Company
ACON Investments, L.L.C
True Value Company distributes hardware and related merchandise.
Mar-18
Parker Building Supplies Limited
Cairngorm Capital Partners LLP
Parker Building Supplies Limited supplies building products to retail and trade sectors.
Mar-18
Lumberman's Wholesale Distributors, Inc.
Boise Cascade Company
Lumberman's Wholesale Distributors, Inc. distributes engineered wood products and specialty building materials.
Mar-18
Cedar Creek Holdings, Inc.
BlueLinx Corporation
Mar-18
American Roofing Supply, Inc.
SRS Distribution Inc.
Mar-18
Klumb Lumber Company, Inc.
ECMD, Inc.
Klumb Lumber Company, Inc. distributes lumber, building materials and specialty products.
Mar-18
Builder's Glass & Hardware Inc.
Majestic Marble And Glass Company
Builder's Glass & Hardware Inc. sells hardware and building products.
Mar-18
Zia Concrete Supply Company
Construction Supply Holdings, LLC
Mar-18
Discount Drainage Supplies
Foundation Investment Partners, LLC
roofing products. Fentress County Block Company, Inc. supplies construction and building products. Robosson Supply is a distributor of exterior building materials including siding, windows and gutters. Wright Bros. Supply supplies drywall, plaster, metal framing, exterior coatings and interior decorative finish products.
Cedar Creek Holdings, Inc. distributes lumber and building materials in the United States. American Roofing Supply, Inc. distributes residential and commercial roofing products and accessories.
Zia Concrete Supply distributes construction materials, accessories and tools for concrete and masonry contractors. Discount Drainage Supplies is a distributor of concrete drainage products, corrugated steel pipes and other supplies.
Strictly Confidential | BlackArch Partners | 10
Building Products & Infrastructure Industry Update | Q1 2018
Precedent Transaction Analysis Announced Date
Target
Acquiror
Target Description
Distribution & Retail (Cont.) American Building Supply, Inc. manufactures and distributes door,
Feb-18
American Building Supply, Inc.
JELD-WEN Holding, Inc.
Feb-18
Shone Lumber
BMC Stock Holdings, Inc.
Feb-18
MixOnSite USA, Inc.
CEMATRIX Corporation
Feb-18
Allied Fastener & Tool, Inc.
Colony Hardware Corporation
Feb-18
Bedrock International, LLC
Architectural Surfaces Group
Feb-18
Production Tool Supply Company LLC
Berkshire Hathaway Inc.
Production Tool Supply Company LLC supplies industrial tools.
Feb-18
RM Supply Inc.
Foundation Building Materials, Inc.
RM Supply Inc. supplies building materials for residential and commercial drywall contractors.
Feb-18
ArmCom Distributing Company
Foundation Building Materials, Inc.
ArmCom Distributing Company distributes ceiling tiles, blades, grid systems and other ceiling products.
Jan-18
Snavely Forest Products, Inc.
Weekes Forest Products, Inc.
Jan-18
Morse Industries, Inc.
M-D Building Products, Inc.
Jan-18
Window Nation, Inc.
Cortec Group Inc
Jan-18
Atlantic Plywood Corporation
Parksite Inc.
Jan-18
Dennis Sales Company
Westlake Hardware, Inc.
Jan-18
Burton Saw & Supply Company
Simonds International Corporation
Jan-18
Strauss Lock Distributors
Mid-West Wholesale Hardware Co.
Jan-18
Thibaut Inc.
Harbour Group
Jan-18
Brock-White Co. of Wisc., Inc.
Construction Supply Holdings, LLC
Jan-18
A.H. Harris & Sons, Inc.
HD Supply Construction Supply, Ltd.
millwork and hardware products. Shone Lumber supplies lumber and other building materials. MixOnSite USA, Inc. supplies foam concrete and provides technical mix design support and development services. Allied Fastener & Tool, Inc. sells professional fastening systems, power tools and construction products. Bedrock International, LLC distributes granite and marble stone countertops, tiles, sinks and faucets.
