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www.harriswilliams.com

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 7078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

BUILDING PRODUCTS & MATERIALSINDUSTRY UPDATE │ MAY 2017

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BUILDING PRODUCTS & MATERIALS GROUP OVERVIEW

1

CONTENTS

WHAT WE’RE READING

PUBLIC MARKETS

PUBLIC COMPARABLES

Relevant Transactions

CONTACTS

Mike HoganManaging Director

[email protected]

+1 (804) 915-0104

Ryan NelsonManaging Director

[email protected]

+1 (804) 915-0121

Tim WebbManaging Director

[email protected]

+1 (804) 915-0128

Trey PackardVice President

[email protected]

+1 (804) 887-6017

INTRODUCTION

Harris Williams & Co. is pleased to present our Building Products and MaterialsIndustry Update for March 2017. This report provides commentary and analysis oncurrent capital market trends and merger and acquisition dynamics within theglobal building products and materials industry.

We hope you find this edition helpful and encourage you to contact us directly ifyou would like to discuss our perspective on current industry trends and M&Aopportunities or our relevant industry experience.

BUILDING PRODUCTS & MATERIALS

INDUSTRY UPDATE │ MAY 2017

OUR PRACTICE

Harris Williams & Co. is a leading advisor to the building products and materialsindustry. Our significant experience covers a broad range of end markets,industries, and business models.

Aggregates

Aluminum

Asphalt

Bricks

Clay

Glass

Precast / Ready-Mix

Concrete

Steel

Stone

Acoustical

Cabinets and

Countertops

Carpet and Flooring

Gypsum / Wallboard

Electrical Fixtures

HVAC

Lumber

Plumbing Fixtures

Roofing

Siding

Tools and Hardware

Windows and Doors

Architectural and

Engineering

Installation and

Contracting

Lumber and

Hardware

Plumbing

Roofing and Siding

Site Development

Wallboard

Construction

MaterialsBuilding Products

Distribution &

Services

www.harriswilliams.com

Construction

Materials

Building

Products

Distribution &

Services has been acquired by

a portfolio company of

Select Atlanta,

Georgia

aggregates

assets of LaFarge

SA have been

acquired byhas been acquired by

a division of

has been acquired by





a subsidiary of









&







mailto:[email protected]




http://www.harriswilliams.com/

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WHAT WE’RE READING

2

CONSTRUCTCONNECT LOWERS 2017 STARTS FORECAST DUE TO WEAK Q1 ACTIVITY1

HOUSEHOLD DEBT RETURNS TO PRE-CRASH HEIGHTS1

CONSTRUCTION INPUT PRICES UP IN APRIL, LED BY SHARP INCREASES IN ENERGY PRICES3

Construction Dive 5/18/2017

Consumer debt topped $12.7 trillion in Q1 2017, surpassing the previous high in Q3 2008. The growth is an indicator thatAmericans’ credit worthiness is returning to levels that enable them to qualify for loans and that lenders are becomingmore confident, according to The New York Times.

Today’s borrowers are economically healthier and more credit-worthy than they were immediately pre-crash, the LosAngeles Times reported. While delinquency rates for most debt types are low, they’re ticking upward for auto loansand credit cards and are staying high for student loans.

Read the full article here.



DESPITE SHORTAGE, NEW AND EXISTING HOME SALES ARE EXPECTED TO RISE2

Construction Dive 5/19/2017

The downward move is a result of weaker-than-expected starts activity in the first quarter, as well as failure on the partof the Trump administration to get traction on its proposed tax reform and infrastructure spending agendas.

ConstructConnect said 2017's weak performance thus far relative to 2016 leaves a window for increased governmentstimulus spending. Despite uncertainty regarding the infrastructure sector, the group raised its projections for the civilengineering category from 8.0% to 8.9% for 2017.


