CARY, N.C., March 2, 2020 /PRNewswire/ — Cornerstone Building Brands, Inc. (NYSE: CNR)(the “Company”), a leading North American manufacturer of exterior building solutions, announced today that it has acquired Kleary Masonry, Inc. (“Kleary”). Kleary is a leading installer of manufactured stone veneer in Northern California, further enhancing the Company’s leading turnkey stone veneer offering. Founded in 1959 and headquartered in Sacramento, Kleary employs approximately 230 people, providing high quality workmanship in the Sacramento and Bay area for over three generations.
“The acquisition of Kleary expands our value-added, turnkey stone veneer solutions we offer to our customers,” said James S. Metcalf, Chairman and Chief Executive Officer. “Kleary is an excellent strategic fit for our Company, enabling us to strengthen our position in the fastest-growing segment of the residential cladding market. We are also excited about the opportunities the addition of Kleary brings across our builder and contractor networks, in particular the potential to cross-sell our stone cladding and installed services into our commercial buildings business.”
The acquisition was funded with cash on hand and through borrowings under the Company’s existing credit facilities. Jeffrey S. Lee, Executive Vice President and Chief Financial Officer, said, “We remain focused on driving value through disciplined capital allocation. We expect this acquisition will enhance our overall pro forma Adjusted EBITDA margins as a Company and improve our net debt to LTM pro forma Adjusted EBITDA ratio.”
For the 12 months ended December 31, 2019, Kleary had sales of more than $40 million. The Company expects Kleary results to be reported through the Siding business segment.
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