CRH plc, the international building materials group, has reached an agreement to sell its clay and concrete businesses in the United Kingdom and its clay business in the United States to funds managed by Bain Capital Europe LLP (“Bain”) for an Enterprise Value (EV) of £ 414 mill. (€ 522 mill.). This amount excludes real estate assets with an estimated market value of £ 30 mill. 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 divested companies are Ibstock in the UK and Glen-Gery in the US, as well as UK concrete products companies Forticrete and Supreme Concrete.
In 2013, CRH generated profit before tax of £ 16 mill. in the UK and the USA. Gross assets at 31.12.2013 totalled approximately £ 300 mill.