Associated Builders & Contractors 5/11/2017

Construction input prices rose for a fifth consecutive month in April, increasing by 0.7% on a monthly basis and 4.3% ona year-over-year basis, according to analysis of U.S. Bureau of Labor Statistics data released today by AssociatedBuilders and Contractors.

Natural gas and crude petroleum experienced brisk price increases, rising by 25.1% and 15.7%, respectively. Therecent trend of falling oil prices is not fully reflected in the April data.


Professional Builder 5/19/2017

According to a forecast from the NAR, existing home sales are projected to increase 3.5%, to 5.6 million, this year and2.8%, to 5.8 million, in 2018.

New home sales are expected to increase as well, rising 10.7% this year, to 620,000 and 8.0% in 2018, to 670,000. Newhome prices are slated to rise 5.0% this year and 3.5% next year.


http://www.constructiondive.com/news/household-debt-returns-to-pre-crash-heights/443030/

http://www.constructiondive.com/news/constructconnect-lowers-2017-starts-forecast-due-to-weak-q1-activity/443154/

https://www.abc.org/NewsMedia/ConstructionEconomics/ConstructionEconomicUpdate/tabid/270/entryid/8508/construction-input-prices-up-in-april-led-by-sharp-increases-in-energy-prices.aspx

https://www.probuilder.com/despite-shortage-new-and-existing-home-sales-are-expected-rise

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10.4x

11.3x

10.6x

Construction Materials

Building Products Distributors

Building Products

6.0x

7.0x

8.0x

9.0x

10.0x

11.0x

12.0x

13.0x

Building Products Index

Building Products Distributors Index

Construction Materials Index

S&P 500 Index

65.4%

91.1%

75.5%



Building Products

PUBLIC MARKETS4



3

HISTORICAL STOCK PRICES (MAY 25, 2012 – MAY 25, 2017)

HISTORICAL MEDIAN TEV / NTM EBITDA (MAY 25, 2012 – MAY 25, 2017)

100

140

180

220

260 Building Products Index

Building Products Distributors Index

Construction Materials Index

S&P 500 Index

8.8%

8.1%

5.2%



Building Products

9.2%

8.8%

5.2%



Building Products

20.4%

7.6%

15.4%



Building Products

16.5%

5.8%

12.1%



Building Products

MEDIAN TEV / 2016 EBITDA

MEDIAN REVENUE GROWTH (2016 – 2017E)

MEDIAN EBITDA MARGIN (2012 – 2016) MEDIAN EBITDA MARGIN (2016 – 2017E)

MEDIAN FREE CASH FLOW GENERATION*

MEDIAN REVENUE GROWTH (2012 – 2016)

*Calculated as (EBITDA – Capex) / EBITDA

PAGE |

Building Products & Services

Stock Performance

Current % of 2016 TEV / EBITDA EBITDA

($ in millions except per share data) Price LTM High Mkt. Cap TEV Rev. EBITDA Margin 2016 2017E

Broader Building Products Manufacturers

Compagnie de Saint-Gobain SA $56.12 97.7% $30,995 $37,617 $41,317 $4,219 10.2% 8.9x 7.7x

Owens Corning 61.63 96.5% 6,945 9,188 5,677 1,089 19.2% 8.4x 8.1x

LIXIL Group Corp. 23.80 88.1% 6,846 13,423 15,841 1,202 7.6% 11.2x 9.5x

James Hardie Industries PLC 14.80 84.9% 6,527 6,995 1,922 438 22.8% 16.0x 14.0x

USG Corporation 28.39 81.9% 4,221 4,896 3,017 629 20.9% 7.8x 7.7x

Armstrong World Industries, Inc. 41.70 86.9% 2,306 3,079 1,235 315 25.5% 9.8x 8.7x

Continental Building Products, Inc. 24.63 92.8% 990 1,186 461 134 29.0% 8.9x 8.8x

