| | | |
MacKenzie Partners, Inc.
1407 Broadway, 27th Floor New York, NY 10018 (800) 322-2885 (toll free) (212) 929-5500 (call collect) Email: proxy@mackenziepartners.com |
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| | | | A-1 | | | |
| | | | B-1 | | | |
| | | | C-1 | | | |
| | | | D-1 | | |
Selected Company
|
| |
EV
(in billions) |
| |
2022E
EBITDA (in millions) |
| |
EV / 2022E
EBITDA Multiple |
| |||||||||
American Woodmark Corporation
|
| | | $ | 1.5 | | | | | $ | 187 | | | | | | 8.0x | | |
JELD-WEN Holdings, Inc.
|
| | | $ | 3.4 | | | | | $ | 533 | | | | | | 6.4x | | |
Masonite International Corp.
|
| | | $ | 2.7 | | | | | $ | 460 | | | | | | 5.9x | | |
Owens Corning
|
| | | $ | 10.9 | | | | | $ | 2,139 | | | | | | 5.1x | | |
PGT Innovations, Inc.
|
| | | $ | 1.9 | | | | | $ | 229 | | | | | | 8.2x | | |
Median | | | | | | | | | | | | | | | | | 6.4x | | |
Announcement Date
|
| |
Acquiror
|
| |
Target
|
| |
EV
(in millions) |
| |
Target
LTM EBITDA (in millions) |
| |
EV / LTM
EBITDA Multiple |
| |||||||||
July 2021
|
| | Carlisle Companies Inc. | | | Henry Company | | | | $ | 1,575 | | | | | $ | 119 | | | | | | 13.2x | | |
June 2021
|
| | Westlake Chemical | | | Boral’s N.A. Building Products | | | | $ | 2,150 | | | | | $ | 206 | | | | | | 10.4x | | |
June 2021
|
| | Nucor Corporation | | |
Cornerstone’s Insulated Metal Panels
|
| | | $ | 1,000 | | | | | $ | 75 | | | | | | 13.3x | | |
November 2019
|
| | ACProducts, Inc. | | | Masco Cabinetry* | | | | $ | 1,000 | | | | | $ | 102 | | | | | | 9.8x | | |
November 2019
|
| | Saint-Gobain S.A | | | Continental Building Products | | | | $ | 1,434 | | | | | $ | 138 | | | | | | 10.4x | | |
July 2018
|
| | NCI Building Systems | | | Ply Gem, LLC** | | | | $ | 3,700 | | | | | $ | 341 | | | | | | 10.9x | | |
January 2018
|
| | CD&R | | | Ply Gem, LLC | | | | $ | 2,400 | | | | | $ | 246 | | | | | | 9.7x | | |
December 2017
|
| |
American Woodmark Corp.
|
| | RSI Home Products, Inc. | | | | $ | 1,075 | | | | | $ | 123 | | | | | | 8.7x | | |
Median | | | | | | | | | | | | | | | | | | | | | | | 10.4x | | |
Mean | | | | | | | | | | | | | | | | | | | | | | | 10.8x | | |
($ in millions)
|
| |
2022E
|
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2023E
|
| |
2024E
|
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2025E
|
| |
2026E
|
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Revenue
|
| | | $ | 6,061 | | | | | $ | 6,290 | | | | | $ | 6,346 | | | | | $ | 6,443 | | | | | $ | 6,749 | | |
Adjusted EBITDA(2)(4)
|
| | | | 692 | | | | | | 755 | | | | | | 798 | | | | | | 853 | | | | | | 943 | | |
Unlevered Free Cash Flow(3)(4)
|
| | | | 375 | | | | | | 516 | | | | | | 542 | | | | | | 560 | | | | | | 585 | | |
($ in millions)
|
| |
2022E
|
| |
2023E
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |||||||||||||||
Revenue
|
| | | $ | 6,235 | | | | | $ | 6,601 | | | | | $ | 6,947 | | | | | $ | 7,318 | | | | | $ | 7,767 | | |
