Building Products and Materials Industry Insights - Q1 2017

I N D U S T R Y I N S I G H T S :
Building Products
and Materials
F i r s t Q u a r t e r 2 0 1 7

Industry Insights: Building Products and Materials – Q1 2017
Highlights
4.9% increase in housing starts
3.6 months supply of existing
homes (lowest level since 1999)
9 year high in existing home sales
2 H 2 0 1 6 B Y
T H E N U M B E R S
5.6% Y-o-Y increase in the
20-city home price index
Quarterly M&A activity hits highest
level since the Great Recession with
69 transactions in Q4 2016.
Sales of new and existing homes reached the highest annual pace
since 2007 due to a combination of low mortgage rates, improving
job market and strong consumer confidence.
Single-family housing starts remain strong, but building permit
growth has been flat, raising doubts about the sustainability of the
growth.
Housing starts in the Midwest and West remain robust, while the
Northeast has fared poorly due to a decline in multi-family
construction.
Inventory of existing homes declined to 3.6 months of supply, a low
that has not been seen in seventeen years.
The stock performance of nearly all subsectors of the building
products and materials industry have outperformed the S&P 500
over the past 12 months.
39% LTM increase in Duff & Phelps’
index of mid cap building product
manufacturers
Page 2

Table of Contents
4 Housing Indicators Canadian Housing Market – Permits and Starts
6 Housing Starts Continue Strong Momentum
New and Existing Home Sales Reach Highest
Levels Since 2007
U.S. Home Prices Continue to Climb
8 Building Permits Produced Mixed Results
Strong Remodeling Activity Anticipated in 2017
Canadian Housing Market – Existing Home Prices
and Sales
Public Company Valuations Post Strong Results
Public Companies Trading Statistics
M&A Activity
Duff & Phelps’ Ongoing and Recent Transactions
10
12
14
16
18
20
21
24
34
Non-Residential Construction Up 7.8% in 201615
Page 3

Capital Markets Industry Insights | Q1 2016Industry Insights: Building Products and Materials – Q1 2017
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Dec '08 Dec '09 Dec '10 Dec '11 Dec '12 Dec '13 Dec '14 Dec '15 Dec '16
30-Year Fixed Rate Mortgage 10-Year Treasury Effective Federal Funds Rate
Housing
Indicators
Jan ’17: 4.32%
Jan ’17: 2.45%
Jan ’17: 0.54%
The 30-year mortgage rate remained steady for most of 2016; however, it increased sharply in
December due to the Fed increasing its target for short-term interest rates by 0.25%. The 30-year
rate is currently 4.32%. The low interest rates and anticipation of future rate increases spurred
refinancing activity in the second half of 2016; however, mortgage applications for new homes
dropped 14% in December from the prior month.
Key Interest Rates
Seasonally Adjusted
Source: Federal Reserve Bank of St. Louis, Economic Research (FRED), January 31, 2017
Page 4

Housing
Indicators
In December 2016, the CCI climbed to its highest level since 2001. After the uncertainty surrounding
the presidential election subsided, confidence soared, sending the Dow Jones Industrial Average to
record heights. The January CCI is up 14.3% from a year ago.
The HMI, a measure of builder confidence, increased to 67 in January 2017 from 61 a year ago.
This level of builder’s confidence has not been seen since 2005. The HMI has now been above 50
for 31 consecutive months, indicating strong future growth in the housing market.
Seasonally Adjusted HMI
CCI Indexed to 1985
Sources: The Conference Board, National Association of Home Builders
Key Housing Indicators
0
20
40
60
80
100
120
Housing Market Index (HMI) Consumer Confidence Index (CCI)
Jan ’17: 67(1)
Jan ’17: 112
(1) Index values greater than 50 indicate a positive view by builders
Page 5

400
600
800
1,000
1,200
1,400
Housing Starts
Continue Strong
Momentum
U.S. housing starts were up 4.9% in 2016 and reached the highest level since 2007. Housing starts
have remained above the million mark for 21 consecutive months.
U.S. housing starts in December were at a seasonally adjusted rate of 1,226,000, which is up
11.3% compared to a month ago and up 5.7% from the same period a year ago.
The primary drivers of the strong housing starts are low interest rates, an improving job market,
rising wages and faster household formations.
Single-family housing starts in 2016 were 780,900, which is 9.3% above the 2015 figure. Multi-
family housing starts decreased 3.0% year-over-year.
Full Year 2016 Actual: 1,166 | Y-o-Y ∆: 4.9%
December 2016 Rate: 1,226 | M-o-M ∆: 11.3% | Y-o-Y ∆: 5.7%
Seasonally Adjusted Annual Rate
Source: U.S. Department of Commerce: Census Bureau
National Housing Starts (thousands)
Page 6

