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TM Capital Building Products Report Industry Spotlight

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TM Capital Building Products Report Industry Spotlight TM Capital Building Products Report Continued Sector Growth Attracting M&A Activity Industry Spotlight www.tmcapital.com Case Study: PE-Backed Strategic Investment Grey Mountain Partners-Backed Consolidated Glass Acquires J.E. Berkowitz In November 2016, Consolidated Glass Holdings, a fabricator and distributor of architectural glass, metals and specialty products and a portfolio company of Grey Mountain Partners (“Grey Mountain”) acquired J.E. Berkowitz L.P. (“J.E. has been acquired by Berkowitz”). Based in Pedricktown, NJ, J.E. Berkowitz is a market leader in the fabrication of a full suite of glass products, including insulating, engineered, tempered and laminated glass, for a range of commercial buildings. The Company is a critical value-added glass fabricator providing“As the U.S. premiumhousing market products, continues its recovery, we believe now is the ideal time to position Builders FirstSource for its next phase of a portfolio company of coupled with design and project management services.growth and value creation. Together we will establish a broader, more efficient platform of manufacturing and distribution capabilities, supported by high-quality service from the best talent in the industry.” J.E. Berkowitz’s attractive and highly defensible profile coupled with favorable – Floyd Sherman, Chief Executive Officer of Builders FirstSource industry tailwinds garnered significant interest. TM Capital served as exclusive financial advisor to J.E. Berkowitz. The undersigned served as financial advisor to J.E. Berkowitz, L.P. in connection with this transaction. The combination of J.E. Berkowitz and Consolidated Glass Holdings establishes an industry leading company that can produce a wide range of products to serve multiple market segments. The transaction is yet another example of a financial sponsor building upon an investment in the “We are honored to have the opportunity to partner with Arthur Berkowitz and the JEB employees, and to support the CGH team as Building Products sector through additional strategic acquisitions they continue to grow the business.” to take advantage of what is expected to be an extended period of – Aditya Dabas, Senior Associate and Affiliate Manager with Grey Mountain Partners favorable industry trends. Case Study: Financial Sponsor Investment High Road Capital Partners Acquires Midwest Wholesale Hardware In February 2017, Midwest Wholesale Hardware (“Midwest”), an investment holding of Olympus Partners and premier, value-added national distributor of commercial and institutional door hardware, electronic access controls and an investment holding of security products, was acquired by High Road Capital Partners, a private equity firm focused on middle market transactions. TM Capital served as exclusive financial advisor to Midwest. Midwest, based in Kansas City, Missouri, offers the industry’s largest next- has been acquired by day fulfillment platform and operates distribution centers in California, Florida, Pennsylvania, South Carolina and Texas. The Company provides expert customer service and offers an extensive inventory of all major brands and hard-to-find components for maintenance and repair applications within the The undersigned served as financial advisor to Midwest Wholesale Hardware in connection commercial and institutional door hardware market. Management and High with this transaction. Road plan to accelerate the Company’s growth by expanding its distribution coverage, investing in innovative technology solutions and pursuing strategic acquisitions. “We are excited to partner with Midwest Wholesale Hardware and…build upon the Company’s position as the premier after-market distributor of commercial door products. We look forward to supporting Midwest’s efforts to expand its geographic presence and capitalize on growth within the electronic access control market.” – Ben Schnakenberg, Partner, High Road Capital Partners www.tmcapital.com Building Products Industry Spotlight Market Demand Drivers Overview As strong tailwinds in the residential and non-residential construction markets endure, both strategic and financial investors remain highly acquisitive in the Building Products sector. A recovery in the U.S. housing market has spurred an increase in Building Products M&A transactions in recent months – in 2016, there were 295 reported Building Products M&A transactions in the U.S. and Canada (see figure 8, page 3). In addition to continued sector growth, there are several supplemental factors that should spur sector expansion and consolidation: (1) Single-family housing starts remain well below pre-recession levels, indicating a favorable outlook for continued