Median 88.1% $3,017 $629 20.9% 8.9x 8.7x

Windows & Doors

ASSA ABLOY AB $21.94 97.2% $24,294 $26,646 $8,182 $1,413 17.3% 18.9x 16.2x

JELD-WEN Holding, Inc. 31.13 90.5% 3,277 4,886 3,667 394 10.7% 12.4x 10.9x

Masonite International Corp. 75.05 88.0% 2,251 2,725 1,974 253 12.8% 10.8x 9.6x

Ply Gem Holdings, Inc. 16.75 83.8% 1,139 1,998 1,912 229 12.0% 8.7x 7.8x

Quanex Building Products Corporation 19.30 88.1% 663 916 928 110 11.9% 8.3x 8.5x

Tyman Plc 4.36 95.7% 780 974 557 99 17.7% 9.9x 8.1x

PGT, Inc. 11.20 89.7% 563 788 459 76 16.5% 10.4x 9.3x

Median 89.7% $1,912 $229 12.8% 10.4x 9.3x

HVAC

Daikin Industries, Ltd. $98.24 95.1% $29,097 $31,315 $17,925 $2,628 14.7% 11.9x 10.6x

Lennox International Inc. 175.54 98.9% 7,492 8,691 3,642 521 14.3% 16.7x 14.7x

Median 97.0% $10,783 $1,575 14.5% 14.3x 12.7x

Kitchen & Bath

Masco Corporation $37.19 99.0% $11,867 $14,263 $7,357 $1,211 16.5% 11.8x 10.8x

Fortune Brands Home & Security, Inc. 63.07 95.5% 9,711 11,134 4,985 776 15.6% 14.3x 12.6x

American Woodmark Corporation 86.60 91.4% 1,418 1,225 1,036 124 11.9% 9.9x 8.8x

Caesarstone Ltd. 38.20 86.8% 1,316 1,227 539 130 24.2% 9.4x 10.0x

Median 93.5% $3,010 $453 16.0% 10.8x 10.4x

Building Envelope

Kingspan Group Plc $35.23 97.2% $6,173 $6,864 $3,304 $429 13.0% 16.0x 14.1x

Apogee Enterprises, Inc. 51.70 84.8% 1,492 1,531 1,115 159 14.3% 9.6x 7.6x

NCI Building Systems, Inc. 16.50 91.2% 1,169 1,538 1,685 166 9.9% 9.3x 8.1x

Median 91.2% $1,685 $166 13.0% 9.6x 8.1x

Install / Service

TopBuild Corp. $52.57 96.6% $1,927 $2,045 $1,743 $140 8.0% 14.6x 11.4x

Installed Building Products, Inc. 48.75 87.9% 1,553 1,798 863 105 12.2% 17.1x 12.1x

Comfort Systems USA, Inc. 34.75 87.6% 1,297 1,281 1,634 128 7.8% 10.0x 9.5x

Median 87.9% $1,634 $128 8.0% 14.6x 11.4x

Lighting

Acuity Brands, Inc. $166.26 59.2% $7,402 $7,208 $3,291 $572 17.4% 12.6x 11.8x

Hubbell Incorporated 117.51 93.3% 6,405 7,149 3,505 569 16.2% 12.6x 12.2x

Median 76.3% $3,398 $570 16.8% 12.6x 12.0x

Flooring

Mohawk Industries, Inc. $237.33 98.5% $17,505 $20,215 $8,959 $1,705 19.0% 11.9x 11.0x