Adjusted EBITDA(2)(4)
|
| | | | 775 | | | | | | 880 | | | | | | 981 | | | | | | 1,090 | | | | | | 1,216 | | |
Unlevered Free Cash Flow(3)(4)
|
| | | | 389 | | | | | | 562 | | | | | | 599 | | | | | | 652 | | | | | | 719 | | |
Named Executive Officer
|
| |
Cash ($)(2)
|
| |
Equity
Awards ($)(3) |
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Other(4)
|
| |
Total ($)
|
| ||||||||||||
James S. Metcalf(1)
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Rose Lee
|
| | | | 4,695,890 | | | | | | — | | | | | | 25,294 | | | | | | 4,721,185 | | |
Jeffrey S. Lee
|
| | | | 733,151 | | | | | | 6,854,509 | | | | | | 13,539 | | | | | | 7,601,198 | | |
James F. Keppler
|
| | | | 610,603 | | | | | | 1,553,113 | | | | | | 16,838 | | | | | | 2,180,553 | | |
Alena S. Brenner
|
| | | | 473,973 | | | | | | — | | | | | | 8,620 | | | | | | 482,592 | | |
Katy K. Theroux
|
| | | | 533,219 | | | | | | 3,198,829 | | | | | | 16,863 | | | | | | 3,748,911 | | |
Named Executive Officer
|
| |
Lump Sum
Cash Severance ($) |
| |
Prorated
Bonus ($) |
| |
Total ($)
|
| |||||||||
James S. Metcalf
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
Rose Lee
|
| | | | 4,400,000 | | | | | | 295,890 | | | | | | 4,695,890 | | |
Jeffrey S. Lee
|
| | | | 600,000 | | | | | | 133,151 | | | | | | 733,151 | | |
James F. Keppler
|
| | | | 510,000 | | | | | | 100,603 | | | | | | 610,603 | | |
Alena S. Brenner
|
| | | | 400,000 | | | | | | 73,973 | | | | | | 473,973 | | |
Katy K. Theroux
|
| | | | 450,000 | | | | | | 83,219 | | | | | | 533,219 | | |
Description
|
| |
Amount
|
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Financial advisory fees and expenses
|
| | | $ | 20,000,000.00 | | |
Legal, accounting and other professional fees and expenses
|
| | | $ | 16,600,000.00 | | |
SEC filing fees
|
| | | $ | 302,423.05 | | |
Printing, proxy solicitation and mailing costs
|
| | | $ | 420,000.00 | | |
Miscellaneous
|
| | | $ | 22,000.00 | | |
Total
|
| | | $ | 37,344,423.05 | | |
Name
|
| |
Age
|
| |
Position
|
|
Kathleen J. Affeldt | | |
73
|
| | Director | |
George L. Ball | | |
63
|
| | Director | |
Gary L. Forbes | | |
78
|
| | Director | |
John J. Holland | | |
72
|
| | Director | |
William E. Jackson | | |
59
|
| | Director | |
Wilbert W. James, Jr. | | |
66
|
| | Director | |
Daniel Janki | | |
53
|
| | Director | |
John Krenicki, Jr. | | |
59
|
| | Director | |
Rose Lee(a) | | |
56
|
| | Director, President and Chief Executive Officer | |
Timothy O’Brien | | |
58
|
| | Director | |
Judith Reinsdorf | | |
58
|
| | Director | |
Nathan K. Sleeper | | |
48
|
| | Director | |
Jonathan L. Zrebiec | | |
42
|
| | Director | |
Name
|
| |
Age
|
| |
Position
|
|
Rose Lee | | |
56
|
| | President and Chief Executive Officer | |
Alena S. Brenner | | |
45
|
| | Executive Vice President, General Counsel and Corporate Secretary | |
James F. Keppler | | |
54
|
| | Executive Vice President, Operations | |
