Beacon Receives Early Termination of Hart-Scott-Rodino Waiting Period for Divestment of Its Interior Products Business
Beacon (the “Company”) announced that it has received early termination of the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (“HSR”), as amended, in connection with the divestiture of its Interior Products business. As announced on December 21, 2020, Beacon has entered into a definitive agreement to sell its Interior Products business to affiliates of American Securities LLC, a leading U.S. private equity firm, for the cash purchase price of $850 million, subject to customary closing adjustments. The transaction is expected to close during Beacon’s fiscal 2021 second quarter, subject to customary closing conditions as set forth in the definitive agreement.
Julian Francis, Beacon’s CEO and President, upon receipt of the government’s early termination notice, stated: “We are very pleased to receive early termination of the HSR waiting period for the sale of our Interiors business to American Securities. We remain on schedule to close the transaction during our fiscal second quarter. For our Interiors customers and employees, this is an exciting opportunity to be paired with an industry leader who makes customer service its highest priority. For Beacon, the transaction represents an important strategic step that will sharpen our focus on driving growth and operational improvement in our core exteriors business and greatly accelerate our balance sheet improvement efforts.”
Founded in 1928, Beacon is a Fortune 500, publicly traded distributor of roofing materials and complementary building products in North America, operating over 500 branches throughout all 50 states in the U.S. and 6 provinces in Canada. Beacon serves an extensive base of over 100,000 customers, utilizing its vast branch network and diverse service offerings to provide high-quality products and support throughout the entire business lifecycle. Beacon offers its own private label brand, TRI-BUILT, and has a proprietary digital account management suite, Beacon PRO+, which allows customers to manage their businesses online. Beacon’s stock is traded on the Nasdaq Global Select Market under the ticker symbol BECN. To learn more about Beacon, please visit www.becn.com.
About American Securities
Based in New York with an office in Shanghai, American Securities is a leading U.S. private equity firm that invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion and/or $50 million to $250 million of EBITDA. American Securities and its affiliates have approximately $23 billion under management. For more information, visit www.american-securities.com.
Jennifer Lewis – Vice President Communications & Corporate Responsibility – Jennifer.firstname.lastname@example.org – (517) 752-1048
Source: Beacon Roofing Supply, Inc.