growth in coming years; (2) Aging commercial building stock represents a sustainable addressable market for renovation and reuse projects; and (3) Macroeconomic trends, including historically low interest rates, low gas prices, rising income and low unemployment all contribute to increased home improvement spend. Corporate balance sheets continue to hold record amounts of capital enabling them to focus on consolidation and geographic expansion and financial sponsors continue to have significant dry powder, aligning forces for a strong M&A activity outlook. Macroeconomic Factors Providing Robust Industry Tailwinds Non-Residential Construction Spending Investment interest in Building Products manufacturers and distributors typically ebbs and flows with end market construction cycles. Dodge Data & Analytics predicts 6% construction growth in 2016, with the value of construction starts reaching $712 billion. Growth in the construction industry will continue to be led by privately financed projects, bolstered by robust commercial construction – the value of private non- residential construction is projected to increase at a 2.1% 5-year CAGR to $488.1 billion in 2021 (see figure 1). With 81.6% of commercial buildings in the U.S. having been built prior to 2000, a substantial addressable market exists for renovation projects that will drive commercial construction in the near future (see figure 2). Furthermore, the Architectural Billings Index, a leading indicator for non-residential construction activity has been greater than 50 in 40 of 47 months since January 2013, indicating an increased level of interest in new building construction (see figure 3). Figure 1: Non-Residential Building Construction ($ in billions) $600 $540 $509 $478 $488 $500 $473 $458 $467 $452 $438 $452 $441 $447 $414 $421 $423 $429 $400 $366 $375 $300 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E2017P2018P2019P2020P2021P Source: IBISWorld Figure 2: Current Commercial Buildings by Year Figure 3: Architectural Billings Index Constructed (% of Total Buildings and % Floorspace) 20.0% 17% 60 15% 16% 16% 16% 15% 15.0% 12% 12%12% 13% 55 11%11% 11% 8% 10.0% 7% 50 5% 5.0% 45 40 — Before 1946 1960 1970 1980 1990 2000 2008 35 1946 to to to to to to to 30 1959 1969 1979 1989 1999 2007 2012 Year Constructed Percent of Total Buildings Percent of Total Floorspace Source: U.S. Energy Information Administration Source: American Institute of Architects www.tmcapital.com - 1 - Building Products Industry Spotlight Market Demand Drivers Residential Construction Spending & Housing Starts Historically low mortgage rates and favorable demographic trends – including increased consumer confidence and low unemployment – are propelling continued growth in the residential construction market. The National Association of Home Builders (“NAHB”) forecasts single-family production to expand by more than 10% in 2016 – builder confidence in the market for newly built single-family homes in December 2016 was at its highest level since 2005. New housing starts have grown consistently since 2009; 1.1 million new privately owned housing units started in 2016, representing a 10% 5-year CAGR. Despite decreasing multifamily housing starts, single-family housing starts have yet to reach the levels recorded in the prior decade. New household formations (“HF”) are a critical indicator in the housing market and explain some of the slow recovery in single-family starts. Even though HF figures have tripled since the 2008-2009 period, the ratio of Housing Units Started per HF remains below its 35-year historical average of 1.3 and has been so for five of the past six years (see figures 4 & 5). Figure 4: U.S. Housing Units Started (in thousands) 2,069 2,250 1,956 1,801 1,355 1,258 1,365 1,500 1,001 1,108 1,143 906 784 928 554 587 609 750 ― 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E 2017P 2018P Single-family Multifamily Figure 5: U.S. Household Formations and Housing Starts per Household Formation 3,000 2,389 4.0 1,627 3.0 2,000 1,343 1,375 1,358 1,041 1,157 1,232 2.0 772 770 1,000 722 1.0 Starts Per Per Starts Formation Household Household Household Household Formations 398 357 (Thousands) ― — 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Household Formations Housing Starts per Formation 35-Year Avg. (Housing Starts per Formation) Sources: U.S. Census Bureau (Figure 4); National Association of Home Builders & U.S. Census Bureau (Figure 5) Increasing home prices and greater sales of existing homes support demand for renovations; improved consumer confidence (a result of rising incomes, lower unemployment and home equity appreciation) will spur increasing levels of discretionary spending, including on big-ticket items such as home renovations. IBISWorld forecasts home improvement spending in the United States to increase at a 2.9% CAGR
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