Quikrete to acquire Forterra for $2.74 billion
Forterra is the largest producer of concrete drainage pipe and precast products by sales volume in the U.S.
Quikrete Holdings Inc. will acquire Irving-based water and drainage pipe manufacturer Forterra Inc. in a $2.74 billion take-private transaction announced Monday morning.
Atlanta-based Quikrete will acquire all outstanding shares of Forterra for $24 a share in an all-cash transaction that the companies expect to close in the fourth quarter of 2021, the companies said Monday.
For Quikrete, the acquisition marks an opportunity to expand its capabilities in the potable water distribution market with CEO Will Magill calling the transaction “an ideal strategic fit.”
Forterra went public through an initial public offering in 2016 after being acquired by global private equity firm Lone Star Funds in 2015.
The Irving, Texas-based company is the largest producer of residential and non-residential concrete drainage pipe and precast products by sales volume in the U.S. and Eastern Canada. It operates nearly 60 manufacturing facilities and employs 4,500 workers. The company posted sales of more than $1.2 billion for the nine-month period that ended Sept. 30.
“We look forward to working with Quikrete to build on our positive momentum and achieve even greater success together,” Forterra CEO Karl Watson Jr. said in a statement.
Learn more at www.quikrete.com.
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