Jeffrey S. Lee | | |
53
|
| | Executive Vice President, Chief Financial Officer and Chief Accounting Officer | |
Katy K. Theroux | | |
53
|
| | Executive Vice President and Chief Human Resources Officer | |
Fiscal Year
|
| |
High
|
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Low
|
| |
Dividend Paid
|
| |||||||||
2020 | | | | | | | | | | | | | | | | | | | |
First Quarter
|
| | | $ | 9.79 | | | | | $ | 2.54 | | | | | | — | | |
Second Quarter
|
| | | $ | 7.05 | | | | | $ | 3.60 | | | | | | — | | |
Third Quarter
|
| | | $ | 9.43 | | | | | $ | 4.68 | | | | | | — | | |
Fourth Quarter
|
| | | $ | 10.20 | | | | | $ | 7.25 | | | | | | — | | |
2021 | | | | | | | | | | | | | | | | | | | |
First Quarter
|
| | | $ | 14.71 | | | | | $ | 9.26 | | | | | | — | | |
Second Quarter
|
| | | $ | 19.73 | | | | | $ | 13.30 | | | | | | — | | |
Third Quarter
|
| | | $ | 17.99 | | | | | $ | 14.15 | | | | | | — | | |
Fourth Quarter
|
| | | $ | 17.72 | | | | | $ | 13.51 | | | | | | — | | |
2022 | | | | | | | | | | | | | | | | | | | |
First Quarter
|
| | | $ | 24.44 | | | | | $ | 13.54 | | | | | | — | | |
| | |
Beneficial Ownership(1)
|
| |||||||||
Name of Beneficial Owner or Group
|
| |
Number of Shares of
Common Stock |
| |
Percent
|
| ||||||
CD&R Pisces Holdings, L.P.(2)
|
| | | | 39,128,929 | | | | | | 30.72 | | |
Clayton, Dubilier & Rice Fund VIII, L.P.(3)
|
| | | | 22,744,823 | | | | | | 17.86 | | |
CD&R Friends & Family Fund VIII, L.P.(3)
|
| | | | 56,940 | | | | | | * | | |
GG Shareholders(4)
|
| | | | 7,489,402 | | | | | | 5.88 | | |
Kathleen J. Affeldt(5)
|
| | | | 60,515 | | | | | | * | | |
George L. Ball(5)
|
| | | | 391,490 | | | | | | * | | |
Alena Brenner(5)
|
| | | | 8,769 | | | | | | * | | |
Gary L. Forbes(5)
|
| | | | 167,826 | | | | | | * | | |
John J. Holland(5)
|
| | | | 102,038 | | | | | | * | | |
William E. Jackson
|
| | | | 19,081 | | | | | | * | | |
Wilbert W. James, Jr.
|
| | | | 36,069 | | | | | | * | | |
Daniel Janki
|
| | | | 221,541 | | | | | | * | | |
James F. Keppler
|
| | | | 49,503 | | | | | | * | | |
John Krenicki, Jr.(2)(3)(6)
|
| | | | — | | | | | | * | | |
| | |
Options
|
| | | | | | | | | | | | | |||||||||
| | |
Exercisable
Within 60 Days (included in the table above) |
| |
Not Exercisable
Within 60 Days (not included in the table above) |
| |
Unvested
Restricted Stock Units (not included in the table above) |
| |
Unvested
Performance Share Units (not included in the table above) |
| ||||||||||||
Kathleen J. Affeldt
|
| | | | 0 | | | | | | 0 | | | | | | 7,719 | | | | | | 0 | | |
George L. Ball
|
| | | | 0 | | | | | | 0 | | | | | | 7,719 | | | | | | 0 | | |
Gary L. Forbes
|
| | | | 14,163 | | | | | | 0 | | | | | | 7,719 | | | | | | 0 | | |
John J. Holland
|
| | | | 26,365 | | | | | | 0 | | | | | | 7,719 | | | | | | 0 | | |
William E. Jackson
|
| | | | 0 | | | | | | 0 | | | | | | 7,719 | | | | | | 0 | | |
Wilbert W. James, Jr.