Snavely Forest Products, Inc. distributes lumber products, including siding, trim boards and panels. Morse Industries, Inc. provides aluminum, vinyl and stainless steel products. Window Nation, Inc. distributes building products, including vinyl and clad wood windows, entry doors and siding. Atlantic Plywood Corporation distributes hardwood plywood and panel products. Dennis Sales Company retails hardware and consumer products. Burton Saw & Supply Company supplies products, services and solutions for wood products manufacturing plants. Strauss Lock Distributors distributes residential door hardware products. Thibaut Inc. designs and manufactures wallcoverings and woven upholstery fabrics for homes and other projects. Brock-White Co. of Wisconsin distributes construction supply products. A.H. Harris & Sons, Inc. distributes and sells construction supplies.
Engineering & Construction Services Apr-18
Investissements TSPL Inc.
Prime Blockchain Inc.
Apr-18
Minnesota Plumbing and Heating, Inc.
HomeWorks Services Co.
Investissements TSPL Inc. provides engineering consultancy and other related services. Minnesota Plumbing and Heating, Inc. provides residential plumbing and heating services.
Strictly Confidential | BlackArch Partners | 11
Building Products & Infrastructure Industry Update | Q1 2018
Precedent Transaction Analysis Announced Date
Target
Acquiror
Target Description
Engineering & Construction Services (Cont.) Apr-18
Missouri Terrazzo Company, Inc
Undisclosed Acquiror
Missouri Terrazzo Company, Inc operates as a flooring contractor.
Apr-18
Superior Blacktop
Rogers Pavement Maintenance, Inc.
Superior Blacktop provides driveway and parking lot paving services.
Mar-18
McCartney Construction Co, Inc.
Vulcan Materials Company
Mar-18
Delta Disaster Services, LLC
HRI Holdings, Inc.
Mar-18
Tony Walker Enterprises, Inc.
KMEC Engineering & Conveying Systems, LLC
Tony Walker Enterprises, Inc. provides engineering and construction management services.
Mar-18
CLE Engineering, Inc.
Foth & Van Dyke, LLC
CLE Engineering, Inc. provides engineering consulting services.
Mar-18
Midwest Furnace and Roof Co. and Purdy Electric, Inc.
Kassel Equity Group
McCartney Construction Co, Inc. provides grading, paving, concrete and site work contracting services. Delta Disaster Services, LLC provides restoration and reconstruction services to residential and commercial clients.
Midwest Furnace and Roof Co. provides maintenance services; Purdy Electric, Inc. is an electrical contractor.
Mar-18
RSG Architects, P.C.
E4H Environments for Health Architecture
RSG Architects, P.C. provides design, architecture and planning services.
Mar-18
Foam Applications, Inc.
West Roofing Systems, Inc.
Foam Applications, Inc. installs and maintains roofing systems for commercial and industrial applications.
Mar-18
Roofing Jonesboro
Master Roof and Remodel, LLC
Mar-18
Creative Maintenance Solutions Inc.
Undisclosed Acquiror
Creative Maintenance Solutions Inc. offers concrete floor polishing, concrete resurfacing and concrete repair services.
Mar-18
Kimbell Bruehl Inc.
Civil & Environmental Consultants, Inc.
Kimbell Bruehl Inc. provides civil engineering, surveying and land-development consulting.
Mar-18
FM Sylvan, Inc.
Blue Point Capital Partners
Mar-18
Urban Energy Solutions, Inc.
Midstate Energy, LLC
Mar-18
Exceed Solar Inc
Visionstate Corp.
Mar-18
Custom Overhead Doors LLC
Installed Building Products, Inc.
Mar-18
C-K Air Conditioning, Inc.
C-K Control Temp Mechanical, Inc.
C-K Air Conditioning, Inc. provides mechanical contracting and engineering services.
Mar-18
Ragsdale Heating And Air, Inc.
Wrench Group Inc.
Ragsdale Heating And Air, Inc. provides installation, maintenance and servicing of HVAC and plumbing systems.
Mar-18
Total Energy Concepts, Inc.
SmartCool Systems Inc.