In 2016, the Midwest was the strongest performer with a 17.4% increase in housing starts, notching
gains in both single-family and multi-family construction. The West also performed well in 2016,
recording a 7.7% increase from the previous year. Housing starts in the South were up 5.3% in
2016 compared to a year ago.
Overall housing starts were dragged down by a weak market in the Northeast. In this region,
housing starts were down 15.6% compared to the same period a year ago due to a significant
decline in multi-family construction.
West Region
2016 Housing Starts: 286.0
Y-o-Y ∆: 7.7%
Midwest Region
Y-o-Y ∆: 17.4%
South Region
Y-o-Y ∆: 5.3%
Northeast Region
Y-o-Y ∆: (15.6%)
Housing Starts
Continue Strong
Momentum
Regional Housing Starts (thousands)
Page 7

Source: US Department of Commerce: Census Bureau
400
500
600
700
800
900
1,000
1,100
1,200
1,300
1,400
Building Permits
Produced Mixed
Results
New applications for building permits, a bellwether for future construction, fell 0.2% month-
over-month to a seasonally adjusted annual rate of 1,210,000 in December, but was 0.7%
higher than December 2015.
While building permits lagged behind housing starts in the first half of 2016, they kept pace in
the latter half of 2016. In total, an estimated 1,186,900 housing units were authorized by
building permits in 2016, representing a 0.4% increase from 2015.
Permits for single-family homes rose 7.1% in 2016 compared to 2015, while permits for multi-
family homes declined 9.1%.
National Building Permits (thousands)
December 2016 Rate: 1,210 | M-o-M ∆: (0.2%) | Y-o-Y ∆: 0.7%
Page 8
Full Year 2016 Actual: 1,187 | Y-o-Y ∆: 0.4%

Building Permits
Produced Mixed
Results
Strong housing permit data was seen across the United States in 2016 in all regions but the
Northeast, which decreased 30.4%. The decline was caused by a large decrease in multi-
family homes, while single-family homes slightly increased.
The West and Midwest regions performed equally well, recording 9.7% and 9.6% increases,
respectively. Both regions saw an increase in single-family and multi-family home permits.
While the South saw a large increase in multi-family home permits, its overall increase in
permits was dragged down by a decrease in single-family homes.
West Region
2016 Building Permits: 304.2
Y-o-Y ∆: 9.7%
Midwest Region
Y-o-Y ∆: 9.6%
South Region
Y-o-Y ∆: 1.8%
Northeast Region
Y-o-Y ∆: (30.4%)
Regional Building Permits (thousands)
Page 9

New Home Sales: Seasonally Adjusted Annual Rate
Months Supply: Seasonally Adjusted at Current Sales Rates
An estimated 563,000 new homes were sold in 2016, representing a 12.2% increase
above the 2015 figure of 501,000.
New home sales dropped in December to a seasonally adjusted annual rate of 536,000,
which was 10.4% and 0.4% lower than November 2016 and December 2015, respectively.
The drop is believed to have been caused by rising home prices and mortgage rates.
The seasonally adjusted estimate of new houses for sale at the end of December was at
259,000, up 10.2% from 235,000 in December 2015. The supply is 5.8 months at the
current sales rate, which is higher than 5.2 months from a year ago.
New Home Sales and Supply
New and Existing
Home Sales Reach
Highest Levels
Since 2007
0
2
4
6
8
10
12
14
0
100
200
300
400
500
600
700
Months of Supply
(Number of Months)
New Home Sales
(Units in Thousands)
Months of Supply New Home Sales
Page 10

New and Existing
Home Sales Reach
Highest Levels
Since 2007
Existing home sales reached a seasonally adjusted annual rate of 5,650,000 in November
2016, its highest level since 2007. Existing home sales decreased by 2.8% in December
due to low inventory levels, rising prices and increasing mortgage rates. While sales
decreased, they were still 0.7% above the December 2015 level.
Demand for housing was bolstered by first-time home buyers, which accounted for
approximately one-third of existing home sales. First-time buyers benefited from near
record low interest rates in 2016, an improving economy with steady job growth, and
record-high stock prices.
The inventory of existing homes decreased to 3.6 months in December, a low that has not
been seen in 17 years.
Existing Home Sales: Seasonally Adjusted Annual Rate
Months Supply: Not Seasonally Adjusted
Existing Home Sales and Supply
0
2
4
6
8
10
12
14
2,000
3,000
4,000
5,000
6,000
7,000
8,000
Months of Supply
(Number of Months)
Existing Home Sales
(Units in Thousands)
Months of Supply Existing Home Sales
Page 11

