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Feb 10, 2022
, Bloomberg News
(Bloomberg) -- Clayton, Dubilier & Rice is considering making an offer to buy the outstanding shares in Cornerstone Building Brands Inc. it doesn’t already own, according to people with knowledge of the matter.
The New York-based buyout firm, which owns more than 49% Cornerstone’s shares, is currently discussing the merits of such a transaction, said the people, who asked not to be identified because they weren’t authorized to speak publicly. No final decision has been made, they said.
Cornerstone fell 2.5% on Thursday to $16.77 at 3:07 p.m. in New York, giving the Cary, North Carolina-based company a market value of about $2.1 billion.
A Representative for CD&R declined to comment. Representatives for Cornerstone didn’t respond to requests for comment.
Cornerstone describes itself as the largest manufacturer in North America of windows, vinyl siding and other building products. The company was formed in 2018 via the merger of CD&R-backed NCI Building Systems and Ply Gem. CD&R first invested in NCI in 2009.
Building products transactions have soared following the Covid-19 epidemic as work-from-home culture prompted a wave of renovations and purchases. Recent deals include Holcim Ltd.’s agreement last year to buy Malarkey Roofing Products.
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