Mar-18
Shelter Modular Inc.
Horizon North Logistics Inc.
Shelter Modular Inc. designs, builds and installs modular buildings.
Mar-18
Southern Property Restoration, LLC
Kustom US, Inc.
Southern Property Restoration, LLC provides disaster recovery and property restoration services.
Mar-18
Diamond B Constructors, Inc.
Harris Contracting Company
Roofing Jonesboro provides roofing contracting services to residential and commercial customers.
FM Sylvan, Inc. provides industrial pipe fabrication and installation services. Urban Energy Solutions, Inc. offers electrical construction and related services. Exceed Solar Inc constructs and manufactures prefabricated living structures and living spaces that leverage natural energy. Custom Overhead Doors LLC provides garage door, gates and access control systems and maintenance services.
Total Energy Concepts, Inc. offers energy efficiency solutions including facility surveys and project engineering.
Diamond B Constructors, Inc. provides commercial and industrial construction services.
Strictly Confidential | BlackArch Partners | 12
Building Products & Infrastructure Industry Update | Q1 2018
Precedent Transaction Analysis Announced Date
Target
Acquiror
Target Description
Engineering & Construction Services (Cont.) MJ Builders LLC offers plumbing, electrical, roofing, flooring and
Mar-18
MJ Builders LLC
MedX Holdings, Inc.
Mar-18
Steamboat Technical Services, LLC
Trihydro Corporation
Steamboat Technical Services, LLC offers civil engineering services.
Mar-18
Terrametrix LLC (nka:Terrametrix, a TREKK Company)
Trekk Design Group, Llc
Terrametrix LLC provides technology-based survey services.
Mar-18
Portfolio of nine manufactured home communities in Michigan
Yes Communities, Inc.
masonry services.
The portfolio of nine manufactured home communities in Michigan represents over 2,100 residential home sites.
Mar-18
Certain Assets of Midway Services, LLC and MSICORP, LLC
Service Experts LLC
Mar-18
Door Control Services, Inc.
DH Pace Company, Inc.
Mar-18
United Subcontractors, Inc.
TopBuild Corp.
Mar-18
Down Under Construction Company, Inc.
Hylan
Mar-18
Ideal Contracting, LLC
Undisclosed Acquiror
Ideal Contracting, LLC provides general contracting, construction management and facility maintenance services.
Feb-18
Hallmark Southwest Corporation
Dvele, Inc.
Hallmark Southwest Corporation manufactures prefabricated houses.
Feb-18
Fort Wayne Roofing and Sheet Metal Corporation
Tecta America Corp.
Fort Wayne Roofing and Sheet Metal Corporation offers roof systems and professional installation services.
Feb-18
Assets of Indianapolis Roofing and Sheet Metal Corporation
CE Reeve Roofing LLC
Feb-18
GGC Engineers, Inc.
CT Consultants, Inc.
Feb-18
Legacy Engineering Inc. and Rogers Design Services
WSB & Associates, Inc.
Certain Assets of Midway Services, LLC and MSICORP, LLC provide HVAC, plumbing, electrical and remodeling services. Door Control Services, Inc. installs and services automatic and manual doors. United Subcontractors, Inc. provides insulation, specialty and shell construction services. Down Under Construction Company, Inc. provides contract drilling services.
Assets of Indianapolis Roofing and Sheet Metal Corporation offers commercial roofing installation and maintenance services. GGC Engineers, Inc. provides engineering services to the public and private sectors. Legacy Engineering Inc. provides geotechnical engineering, construction materials testing and inspection services. Rogers Design Services provides engineering services for infrastructure improvement projects.
Feb-18
Bracken Engineering, Inc.
J.S. Held, LLC
Feb-18
Barton Construction Corp.
Kiely Family of Companies
Feb-18
Solar Franchise and Distribution Network of REPOWER America, Inc.
Solar Engine LLC
Feb-18
Foothill Engineering & Dewatering Inc. and Foothill Drilling Inc.