|
| | | | 0 | | | | | | 0 | | | | | | 7,719 | | | | | | 0 | | |
Daniel Janki
|
| | | | 0 | | | | | | 0 | | | | | | 7,719 | | | | | | 0 | | |
James F. Keppler
|
| | | | 91,813 | | | | | | 65,401 | | | | | | 49,781 | | | | | | 59,715 | | |
John Krenicki, Jr.(6)
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Jeffrey S. Lee
|
| | | | 299,465 | | | | | | 224,973 | | | | | | 81,915 | | | | | | 171,860 | | |
Rose Lee
|
| | | | 0 | | | | | | 262,466 | | | | | | 183,268 | | | | | | 213,813 | | |
James S. Metcalf
|
| | | | 810,372 | | | | | | 264,502 | | | | | | 102,313 | | | | | | 306,123 | | |
Timothy O’Brien
|
| | | | 0 | | | | | | 0 | | | | | | 7,719 | | | | | | 0 | | |
Judith Reinsdorf
|
| | | | 0 | | | | | | 0 | | | | | | 6,850 | | | | | | 0 | | |
Nathan K. Sleeper(6)
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Jonathan L. Zrebiec(6)
|
| | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
| | |
Options
|
| | | | | | | | | | | | | |||||||||
| | |
Exercisable
Within 60 Days (included in the table above) |
| |
Not Exercisable
Within 60 Days (not included in the table above) |
| |
Unvested
Restricted Stock Units (not included in the table above) |
| |
Unvested
Performance Share Units (not included in the table above) |
| ||||||||||||
Alena S. Brenner
|
| | | | 13,168 | | | | | | 26,344 | | | | | | 24,956 | | | | | | 18,716 | | |
Katy K. Theroux
|
| | | | 129,208 | | | | | | 95,793 | | | | | | 38,496 | | | | | | 76,369 | | |
| | |
Total Number of
Shares Purchased(1) |
| |
Range of Prices
Paid per Share |
| |
Average Price
Paid per Share |
| |||||||||
2020 Q2
|
| | | | 1,129,085 | | | | | $ | 3.98 – $6.17 | | | | | $ | 5.82 | | |
2020 Q3
|
| | | | 1,635 | | | | | $ | 6.89 – $8.01 | | | | | $ | 7.16 | | |
2020 Q4
|
| | | | 129,739 | | | | | $ | 7.96 – $9.10 | | | | | $ | 8.38 | | |
2021 Q1
|
| | | | 111,868 | | | | | $ | 9.28 – $13.84 | | | | | $ | 13.78 | | |
2021 Q2
|
| | | | — | | | | | | — | | | | | | — | | |
2021 Q3
|
| | | | 88,380 | | | | | $ | 14.94 – $14.94 | | | | | $ | 14.94 | | |
2021 Q4
|
| | | | 411,813 | | | | | $ | 15.16 – $16.61 | | | | | $ | 16.57 | | |
2022 Q1
|
| | | | 170,400 | | | | | $ | 17.75 – $24.25 | | | | | $ | 23.95 | | |
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ARTICLE I
|
| | | | | | |
|
The Merger; Closing; Effective Time
|
| | | | | | |
| | | | | A-2 | | | |
| | | | | A-2 | | | |
| | | | | A-2 | | | |
|
ARTICLE II
|
| | | | | | |
|
Certificate of Incorporation and Bylaws of the Surviving Corporation
|
| | | | | | |
| | | | | A-2 | | | |
| | | | | A-3 | | | |
|
ARTICLE III
|
| | | | | | |
|
Directors and Officers of the Surviving Corporation
|
| | | | | | |
| | | | | A-3 | | | |
| | | | | A-3 | | | |
|
ARTICLE IV
|
| | | | | | |
|
Effect of the Merger on Capital Stock; Exchange of Share Certificates
|
| | | | | | |
| | | | | A-3 | | | |
| | | | | A-4 | | | |
| | | | | A-6 | | | |
| | | | | A-8 | | | |
|
