NCI Building Systems Announces Unit Purchase Agreement with Environmental Materials, LLC
NCI BUILDING SYSTEMS (NCS)
Last nci building systems earnings: 12/19 07:00 am
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Source: PR Newswire
CARY, N.C., Jan. 17, 2019 /PRNewswire/ -- NCI Building Systems, Inc. (NYSE: NCS) ("NCI" or the "Company") announced today that it has entered into a Unit Purchase Agreement with Environmental Materials, LLC ("Environmental Stoneworks") and certain of its affiliates to purchase 100% of the outstanding limited liability company interests of Environmental Stoneworks. Under the terms of the Unit Purchase Agreement, NCI will pay $186 million for the interests and plans to finance the transaction through a combination of cash on hand and borrowings under its existing revolving credit facilities. The purchase price is subject to certain customary post-closing adjustments including debt and working capital. During fiscal 2017, Environmental Stoneworks generated $160 million in revenues. Based upon 2018E Adjusted EBITDA and giving effect to anticipated cost synergies, the transaction is expected to result in a purchase price multiple of 5.5x, with a minimal impact on NCI's leverage ratio. The
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