Tarkett SA 48.63 96.9% 3,138 3,499 2,921 350 12.0% 10.0x 8.7x

Interface, Inc. 20.45 97.4% 1,269 1,454 959 135 14.1% 10.7x 9.9x

Armstrong Flooring, Inc. 18.81 81.9% 528 567 1,193 83 7.0% 6.8x 7.1x

Median 97.1% $2,057 $243 13.0% 10.4x 9.3x

Pipe, Valves, & Fittings

Geberit AG $463.48 99.3% $16,978 $17,561 $2,787 $789 28.3% NM NM

Georg Fischer AG 956.59 99.7% 3,893 4,167 3,739 442 11.8% 9.4x 8.8x

Mueller Industries, Inc. 28.37 64.5% 1,649 2,024 2,056 195 9.5% 10.4x NA

NORMA Group SE 53.17 93.4% 1,685 2,124 955 190 19.9% 11.2x 9.7x

Uponor Oyj Class A 17.18 89.5% 1,253 1,563 1,166 130 11.2% 12.0x 9.2x

Advanced Drainage Systems, Inc. 20.75 72.8% 1,190 1,902 1,257 193 15.4% 9.8x 9.1x

Reliance Worldwide Corp. Ltd. 2.53 94.9% 1,332 1,412 387 71 18.5% 19.8x 15.9x

Polypipe Group PLC 5.45 95.8% 1,121 1,293 546 107 19.6% 12.1x 10.9x

Median 94.2% $1,212 $192 16.9% 11.2x 9.5x

Overall Median 91.4% $1,912 $229 14.3% 10.6x 9.5x

PUBLIC COMPARABLES4

BUILDING PRODUCTS & SERVICES



As of May 25, 2017

4

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Stock Performance



Wolseley plc $6.38 96.2% $16,139 $17,724 $18,737 $1,525 8.1% 11.6x 11.2x

HD Supply Holdings, Inc. 41.29 92.3% 8,307 12,078 7,439 921 12.4% 13.1x 12.1x

Beacon Roofing Supply, Inc. 48.04 92.2% 2,927 3,915 4,127 347 8.4% 11.3x 10.3x

Builders FirstSource, Inc. 13.76 83.4% 1,547 3,515 6,367 381 6.0% 9.2x 7.9x

BMC Stock Holdings, Inc. 20.05 83.9% 1,348 1,735 3,094 192 6.2% 9.0x 7.8x

GMS Inc. 32.77 88.6% 1,348 1,986 2,314 186 8.0% 10.7x 9.1x

Richelieu Hardware Ltd 22.86 98.7% 1,297 1,324 634 71 11.2% 18.7x 16.5x

SIG plc 1.99 92.9% 1,163 1,500 3,462 145 4.2% 10.3x 9.7x

Foundation Building Materials, Inc. 14.14 79.0% 338 838 1,761 80 4.5% 10.5x NA

CanWel Building Materials Group Ltd. 4.72 85.6% 312 489 727 38 5.2% 12.9x 10.8x

Hardwoods Distribution Inc. 14.44 93.8% 311 393 591 34 5.8% 11.5x 9.0x

Huttig Building Products, Inc. 6.51 70.5% 172 239 710 21 3.0% 11.4x 8.9x


PUBLIC COMPARABLES4

5

BUILDING PRODUCTS DISTRIBUTORS



* Pro forma EBITDA figures from the presentation for the Rugby Architectural Building Products acquisition

*

As of May 25, 2017

PAGE |


Stock Performance



Aggregates and Cement

LafargeHolcim Ltd. $60.12 98.9% $36,251 $55,444 $26,615 $5,617 21.1% 9.9x 9.0x

CRH Plc 35.92 94.4% 30,297 36,133 28,588 3,308 11.6% 10.9x 9.5x

HeidelbergCement AG 92.75 90.1% 18,476 30,595 16,844 3,114 18.5% 9.8x 8.0x

Vulcan Materials Company 127.98 92.6% 16,535 19,316 3,593 966 26.9% 20.0x 16.1x

Martin Marietta Materials, Inc. 229.49 93.9% 14,243 16,325 3,577 972 27.2% 16.8x 14.6x