U.S. Home
Prices Continue
to Climb
The 10-city home price index was up 4.5% in November relative to a year ago, while the 20-city
home price index was up 5.6%.
November results reflect a steady upward trend in home prices that began at the beginning of 2012.
Increases in both indices have been boosted by a continuation of historically low mortgage rates
through most of 2016 and a shortage of existing home inventory.
S&P CoreLogic / Case-Shiller Home Price Indices*
95
115
135
155
175
195
215
Nov '08 Nov '09 Nov '10 Nov '11 Nov '12 Nov '13 Nov '14 Nov '15 Nov '16
10-City 20-City
Page 12
Monthly, Indexed to January 2000
*The S&P CoreLogic / Case-Shiller Home Price Indices are calculated monthly using a three-month moving average and published with a two-month lag
Source: S&P Dow Jones Indices LLC

U.S. Home
Prices Continue
to Climb
Monthly, Indexed to January 2000
*The S&P CoreLogic / Case-Shiller Home Price Indices are calculated monthly using a three-month moving average and published with a two-month lag
Source: S&P Dow Jones Indices LLC
Seattle, Portland and Denver experienced the biggest year-over-year appreciation in home prices
with increases of 10.4%, 10.1% and 8.7%, respectively.
The cities reporting the largest month-over-month increases in November were Tampa, Denver and
Miami with increases of 0.8%, 0.6% and 0.5%, respectively.
While New York and Washington D.C. showed solid recovery in home prices during the earlier
phases of the housing market recovery, both are now among the weakest cities in the index.
Regional Home Price Indices
November 2016 - Composite 10 November 2016 - Composite 20
Metropolitan Area M-o-M % ∆ Y-o-Y % ∆ Metropolitan Area M-o-M % ∆ Y-o-Y % ∆
Denver 0.6% 8.7% Seattle 0.2% 10.4%
Miami 0.5% 6.1% Portland 0.2% 10.1%
Las Vegas 0.3% 6.0% Denver 0.6% 8.7%
San Diego 0.3% 5.8% Tampa 0.8% 8.1%
Los Angeles 0.2% 5.5% Dallas 0.2% 8.1%
Boston 0.4% 5.5% Detroit (0.1%) 6.6%
San Francisco (0.1%) 5.3% Atlanta 0.0% 6.1%
Chicago (0.8%) 4.0% Miami 0.5% 6.1%
Washington D.C. 0.2% 3.7% Las Vegas 0.3% 6.0%
New York 0.4% 2.4% Charlotte 0.3% 5.9%
San Diego 0.3% 5.8%
Composite-10 0.2% 4.5% Los Angeles 0.2% 5.5%
Boston 0.4% 5.5%
Minneapolis 0.1% 5.5%
Phoenix 0.3% 5.2%
Chicago (0.8%) 4.0%
Cleveland 0.0% 3.8%
Washington D.C. 0.2% 3.7%
New York 0.4% 2.4%
Composite-20 0.5% 5.6%
Page 13

Strong Remodeling
Activity Anticipated
in 2017
*The LIRA represents the estimated annual rate of change in spending for the current quarter and subsequent three quarters. This annual or moving four-quarter rate
of change compares total spending in any given four-quarter period to the total spending that occurred in the four quarters prior to that period. *As of April 21, 2016,
the LIRA has undergone a major re benchmarking and recalculation in order to better forecast a broader segment of the national residential remodeling market
Source: Joint Center for Housing Studies of Harvard University
According to the LIRA*, home improvement spending increased 6.9% in Q4 2016 and is
expected to increase 6.8% in Q1 2017. The rate of growth in home improvement is
forecasted to remain relatively stable in 2017, at approximately 6.8% per quarter,
according to the Joint Center for Housing Studies of Harvard University.
The expectation for another strong year for home improvements is likely due to the
upward trajectory of home sales, continued growth in remodeling permit activity and an
improving economy with steady job growth.
Leading Indicator of Remodeling Activity (LIRA*)
$253
$257
$261 $264 $267 $271 $275 $278 $280
$286
$292
$297 $300
$305
$312
$317
6.2% 6.1% 6.0% 5.9% 5.7% 5.5% 5.3% 5.1% 5.0% 5.6% 6.4% 6.9% 6.8% 6.8% 6.8% 6.7%
-20%
-15%
-10%
-5%
0%
5%
10%
$225
$250
$275
$300
$325
$350
Q1
'14
Q2
'14
Q3
'14
Q4
'14
Q1
'15
Q2
'15
Q3
'15
Q4
'15
Q1
'16
Q2
'16
Q3
'16
Q4
'16
Q1
'17P
Q2
'17P
Q3
'17P
Q4
'17P
Historical Estimates LIRA Projections
Page 14
Homeowner Improvements and Repairs
Four-Quarter Moving Totals ($s in billions)
Four-Quarter Moving
Rate of Change

