US PRIVATE equity giant Bain Capital yesterday acquired one of Britain’s oldest and largest brick makers from Irish building products firm CRH in a deal worth £414m.
The FTSE 100-listed CRH announced it had reached an agreement to sell its clay and concrete businesses in the UK and its clay business in the US to the American buyout monolith.
The businesses include the 115-year-old Leicestershire-based Ibstock Brick, along with US brick company Glen Gery and British concrete companies Forticrete and Supreme Concrete.
Employing almost 2,000 people in Britain, Ibstock is one of the country’s three largest brick makers. The company dates back to 1899, but was taken over by the Dublin-based CRH in 1999.
CRH was advised on the deal by law firm Linklaters, whose team was led by M&A partners Sarah Wiggins and Stephen Griffin.
Bain declined to comment.