Eagle Materials Inc. 95.71 86.5% 4,674 5,308 1,211 414 34.2% 12.8x 10.2x

Summit Materials, Inc. 27.13 94.5% 2,855 4,247 1,488 371 25.0% 11.4x 9.7x

U.S. Concrete, Inc. 67.25 93.6% 1,081 1,475 1,168 160 13.7% 9.2x 7.1x

Median 93.8% $3,585 $969 23.0% 11.2x 9.6x

Heavy Construction Materials

Boral Limited $5.09 97.0% $5,940 $3,565 $3,122 $462 14.8% 7.7x 7.2x

Forterra, Inc. 7.93 34.8% 509 1,694 1,364 264 19.4% 6.4x 7.7x

Median 65.9% $2,243 $363 17.1% 7.1x 7.4x


PUBLIC COMPARABLES4

6

CONSTRUCTION MATERIALS



As of May 25, 2017

PAGE |

RELEVANT TRANSACTIONS5

7



Announced

DateTarget Vertical Business Description Acquirer

Pending Pittsburgh Corning Building Products Producer of cellular glass insulation systems for commercial and

industrial markets.

Owens Corning

5/4/2017 Arrow Fastener Building Products Nail gun manufacturer. Hangzhour Great Star

Industrial

5/3/2017 LeafFilter Building Products Manufacture of gutter guards. Gridiron Capital

5/3/2017 Gerdau Construction

Products

Construction Materials Producer of steel, located in Brazil. Construction Supply

5/2/2017 WWSC Holdings Building Products Structural steel fabrication and erection company. Alleghany Capital

5/2/2017 Legacy Glass & Supply Building Products Prov ider of shower glass, shelv ing and bathroom mirrors predominately

for single-family residential customers.

Installed Building Products

5/2/2017 Gypsum Wallboard Supply Distribution & Serv ices Distributor of wallboard and suspended ceiling systems. Foundation Building

Materials, LLC

5/2/2017 Lowry's Specialty

Distribution

Distribution & Serv ices Prov ider of residential and commercial roofing materials. Beacon Roofing Supply,

Inc.

5/2/2017 EFCO Corporation Building Products Manufacturer of architectural aluminum window, curtainwall,

storefront, and entrance systems.

Apogee Enterprises

4/25/2017 Arcadia Roofing Distribution & Serv ices Commercial and industrial roofing contractor. Calidant Capital

4/18/2017 River City Building Supply Building Products

Distribution

Distributor of fasteners, fastening equipment and other critical

construction supplies.

SouthernCarlson

4/18/2017 Diversitech Building Products

Distribution

Supplier of a wide variety of products and categories including

equipment pads, condensate pumps, motors, and chemicals.

Permira Advisers

4/18/2017 Cemex (Pacific Northwest

Materials Business)

Construction Materials Consists of aggregate, asphalt and ready mix concrete operations in

Oregon and Washington.

Cadman Materials (a

subsidiary of

HeidelbergCement Group)

4/12/2017 Pental Surfaces Building Products

Distribution

Distributor of natural and engineered stone and tile. Architectural Granite &

Marble

4/11/2017 Corbett Aggregates Construction Materials Prov ider of concrete sand with approximately 401 acres of land with

over 35 million tons of proven reserves.

U.S. Concrete, Inc.

4/10/2017 Oberfields Construction Materials Manufacturer and distributor of concrete masonry and hardscape

products.

Graycliff Partners

4/6/2017 General LED Building Products &

Serv ices

Manufacturer of LED lighting products. The CapStreet Group

4/4/2017 Specialty Building Products

Div ision of I rwin Builders

Supply Corporation

Building Products &

Serv ices

Prov ider of specialty building products. Foundation Building

Materials, LLC

3/21/2017 Chelsea Building Products Building Products &

Serv ices

Designer and manufacturer of customized engineered extruded profiles

used in PVC windows and doors, cellular PVC molding, composite

cellular PVC cladding, and other specialty building products.

