CARY, N.C. — Cornerstone Building Brands Inc., one of the largest manufacturers of exterior building products in North America, announced that Clayton, Dubilier & Rice (CD&R) has successfully completed the acquisition of Cornerstone Building Brands.
Holders of a majority of the shares of Cornerstone Building Brands common stock not owned by CD&R and its affiliates voted to approve the acquisition at a special meeting of stockholders held on June 24. The acquisition also received the approval of the holders of a majority of the shares of Cornerstone Building Brands common stock outstanding at the special meeting. With the completion of the acquisition, Cornerstone Building Brands’ common stock has ceased trading and will no longer be listed on the New York Stock Exchange.
“The closing of this transaction is an important milestone for Cornerstone Building Brands, and we are pleased to be entering our next phase of growth as a private company,” said Jeffrey S. Lee, executive vice president and chief financial officer of Cornerstone Building Brands. “With CD&R’s operational and strategic support, Cornerstone Building Brands will be even better positioned to accelerate our future growth plans and advance our journey to be the premier exterior building solutions company and deliver enhanced value to our customers.
"I want to thank all Cornerstone Building Brands employees for their continued dedication and hard work. This transaction is a testament to our team’s unwavering commitment to our customers and focus on executing our strategy. I am excited about the opportunities ahead for Cornerstone Building Brands, and I look forward to continuing our work together as we drive value for all stakeholders.”
J.L. Zrebiec, Partner at CD&R, said, the investment firm has "long admired Cornerstone Building Brands’ business and talented team," and is excited to work more closely with its leadership team and employees.
"We firmly believe that the Company is uniquely positioned to expand on its position as the largest manufacturer of exterior building products in North America, and we look forward to working together to build on the significant momentum underway," Zrebeic said.