Griffin Dewatering Corporation
Bracken Engineering, Inc. provides building science, geoscience, fire science and forensic consulting services. Barton Construction Corp. provides construction, repair and replacement services for fire hydrants and other piping. Solar Franchise and Distribution Network of REPOWER America, Inc. installs solar equipment. Foothill Engineering & Dewatering Inc. and Foothill Drilling Inc. provide groundwater control services to contractors.
Feb-18
Mid-South Engineering Co.
US Natural Resources, Inc.
Mid-South Engineering Co. provides engineering services.
Feb-18
RSI Communities LLC
William Lyon Homes, Inc.
RSI Communities LLC builds and sells new homes and residential communities.
Feb-18
Mavo Systems, Inc.
ASRC Industrial Services, LLC
Mavo Systems, Inc. provides environmental and specialty contracting services.
Strictly Confidential | BlackArch Partners | 13
Building Products & Infrastructure Industry Update | Q1 2018
Precedent Transaction Analysis Announced Date
Target
Acquiror
Target Description
Engineering & Construction Services (Cont.) CG Enterprises, Inc. engages in the construction of city streets and
Feb-18
CG Enterprises, Inc.
Kokosing Construction Company, Inc.
Feb-18
Morris Heating & Air Conditioning Inc.
Unknown Acquiror
Feb-18
dcb Construction Company, Inc.
Unknown Acquiror
Feb-18
Deep Foundations Contractors Inc.
GFL Environmental Inc.
Feb-18
Greencraft Interiors Inc
L.A.R.K. Industries, Inc.
Greencraft Interiors Inc provides installation of flooring, cabinets and countertops for residential customers.
Feb-18
GeoStructures, Inc.
Terratest Tecnicas Espéciales S.A.
GeoStructures, Inc. provides foundation support, earth retention and wall construction services.
Feb-18
Thompson Services, INC.
Hiller, LLC
Thompson Services, INC. offers plumbing and electrical services.
Feb-18
Brandow & Johnston Inc.
HBK Engineering, LLC
Brandow & Johnston Inc. provides civil and structural engineering services.
Jan-18
Occam Engineers Inc.
Stantec Inc.
Occam Engineers Inc. operates as a multi-discipline engineering consulting company.
Jan-18
Fleaux Solutions, LLC
Galenfeha, Inc.
Jan-18
Walsh Engineering Associates, Inc.
Pinkham & Greer Civil Engineers
Walsh Engineering Associates, Inc. provides civil engineering services.
Jan-18
R&R Mechanical Associates, Inc.
IT Landes, LLC
R&R Mechanical Associates, Inc. operates as a contractor of commercial heating and cooling systems.
Jan-18
M+ Architects, Inc.
Stone Group Architects, Inc.
M+ Architects, Inc. provides architectural services.
Jan-18
Helmkamp Construction Co.
Undisclosed Acquiror
Jan-18
Heritage Restoration
Alaris Royalty Corporation
Jan-18
Construction Labor Contractors, LLC
Tradesmen International, LLC
Jan-18
Santa Rosa Insulation and Fireproofing, LLC
TopBuild Corp.
Santa Rosa Insulation and Fireproofing, LLC provides insulation and fireproofing services.
Jan-18
Alliance Fire Protection Co.
Summit Fire Protection Co., Inc.
Alliance Fire Protection Co. operates as a commercial and industrial fire protection company.
Jan-18
All The Assets Of H.T. Sweeney & Son, Inc.
NAPEC Inc.
Jan-18
Melick-Tully and Associates, P.C.
GZA GeoEnvironmental, Inc.
Melick-Tully and Associates, P.C. provides geotechnical and environmental E&C consulting services.
Jan-18
Astaldi Construction Corporation
Simest SpA
Astaldi Construction Corporation engages in building highway and utilities projects.
Jan-18
Candlelight Homes, LLC
CalAtlantic Group, Inc.
Candlelight Homes, LLC builds homes in Utah.
highways. Morris Heating & Air Conditioning Inc. provides heating and cooling equipment installation services. dcb Construction Company, Inc. provides design and construction services. Deep Foundations Contractors Inc. provides foundation construction and shoring solutions.