Aluplast

3/20/2017 Advanced Environmental

Recycling Technologies

(AERT)

Building Products &

Serv ices

Manufacturer of composite building materials. Oldecastle Architectural

PAGE |


8



Announced


3/14/2017 Binswanger Glass Building Products &

Serv ices

Full-serv ice designer, retailer, and installer of architectural glass and

aluminum products within the construction, residential, and automotive

markets.

Wingate Partners

3/13/2017 U.S. Marble Building Products

Distribution

Nationwide supplier of custom bathroom surfaces. Clio Holdings

3/9/2017 Tealstone Construction Construction Materials Market leader in commercial and residential concrete construction in

the Dallas-Fort Worth area.

Sterling Construction

Company

3/6/2017 MKM Building Supplies Building Products

Distribution

Distributor of building, timber and plumbing supplies, and stock a wide

range of products.

Bain Capital

2/28/2017 Greco Aluminum Railings Building Products &

Serv ices

Manufacturer of building railing and safety systems. CSW Industrials

2/27/2017 Surface Preparation

Technologies

Building Products &

Serv ices

Prov ider of rumble strips and related roadway safety serv ices. Branford Castle Partners

2/23/2017 BCH Holdings Building Products &

Serv ices

Mechanical contractor. Comfort Systems

2/22/2017 Atlas Lighting Products Building Products &

Serv ices

Manufacturer of high-quality LED lighting products sold into the

electrical distribution market.

LSI Industries

2/22/2017 PV Sullivan Supply Building Products

Distribution

Plumbing and heating supplier serv ing Boston and Eastern

Massachusetts.

Ferguson

2/17/2017 Mariak Industries &

Patrician Window

Coverings

Building Products

Distribution

Provider of residential and commercial window coverings as well as an

array of products and serv ices for interior design customers.

Springs Window Fashions,

LLC

2/15/2016 Interior Logic Building Products &

Serv ices

Prov ider of turn-key design center serv ices and interior finish solutions to

residential homebuilders.

Platinum Equity, LLC

2/15/2017 Gaco Western Building Products &

Serv ices

Manufacturer of coatings for waterproofing and insulation. Firestone Building Products

Company, LLC

2/14/2017 Midwest Wholesale

Hardware

Building Products

Distribution

Leading value-added wholesale distributor of commercial and

institutional door hardware, electronic access control and security

products.

High Road Capital Partners

2/9/2017 Bentley Mills Building Products &

Serv ices

Global manufacturer of modular carpet tile, broadloom, and area rugs. Lone Star Funds

2/8/2017 Stone Forest Materials Building Products

Distribution

Distributor of hardscape and related products to landscape

professionals.

SiteOne Landscape Supply

2/7/2017 Futura Industries Building Products &

Serv ices

Designs and manufactures a wide range of extruded aluminum

products including branded flooring trims and TSLOTS.

The William L Bonnell

Company

2/6/2017 Evergreen Lumber Building Products

Distribution

Lumber distributor serv ing Washington state. Homewood Holdings

2/2/2017 Baker Brothers Building Products &

Serv ices

Market-leading provider of residential plumbing and HVAC repair and

installation serv ices.

Wrench Group

2/1/2017 Ridout Companies Building Products

Distribution

The largest privately owned building products and materials dealer in

Arkansas.

US LBM Holdings, LLC

2/1/2017 Original Cast Lighting Building Products &

Serv ices

Specializes in architectural lighting solutions for commercial and high-

end residential buildings in the United States.

Legrand

PAGE |


9



Announced


1/31/2017 Arbo Holdings Building Products &

Serv ices

Manufactures a range of sealants, coatings and other building

envelope products to the UK and European construction markets for

waterproofing and air and vapor barrier applications.

Carlisle Cos. Inc

1/31/2017 Set-Rite Building Products &

Serv ices

Manufactures a patented toilet flange spacer system that can be used

for both retrofit applications and new construction.

Oatey

1/27/2017 Arrow Tru-Line Building Products &

Serv ices

Manufacturer and supplier of critical hardware components for the U.S.

sectional overhead door market.

