CRH sells brick manufacturer along with UK concrete businesses
Leading brick manufacturer Ibstock has been sold to US private equity giant Bain.
Multinational building materials group CRH told the London stock market this morning that it had sold Ibstock, along with Forticrete, Supreme Concrete and its US clay business Glen Gery, to Bain Capital Europe LLP for 拢414m. Bain was co-founded by the Republican party鈥檚 2012 US presidential candidate Mitt Romney.
Ibstock, which claims to be the UK鈥檚 biggest brick manufacturer operates 24 plants in the UK and employs nearly 2,000 people.
As part of the deal, Bain will take on certain debt and pension liabilities relating to its acquisitions, pushing down the amount that it will pay CRH to approximately 拢295m.
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