Blackstone announces agreement to acquire CRH Europe Distribution, the 3rd largest building materials distribution platform in continental Europe
Private Equity funds managed by Blackstone (“Blackstone”) have reached an agreement to acquire the CRH Europe Distribution business (“CRH ED”).
CRH ED, headquartered in the Netherlands, is the 3rd largest building materials distribution platform in continental Europe, with national or regional leadership positions across the Netherlands, Germany, Switzerland, Austria, Belgium and France. It is the European building materials distribution arm of CRH plc, a FTSE 100 diversified building materials group.
Lionel Assant, European Head of Private Equity for Blackstone, said: “We are delighted to invest in CRH ED. With its leading market position and strong management team it is well positioned to continue growing both organically and through M&A. We look forward to working with Remco Teulings to build on the company’s track record of success.”
Juergen Pinker, Senior Managing Director at Blackstone, said: “Blackstone has a proven track record of investing in, and growing, high-quality European companies. We are pleased to undertake this transaction and to back CRH ED in the next stage of its development, as we look to capitalize on its success.”
Remco Teulings, CEO, CRH Europe Distribution, said: “We are proud to announce this acquisition by Blackstone. It is testament to all of our dedicated employees who have done so much to build this business. Having already established a strong platform, this transaction will allow us to realize our vision for future and further profitable growth.”
Completion of the transaction is expected in the fourth quarter of 2019 and is subject to the customary social procedures and approval by the relevant antitrust authorities. Lazard is serving as financial advisor and Clifford Chance as legal advisor to Blackstone.
ENDS
Contact:
Blackstone: Ramesh Chhabra
[email protected]
+44 (0) 207 451 4053
+44 (0) 7810 501 027
CRH ED: Powerscourt
[email protected]
+44 207 250 1446
About Blackstone
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies in which we invest, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our businesses, with $512 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on twitter @Blackstone.