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Wed August 12 2020

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CRH sells brickmaker Ibstock

15 Dec 14 Irish building materials group CRH has agreed the sale of its UK clay and concrete businesses and its clay business in the USA to private equity firm Bain Capital for £414m.

Ibstock's Chailey factory has been making bricks for more than 300 years. See video below.
Ibstock's Chailey factory has been making bricks for more than 300 years. See video below.

The businesses being sold include Ibstock in the UK and Glen Gery in the USA, as well as UK concrete products companies Forticrete and Supreme Concrete.

The businesses being sold have gross assets of £300m and generated £16m pre-tax profit in 2013.

The sale excludes real estate assets with an estimated market value of £30m, which CRH plans to sell separately.

The transaction is subject to regulatory approvals and is expected to close before June 2015.

As part of the transaction Bain will assume certain debt and pension liabilities and so CRH will only get £295m cash.

Ibstock bills itself as the UK’s largest brickmaker. It has 24 brick and paver plants with a total annual capacity in excess of 900 million bricks.

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