Fleaux Solutions, LLC offers utilities, water and sewage construction services.
Helmkamp Construction Co. provides commercial construction services. Heritage Restoration provides masonry services to the commercial building industry. Construction Labor Contractors, LLC provides construction staffing and other labor staffing solutions.
All The Assets Of H.T. Sweeney & Son, Inc. represent excavating, grading and asphalt paving services.
Strictly Confidential | BlackArch Partners | 14
Building Products & Infrastructure Industry Update | Q1 2018
Precedent Transaction Analysis Announced Date
Target
Acquiror
Target Description
Engineering & Construction Services (Cont.) Washington, DC Branch Of Keast & Hood Company offers structural
Jan-18
Washington, DC Branch Of Keast & Hood Company
Simpson Gumpertz & Heger Inc.
Jan-18
Pavement Corporation
VICOUR
Pavement Corporation provides concrete paving and maintenance services.
Jan-18
Accord Engineering, Inc.
EnSafe, Inc.
Accord Engineering, Inc. provides environmental consulting, engineering, demolition and construction services.
Jan-18
Consulting Engineering & Science, Inc.
Graef-USA, Inc.
Jan-18
Rocket Insulation & Coatings Inc.
Installed Building Products, Inc.
Jan-18
Diversified Protection Systems, Inc. and ATCi Communications, Inc.
Red Hawk Fire & Security, LLC
Jan-18
Katerra Inc.
Foxconn Venture Pte, Ltd.
Jan-18
Project One Integrated Services, LLC
Cumming Construction Management, Inc.
Jan-18
IDA Consulting Engineers, Inc.
Inwood Consulting Engineers, Inc.
Jan-18
ARA Engineering Ltd.
McIntosh Perry Consulting Engineers Ltd.
Jan-18
EcoCabins, LLC
Sprout Tiny Homes, Inc.
EcoCabins, LLC constructs modular residential buildings.
Jan-18
LVA Urban Design Studio, LLC
RVi Planning
LVA Urban Design Studio, LLC offers land use master planning, urban planning and landscape architectural services.
Jan-18
Kenneth McDonald Plumbing & HVAC, Inc.
Armstrong Group of Companies
Jan-18
C2G International, LLC
Vidaris
C2G International, LLC provides dispute resolution and construction management services to the construction industry.
Jan-18
Perry Crabb & Associates Inc.
Mazzetti Inc.
Perry Crabb & Associates Inc. provides engineering consulting services.
Jan-18
Williams Creek Consulting, Inc.
V3 Companies, Ltd.
Jan-18
Skyline Corporation
Champion Enterprises Holdings, LLC
Jan-18
Erickson & Meeks Engineering, LLC
Civil & Environmental Consultants, Inc.
Jan-18
Moretrench American Corporation
Keller Group plc
engineering and project management services.
Consulting Engineering & Science, Inc. provides civil engineering, coastal engineering and environmental services. Rocket Insulation & Coatings Inc. provides spray foam and fiberglass insulation installation services. Diversified Protection Systems, Inc. designs and maintains fire, air and electrical systems; ATCi Communications provides systems integration services. Katerra Inc. provides product design and sourcing, procurement and supply-chain services to the construction industry. Project One Integrated Services, LLC provides planning and implementation services for capital construction projects. IDA Consulting Engineers, Inc. provides engineering and construction services for bridges. ARA Engineering Ltd. provides transportation infrastructure engineering consulting services.
Kenneth McDonald Plumbing & HVAC, Inc. offers plumbing and HVAC services.
Williams Creek Consulting, Inc. provides ecological engineering consulting, planning and design services. Skyline Corporation designs and markets manufactured and modular housing. Erickson & Meeks Engineering, LLC provides civil engineering and engineering consulting services. Moretrench American Corporation provides geotechnical construction and engineering services.
Saw Mill Capital LLC; Saw Mill Capital Partners II,
Climate Pros, Inc. provides refrigeration and HVAC repair,
LP
maintenance and construction services to grocery retailers. Engineered Concepts Consulting Services, Inc. provides engineering and building enclosure consulting services.