ARTICLE V
|
| | | | | | |
|
Representations and Warranties
|
| | | | | | |
| | | | | A-8 | | | |
| | | | | A-21 | | | |
|
ARTICLE VI
|
| | | | | | |
|
Covenants
|
| | | | | | |
| | | | | A-24 | | | |
| | | | | A-27 | | | |
| | | | | A-31 | | | |
| | | | | A-32 | | | |
| | | | | A-32 | | | |
| | | | | A-34 | | | |
| | | | | A-35 | | | |
| | | | | A-35 | | | |
| | | | | A-35 | | |
| | | |
Page
|
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| | | | | A-37 | | | |
| | | | | A-37 | | | |
| | | | | A-38 | | | |
| | | | | A-38 | | | |
| | | | | A-41 | | | |
| | | | | A-45 | | | |
| | | | | A-45 | | | |
|
ARTICLE VII
|
| | | | | | |
|
Conditions
|
| | | | | | |
| | | | | A-45 | | | |
| | | | | A-46 | | | |
| | | | | A-46 | | | |
|
ARTICLE VIII
|
| | | | | | |
|
Termination
|
| | | | | | |
| | | | | A-47 | | | |
| | | | | A-48 | | | |
|
ARTICLE IX
|
| | | | | | |
|
Miscellaneous and General
|
| | | | | | |
| | | | | A-50 | | | |
| | | | | A-50 | | | |
| | | | | A-50 | | | |
| | | | | A-51 | | | |
| | | | | A-51 | | | |
| | | | | A-52 | | | |
| | | | | A-54 | | | |
| | | | | A-54 | | | |
| | | | | A-54 | | | |
| | | | | A-54 | | | |
| | | | | A-54 | | | |
| | | | | A-54 | | | |
| | | | | A-54 | | | |
| | | | | A-55 | | | |
| | | | | A-55 | | | |
| | | | | A-55 | | | |
| | | | | A-56 | | | |
| | | | | A-56 | | | |
| | | | | A-1 | | | |
|
Exhibit A
Form of Certificate of Incorporation of the Surviving Corporation
|
| | | | | | |
Term
|
| |
Section
|
|
2020 Company PSU Award | | |
4.3(c)(i)
|
|
2021 Company Executive PSU Award | | |
4.3(c)(i)
|
|
2021 Company Non-Executive PSU Award | | |
4.3(c)(i)
|
|
Action | | |
5.1(h)
|
|
Agreement | | |
Preamble
|
|
Alternative Acquisition Agreement | | |
6.2(c)(iv)
|
|
Alternative Debt Financing | | |
6.13(d)
|
|
Antitrust Law | | |
6.5(f)
|
|
Applicable Date | | |
5.1(e)(i)
|
|
Bankruptcy and Equity Exception | | |
5.1(c)(i)
|
|
Benefit Plans | | |
5.1(i)(i)
|
|
Book-Entry Shares | | |
4.1(a)
|
|
Bylaws | | |
2.2
|
|
Change of Recommendation | | |
6.2(c)(iv)
|
|
Charter | | |
2.1
|
|
Chosen Courts | | |
9.5(a)
|
|
Closing | | |
1.2
|
|
Closing Date | | |
1.2
|
|
Term
|
| |
Section
|
|
Code | | |
4.2(h)
|
|
Committed Lenders | | |
5.2(f)(ii)
|
|
Company | | |
Preamble
|
|
Company Board | | |
Recitals
|
|
Company Bonus Plans | | |
6.9(c)
|
|
Company Disclosure Schedule | | |
5.1
|
|
Company Equity Awards | | |
4.2(b)
|
|
Company Option | | |
4.3(a)(i)
|
|
Company Permits | | |
5.1(j)(ii)
|
|
Company PSU Award | | |
4.3(c)(i)
|
|
Company Recommendation | | |
5.1(c)(iii)(A)
|
|
Company Reports | | |
5.1(e)(i)
|
|
Company RSU Award | | |
4.3(b)
|
|
Company Severance Plan | | |
6.9(a)
|
|
Company Stockholders Meeting | | |
6.4
|
|
Company Termination Fee | | |
8.2(a)
|
|
Confidentiality Agreement | | |
6.6(b)
|
|
Constituent Corporations | | |
Preamble
|
|
Continuing Employee | | |
6.9(a)
|
|
Contract | | |
5.1(d)(ii)
|
|
