North Carolina-headquartered exterior building products manufacturer NCI Building Systems announced this week the completion of its purchase of Environmental Stoneworks (which trades under Environmental Materials, LLC). The acquisition took place through NCI’s wholly-owned subsidiary Ply Gem.
Per the terms of the sale, NCI Building Systems paid a total consideration of US$187mn, which includes the assumption of Environmental Stoneworks’ debt. The transaction was financed through borrowings under NCI Building Systems’ asset-based revolving credit facility.
Environmental Stoneworks is the only national manufacturer and installer of stone veneer for the residential and commercial markets. The company offers a broad range of products suitable for local preferences along with installation services to ensure a complete turnkey solution. Environmental Stoneworks has five manufacturing facilities, twenty-one installation centers and approximately 660 employees in the United States.
"The acquisition of Environmental Stoneworks, when combined with our existing stone businesses, positions our organization as a market leader in stone veneer. As one of the fastest growing categories of exterior cladding materials, it allows us to better serve our residential customers, while creating considerable cross selling opportunities with our commercial customers," said James S. Metcalf, Chairman of the Board and Chief Executive Officer. "We are extremely pleased to welcome the customers and employees of Environmental Stoneworks to our family of building product solutions."