Jan-18
Climate Pros, Inc.
Jan-18
Engineered Concepts Consulting Services, Inc.
Terracon Consultants, Inc.
Jan-18
McDonough-Whitlow, P.C.
Prairie Engineers Of Illinois, P.C.
McDonough-Whitlow, P.C. offers civil, structural, mechanical, electrical, transportation and forensic engineering services.
Strictly Confidential | BlackArch Partners | 15
Building Products & Infrastructure Industry Update | Q1 2018
Precedent Transaction Analysis Announced Date
Target
Acquiror
Target Description
Engineering & Construction Services (Cont.) ATI Architects and Engineers Inc. offers architectural and engineering
Jan-18
ATI Architects and Engineers Inc.
Planning Architecture Engineering Alliance, Inc.
Jan-18
OnSite Space LLC
WillScot Corporation
OnSite Space LLC designs and installs prefabricated portable or permanent modular commercial structures.
Jan-18
Criser Troutman Tanner Consulting Engineers
King Engineering Associates, Inc.
Criser Troutman Tanner Consulting Engineers provides planning, design, administration and related services.
services.
Strictly Confidential | BlackArch Partners | 16
INDUSTRY INDICATORS TOTAL HOUSING STARTS
ANNUAL HOUSING STARTS PER CAPITA
(Annual Starts in Thousands) U.S .Population (1) 124.5 (millions)
147.1
165.0
182.8
2,500
0.0180
198.6
217.6
231.9
255.1
(Annual Starts Per Capita)
0.0160 0.0140
Total starts are still ~15% below the long-term historical average (2)
0.0120
2,000
0.0100
1,500
0.0080
Annual starts per capita are still ~45% below the long-term historical average (2)
0.0060 1,000
0.0040 0.0020
500
0.0000 0 1962 1966 1970 1974 1978 1982 1986 1990 1994 1998 2002 2006 2010 2014 2018
(3)
Source: U.S. Department of Commerce, U.S. Census Bureau Source: U.S. Department of Commerce
BUILDING PERMITS
TOTAL HOME SALES
(Number of Housing Units in Thousands)
2,500
(Seasonally Adjusted Annual Home Sales in Thousands) 7,000 6,500
2,000
6,000 1,500
5,500
5,000
1,000
4,500
500
4,000
Source: U.S. Department of Commerce
STRICTLY CONFIDENTIAL
Footnote: (1) Represents the U.S. civilian, noninstitutionalized population (2) Historical average represents 1960 to 2007 (3) Represents the seasonally adjusted annual rate for March 2018
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
0
Existing Homes Sold
New Homes Sold
Source: U.S. Department of Commerce, National Association of Realtors
| 17
INDUSTRY INDICATORS (CONT.) CONSTRUCTION SPENDING BY TYPE
THE LIRA REMODELING ACTIVITY INDICATOR
($ in Billions)
$500
$300
20% 15% 10% 5%
$150
$200 $100
Residential
Nonresidential Buildings
Nonresidential, Nonbuilding
Source: U.S. Department of Commerce
4.8%
(As of April 2018; $ in Billions) 2.0% $463 $390
$500 $446
$432
$300
(5%)
$50
(10%)
$0
(15%)
Four-Quarter Moving Rate of Change
Source: Joint Center for Housing Studies
$700 $600
0%
$100
Four-Quarter Moving Total in Billions
NON-RESIDENTIAL BUILDING CONSTRUCTION (2006-2021P)
$400
25%
$200
$300
30%
$350
$250
$400
$500
(As of April 2018; $ in Billions)
$400
$600
$348 $337 $355 $360
$392
$472 $484
$513
$545 $567
$583
NON-RESIDENTIAL BUILDING CONSTRUCTION BY TYPE ($ in Billions)
$140 $120 $100 $80 $60 $40 $20 $0
$200 $100 $0
Source: FMI’s Construction Outlook
STRICTLY CONFIDENTIAL
Commercial Healthcare Communication
Office Transportation Amusement & Rec.
Manufacturing Lodging
Source: U.S. Department of Commerce
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