Building Materials Company to Acquire Advanced Building Materials Group, Inc.
New York City-based Advanced Building Material (ABCM) announced that it has entered into a definitive agreement to acquire Advanced Building materials (ABM), a leading producer of highly advanced materials in the field of building construction.
The agreement, to be announced at a media event on Tuesday, September 11, 2018, includes a $7.2 billion acquisition fee, which will be paid to ABCM’s existing shareholders and will be distributed to ABCMs shareholders as dividends, according to the company.
The company said in a statement that its board of directors has approved the agreement and that it intends to begin operations in 2019.
“We have always strived to be an independent company and we will continue to work with our investors and the Board to achieve our vision of building a world-class manufacturing company, and our board of Directors has approved this transaction, we are proud to announce today,” said David Mancuso, ABCM president and CEO.
“ABM is the leader in the advanced building materials market, and we have been investing in our manufacturing facility in the Bronx, New York, for more than 30 years.
Our team is led by a great team of innovators and we look forward to expanding the company’s product portfolio and enhancing our supply chain with this acquisition,” Manciso continued. “
I am pleased to welcome ABCM to the ABC family.
Our team is led by a great team of innovators and we look forward to expanding the company’s product portfolio and enhancing our supply chain with this acquisition,” Manciso continued.
“ABCM has an unmatched track record of delivering advanced materials to customers with great customer service and our manufacturing facilities are well-equipped to handle our orders.
I look forward for our continued growth as we continue to build our company and the world’s largest provider of advanced building and building materials.”
ABCM is a wholly-owned subsidiary of a subsidiary of ABM.
ABCM manufactures and markets advanced building products for the construction, maintenance, repair, and installation of commercial buildings and buildings for other residential uses, as well as residential and industrial applications.
ABCMS was founded in 1969 by the late David Mankiewicz and David Kriegel, who were former partners in a construction and material manufacturer, which merged with ABCM in 1999.
ABM was founded by Robert F. Shulman in 1970 and became one of the world-leading producers of advanced materials for the residential and commercial construction market.
It has been the primary producer of advanced construction materials in America and globally since the 1970s.
ABC’s products have been used for thousands of construction projects worldwide, including the renovation of homes, schools, hospitals, offices, and schools, as many as 100,000 homes a day are constructed each year.
ABC is also the sole U.S. manufacturer of advanced architectural building materials.
ABC has developed a proprietary line of products, which are used by the government, building societies, universities, and construction industries worldwide.
In addition to building materials, ABCMS also develops the building construction products that are used in many major building construction projects in the United States, Canada, and around the world.
The acquisition of ABCM will further enhance ABC’s capabilities in the building and construction supply chain, and the company expects to have a large and growing inventory of ABC products available for sale by the end of 2018.
The combined company will be an attractive strategic partner for ABC, which is expanding its manufacturing capabilities.
“Our goal is to be the leader for advanced building material and our ability to do that is very important to us.
We will be very proud to be able bring ABCM into the ABCfamily, and look forward looking to the future of our company,” said ABCM President and CEO David Mann.
ABC also announced that its Board of Directors voted to approve the purchase of a 49.5% interest in ABCM by a private equity fund led by Peter B. Pritzker, Chairman and CEO of the Pritzkers and the Pincus family of real estate and investments, in an agreement announced on October 6, 2018.
ABC plans to maintain its core manufacturing facilities in New York.
The new board of ABC will include David M. Cohen, Chairman of ABC, and Jeffrey P. Sohn, Chairman, CEO, and Chairman, Chief Executive Officer of ABC.
“The Board of ABC has decided to acquire ABCM, and with the support of the Board of Trustees, we intend to build an innovative company that will be a leader in building the building supply chain,” said Peter Pritzers, Chairman & CEO, Pritzners Group.
“This is an excellent transaction for ABCM and we are excited about the future,” said Pritzhers, who will be joining ABC as Chairman.
“It’s been a pleasure working with ABC, a company that has been at the forefront of building products in the last 30 years, and it will be great to continue our successful relationship with the ABC company and its board,” added Sohn.
ABC was founded and is