Vernon glass industry supplier C.R. Laurence Co. Inc. announced Thursday that it will be acquired by Oldcastle BuildingEnvelope, a subsidiary of Irish building products giant CRH Group, for $1.3 billion in cash, subject to regulatory approval.
C.R. Laurence, which has been in the Friese family for decades, is the country’s largest supplier of custom hardware and products for the glazing industry. In a statement announcing the deal, CRH estimates C.R. Laurence will have sales this year of $570 million – up from $375 million in 2011.
Albert Manifold, CRH’s chief executive, said in that statement that the acquisition will increase CRH’s exposure to the residential and commercial construction markets in the United States.
Chief Executive Don Friese will continue to lead C.R. Laurence after the transaction is completed, and the company will remain at its Vernon headquarters.
Greif & Co., a boutique investment bank in downtown Los Angeles, represented C.R. Laurence in the deal.