Superior Plus to sell CPD unit to PE-backed FBM for $420 mln
Superior Plus Corp (TSX: SPB) has agreed to sell its construction products distribution (CPD) business to Foundation Building Materials LLC (FBM), a U.S. distributor of building materials. The deal is valued at about $420 million (US$325 million) and is expected to close in the second half of 2016. Toronto-based Superior said the sale will allow the company to reduce debt, increase its financial flexibility, and redeploy capital to its energy distribution and specialty chemicals businesses. Based in Tustin, California, FBM is backed by U.S. private equity firm Lone Star Funds. Lone Star acquired it late last year.
5 July 2016•6 mins read
