It is known for its manufacturing of high-performance architectural glass products and aluminum framing systems. The company is headquartered in Dallas and has more than 6,700 employees with 84 manufacturing and distribution facilities in five countries. Oldcastle is considered the country’s leading vertically-integrated manufacturer, fabricator and distributor of architectural hardware, glass and glazing systems. It was in February of this year when KPS Capital Partners, LP acquired Oldcastle from CRH plc for nearly $3.45 billion in cash. 5, 2023 with the facility to be fully closed by March 31, 2023. He explained that employees received a general notice this week and that the layoffs will take place beginning on Feb. Citi acted as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to KPS and its affiliates.The Oklahoma Office of Workforce Development received this week the required Worker Adjustment and Retraining Notification or WARN Act.ĭavid Terry, Regional Vice President/General Manager South Central for Oldcastle BuildingEnvelope stated that the move is to permanently close the facility located at 10000 N. Morgan Securities LLC acted as financial advisors to CRH plc. We are very excited about OBE’s future opportunities and we have found a great partner in KPS to capture them.”īofA Securities and J.P. We intend to expand our capabilities as a customer-oriented solutions provider in architectural hardware, glass and glazing markets. Oldcastle BuildingEnvelope is the leading supplier of products to close the building envelope, including custom-engineered curtain wall and window wall. KPS’ experience with manufacturing businesses and the significant capital resources available will allow us to invest in our commercial and operational growth strategy. We will continue to build on our industry-leading reputation for quality, reliability and product innovation. KPS has an exemplary track record of investing in and improving manufacturing businesses, and we are exceedingly confident that they are the right partner to help us execute on our strategic plan. Liz Haggerty said, “The entire OBE management team looks forward to partnering with KPS as the Company begins its journey as an independent company. We look forward to partnering with OBE’s talented employees and management team under the leadership of President and Chief Executive Officer Liz Haggerty to accelerate the Company’s value creation opportunities.” OBE has demonstrated a strong ability to integrate synergistic acquisitions over the past several decades and we will provide strategic support and capital in pursuit of future growth opportunities. We will leverage KPS’ decades of manufacturing expertise to create an entrepreneurial culture centered on innovation, continuous improvement and excellent customer experience. We intend to drive profitable growth by providing the Company with the financial resources to invest in commercial and operational excellence. OBE is the only ‘one-stop shop’ for every critical product a glazing industry customer needs, and the Company serves attractive, growing end-markets. Raquel Vargas Palmer, Co-Managing Partner of KPS, said, “We are thrilled to acquire North America’s largest provider of architectural hardware, glass and glazing systems. The Company has over 6,700 employees and operates 84 manufacturing and distribution facilities in five countries. OBE delivers products to a broad customer base of architects, glaziers, contractors and developers serving diversified residential and commercial construction end-markets. Laurence, distributes complementary branded hardware and glazing supplies. The Company manufactures high-performance architectural glass products and aluminum framing systems and, through its subsidiary C.R. Headquartered in Dallas, Texas, OBE is a world-class building products company with significant presence in every major metropolitan statistical area in the United States and Canada. OBE is North America’s leading vertically-integrated manufacturer, fabricator and distributor of architectural hardware, glass and glazing systems. Completion of the transaction is expected in mid-2022 and is subject to customary closing conditions and approvals.
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