Sun Capital Partners, Inc.

1/25/2017 Air King Fastening Systems Building Products &

Serv ices

Offers a range nailers and industrial staplers, as well as screws and nails

in all crowns and lengths.

SouthernCarlson

1/21/2017 Aspen Valley Landscape

Supply

Building Products

Distribution

Distributor of hardscapes and landscape supplies to the professional

market.

SiteOne Landscape Supply

1/19/2017 US Floors Building Products &

Serv ices

Dalton, Georgia-based hardwood floor manufacturer. The Shaw Group

1/18/2017 Midwest Fireproofing Building Products &

Serv ices

Heavy commercial fireproofing and insulation company with locations

in Chicago and Indianapolis.

TopBuild

1/12/2017 AWP Windows & Doors Building Products &

Serv ices

The merger will create the largest window and door manufacturer in

Florida.

TM Windows

1/10/2017 United Subcontractors Building Products &

Serv ices

Provides insulation, specialty, and shell construction serv ices for

residential and commercial projects.

Trilantic North America

1/6/2017 Everist Materials &

Razorback Concrete

Construction Materials Owns ready-mix concrete and asphalt plants in proximity to Summit’s

existing portfolio.

Summit Materials

1/4/2017 Binford Supply Building Products

Distribution

One of the largest residential & commercial fencing distributors in Texas,

primarily serv ing residential and commercial fencing contractors

throughout TX and OK.

U.S. Fence Solutions

1/4/2017 Tradesmen International Building Products &

Serv ices

Provider of outsourced skilled craftsmen to non-residential construction

and industrial contractors.

Blackstone

1/2/2017 Stetson Building Products Construction Materials Distributor of over 70,000 SKUs of construction materials, accessories and

tools, primarily for professional concrete and masonry contractors in the

United States and Canada, v ia 48 branches.

Construction Supply

PAGE |

REPRESENTATIVE BUILDING PRODUCTS & MATERIALS TRANSACTIONS

10



a subsidiary of






a division of

has been acquired byhas been acquired by



a division of



a division of



has purchased certain assets of




has completed a balance sheet

restructuring and recapitalization

transaction






Select Atlanta, Georgia aggregates assets of LaFarge SA have been acquired

byhas been acquired by

a division of

have been acquired by

The Wichita, Kansas aggregates, concrete,

asphalt, and paving assets

of LaFarge SAStrategic

Industries, LLC

Private Investors









portfolio companies of


Dyad Partners



a division of



has been acquired byhas been acquired by

a portfolio company ofa portfolio company of





a portfolio company of a subsidiary of


A Private Investor Group

has sold certain assets to





&


has been acquired by has been acquired by














a portfolio company ofhas been acquired by











http://www.essroc.com/default.aspx?pageid=36

http://colonialwebb.com/

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Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

HARRIS WILLIAMS & CO. OFFICE LOCATIONS

UNITED STATES EUROPE

NETWORK OFFICES

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Minneapolis222 South 9th StreetSuite 3350Minneapolis, Minnesota 55402Phone: +1 (612) 359-2700

Richmond (Headquarters)1001 Haxall Point9th FloorRichmond, Virginia 23219Phone: +1 (804) 648-0072

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Building Products & Materials

Harris Williams & Co. has a broad range of industry expertise, which creates powerful opportunities.Our clients benefit from our deep-sector experience, integrated industry intelligence andcollaboration across the firm, and our commitment to learning what makes them unique. For moreinformation, visit our website at www.harriswilliams.com/industries.

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HARRIS WILLIAMS & CO.

12



DISCLOSURES

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Harris Williams & Co. (www.harriswilliams.com) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 7078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THE THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES, FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEASE CONTACT US.

The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable, but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The financial instruments discussed in this report may not be suitable for all investors, and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.

Copyright© 2017 Harris Williams & Co., all rights reserved.

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