D&O Insurance | | |
6.11(c)
|
|
Debt Commitment Letters | | |
5.2(f)(ii)
|
|
Debt Financing | | |
5.2(f)(ii)
|
|
Debt Marketing Materials | | |
6.14(a)(iii)
|
|
Definitive Financing Agreements | | |
6.13(a)
|
|
Delaware Certificate of Merger | | |
1.3
|
|
DGCL | | |
Recitals
|
|
Dissenting Shares | | |
4.1(a)
|
|
DOJ | | |
6.5(b)
|
|
DTC | | |
4.2(c)(i)
|
|
Earned PSUs | | |
4.3(c)(ii)
|
|
Effective Time | | |
1.3
|
|
Employees | | |
5.1(i)(i)
|
|
Enforcement Costs | | |
8.2(d)
|
|
Equity Commitment Letter | | |
5.2(f)(i)
|
|
Equity Financing | | |
5.2(f)(i)
|
|
ERISA | | |
5.1(i)(i)
|
|
Exchange Act | | |
5.1(d)(i)
|
|
Excluded Benefits | | |
6.9(a)
|
|
Excluded Shares | | |
4.1(a)
|
|
Extended Outside Date | | |
8.1(a)
|
|
Financing | | |
5.2(f)(ii)
|
|
Financing Conditions | | |
5.2(f)(iii)
|
|
Term
|
| |
Section
|
|
Financing Letters | | |
5.2(f)(ii)
|
|
Foreign Plan | | |
5.1(i)(vii)
|
|
FTC | | |
6.5(b)
|
|
Governmental Authority | | |
5.1(d)(i)
|
|
Guarantee | | |
Recitals
|
|
Guarantor | | |
Recitals
|
|
HSR Act | | |
5.1(d)(i)
|
|
Indemnified Parties | | |
6.11(a)
|
|
Initial Outside Date | | |
8.1(a)
|
|
Insurance Policies | | |
5.1(r)
|
|
Intervening Event | | |
6.2(d)(ii)
|
|
IRS | | |
5.1(i)(i)
|
|
Laws | | |
5.1(j)(i)
|
|
Letter of Transmittal | | |
4.2(c)(i)
|
|
Material Contract | | |
5.1(k)(i)
|
|
material weakness | | |
5.1(e)(ii)
|
|
Merger | | |
Recitals
|
|
Merger Consideration | | |
4.1(a)
|
|
Merger Sub | | |
Preamble
|
|
Multiemployer Plan | | |
5.1(h)(ii)
|
|
New York Courts | | |
9.5(a)
|
|
Order | | |
7.1(c)
|
|
Owned Real Property | | |
5.1(l)(i)(B)
|
|
Parent | | |
Preamble
|
|
Parent Disclosure Schedule | | |
5.2
|
|
Parent Termination Fee | | |
8.2(c)
|
|
Parties | | |
Preamble
|
|
Paying Agent | | |
4.2(a)
|
|
Payment Fund | | |
4.2(b)
|
|
PBGC | | |
5.1(i)(v)
|
|
Prohibited Financing Modifications | | |
6.13(b)
|
|
Proxy Statement | | |
6.3
|
|
Reimbursement Obligations | | |
6.14(a)
|
|
Required Amounts | | |
5.2(f)(vi)
|
|
Schedule 13e-3 | | |
6.3(b)
|
|
SEC | | |
5.1(e)(i)
|
|
SEC Clearance Date | | |
6.3(c)
|
|
Securities Act | | |
5.1(d)(i)
|
|
Share Certificate | | |
4.1(a)
|
|
Shares | | |
Recitals
|
|
significant deficiency | | |
5.1(e)(ii)
|
|
Special Committee | | |
Recitals
|
|
Specified Acquisition | | |
6.1(d)
|
|
Term
|
| |
Section
|
|
Support Agreement | | |
Recitals
|
|
Surviving Corporation | | |
1.1
|
|
Tail Period | | |
6.11(c)
|
|
Takeover Statute | | |
5.1(m)
|
|
Termination Payment | | |
8.2(d)
|
|
Trade Controls | | |
5.1(j)(iii)
|
|
Unaffiliated Stockholders | | |
Recitals
|
|
WARN Act | | |
5.1(p)(ii)
|
|
Record or Beneficial Owner
|
| |
No. of Shares Owned
|
| |||
Clayton, Dubilier & Rice Fund VIII, L.P.
|
| | | | 22,744,823 | | |
CD&R Friends & Family Fund VIII, L.P.
|
| | | | 56,940 | | |
CD&R Pisces Holdings, L.P.
|
| | | | 39,128,929 | | |
Clayton, Dubilier & Rice, LLC
|
| | | | 212,723 | | |