Oldcastle Building Envelope (OBE), the Texas-based owner of C R Laurence, has completed its acquisition by KPS Capital Partners from Dublin-based CRH, along with the announcement that it is to be run as a stand-alone enterprise.
News of the completion follows the first announcement earlier this year https://www.the-glazine.com/?p=5387 ending speculation about the sale.
OBE is a global manufacturer, fabricator and distributor of architectural hardware, glass and glazing systems with over 6,700 employees and 85 facilities in five countries. Its subsidiary C R Laurence (CRL) is a distributor of glass & glazing systems, branded hardware and associated products with bases around North America, Australia and Europe, with a significant UK operation working from its HQ in Rochdale.
OBE chief executive Liz Haggerty said: “The entire OBE management team looks forward to partnering with KPS as we begin our journey as an independent company. KPS has an exemplary track record of investing in and improving manufacturing businesses, and we are exceedingly confident that they are the right partner to help us execute on our strategic plan. We will continue to build on our industry-leading reputation for quality, reliability and product innovation. KPS’ experience with manufacturing businesses and the significant capital resources available will allow us to continue our investment in our commercial and operational growth strategy. We intend to expand our capabilities as a customer-oriented solutions provider in architectural hardware, glass and glazing markets. We are excited about OBE’s future opportunities, and we have found a great partner in KPS to capture them.”
Raquel Vargas Palmer, managing partner of KPS, added: “We intend to drive profitable growth by providing OBE with the financial resources to invest in commercial and operational excellence. We will leverage KPS’ decades of manufacturing expertise to create an entrepreneurial culture centered on innovation, continuous improvement and excellent customer experience.
“OBE has demonstrated a strong ability to integrate synergistic acquisitions over the past several decades and we will provide strategic support and capital in pursuit of future growth opportunities. We look forward to partnering with OBE’s talented employees and management team under the leadership of CEO Liz Haggerty to accelerate value creation opportunities.”
