Holcim to acquire Duro-Last roofing systems

Holcim Group Services Ltd / Key word(s): Acquisition Holcim to acquire Duro-Last roofing systems 07-Feb-2023 / 06:33 CET/CEST Release of an ad hoc announcement pursuant to Art. 53 LR The issuer is solely responsible for the content of this announcement. Leading roofing systems company with net sales of USD 540 million in highly profitable North America roofing market Highly regarded brand recognized for leadership in innovation and sustainability Synergies of USD 60 million, acquisition is EPS accretive from year one Holcim roofing systems will exceed USD 4 billion in net sales ahead of schedule Holcim has signed an agreement to acquire Duro-Last, a US leader in commercial roofing systems, with pro forma net sales of USD 540 million. Duro-Last has a track record of double-digit growth in North America’s highly profitable USD >40 billion roofing market, driven by leading brands, proprietary technologies and custom-made solutions. Duro-Last’s systems will complement and strengthen Holcim’s integrated roofing offer, with expected synergies of USD 60 million per year. This transaction is valued at USD 1,293 million, representing a pro-forma 2023 EBITDA multiple of 11.9x, or 7.4x after synergies. It is earnings per share (EPS) accretive from the first year. With this acquisition, Holcim roofing systems will exceed USD 4 billion in net sales ahead of schedule. Jan Jenisch, CEO: “I’m excited to welcome Duro-Last into Holcim’s broad range of innovative and sustainable building solutions. Duro-Last is a perfect strategic fit for our roofing business. Its proprietary technologies and leading brands complement our offering in the fast-growing North American market. Its energy-efficient systems and excellence in recycling will further advance our leadership in sustainability. I congratulate the Burt family and its leadership team for developing such a thriving business, based on its strong customer relationships and most of all its empowered and dedicated people. I am excited to further strengthen the Duro-Last brand and welcome all 840 employees to the Holcim family.”