Source: United States Census Bureau
Non-Residential
Construction Up
7.8% in 2016
Non-residential construction spending was $420.1 billion in 2016, 7.8% above the $389.9 billion in
2015. In December, seasonally adjusted non-residential construction spending was up 4.0% over
the same month a year ago.
Although sewage and waste disposal and manufacturing spending were down, the increase was
driven by heavy spending in the office, lodging and commercial sectors.
Non-Residential Construction Put in Place ($s in billions)
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
$400
$450
$500
$550
$600
$650
$700
$750
Non-Residential Construction Non-Residential Construction Y-o-Y ∆
Page 15

Canadian Housing
Market - Permits
Building permits issued by municipalities were down 0.1% to a seasonally adjusted rate of
$7.8 billion in November compared to the prior month and up 18% compared to the same
month a year ago. Non-residential building permits were up 3.0% to a seasonally adjusted rate
of $2.6 billion in November compared to the prior month and up 8.0% compared to the same
month a year ago. Residential building permits were down 1.6% to a seasonally adjusted rate
of $5.1 billion in November compared to the prior month, but were up 25% compared to the
same month a year ago. The increase in the non-residential sector was due to higher
construction intentions for educational facilities and nursing homes led by Quebec and
Ontario. On the residential front, the gains in building permits issued in British Columbia were
not sufficient to offset the decline posted in Alberta.
Authorized Building Permits (C$s in billions)
$5.1
$2.6
$7.8
$1
$2
$3
$4
$5
$6
$7
$8
$9
Dec '07 Dec '08 Dec '09 Dec '10 Dec '11 Dec '12 Dec '13 Dec '14 Dec '15 Dec '16
Residential Non-residential Total 6 Month Mov. Avg.
Seasonally Adjusted
Source: Statistics Canada
Page 16

Canadian Housing
Market - Starts
The trend measure of seasonally adjusted urban housing starts in Canada was up 11.8% in
December to 187,621 units compared to 167,874 units in November. Following two
consecutive monthly declines, in October and November, the rally in December reversed more
than half of the negative trend from the preceding months. Multi-family urban starts increased
by 13.9% in December compared to the previous month followed by the single-detached
segment, which increased by 8.1%.
Seasonally adjusted annual rate, excluding rural dwellings
Source: Canada Mortgage and Housing Corporation
Housing Starts (Units in thousands)
66.9
120.8
187.6
25
75
125
175
225
275
Dec '07 Dec '08 Dec '09 Dec '10 Dec '11 Dec '12 Dec '13 Dec '14 Dec '15 Dec '16
Single-detached Multi-family Total 6 Month Mov. Avg.
Page 17

Source: CREA (Canadian Real Estate Association)
Canadian Housing
Market - Existing
Prices
The MLS Home Price Index (HPI) rose 14.2% year-over-year in December and by 0.1% over
the previous month. Two-story, single-family home prices posted the largest year-over-year
gain of 16.1% followed by town houses at 15.4%. However, year-over-year gains have been
declining in recent months (y-o-y November: 14.4%; y-o-y October: 14.6%). This trend is
mainly due to a decline in house prices in British Columbia driven by the Vancouver market
where sales continue to plunge. According to the British Columbia Real Estate Association,
residential unit sales in December were down 28.4% compared to the same month last year.
MLS HPI Benchmark Price (year-over-year % change)
14.2%
-10%
-5%
0%
5%
10%
15%
20%
25%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Page 18

Source: CREA (Canadian Real Estate Association)
Canadian Housing
Market – Existing
Sales
The number of homes sold in Q3 and Q4 of 2016 rose by 2.3% compared to the same period
in the prior year. Home resale activity was the highest in the month of October followed by a
steep decline in November after tightened mortgage regulations were announced by the
Canadian government. Home resale activity in December reversed part of this decline as
sales rose by 2.2% in December over the previous month. According to the Canadian Real
Estate Association, activity was up on a month-over-month basis in roughly 60% of all local
markets, led by Calgary and Edmonton, where sales rallied following large declines in
November.
Existing Home Sales (units)
43,755
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
Dec '06 Dec '07 Dec '08 Dec '09 Dec '10 Dec '11 Dec '12 Dec '13 Dec '14 Dec '15 Dec '16
Page 19

Public Company
Valuations Post
Strong Results
Over the past 12 months, the stock price indices for nearly all sectors of the building products and
materials industry have outperformed the S&P 500. The only index that underperformed the S&P
500 was Home Builders. The index of Building Materials Manufacturers posted the largest gain
followed by the index of Mid Cap Building Products Manufacturers.
Equity Market Performance
Source: Capital IQ as of January 31, 2017, and includes the most
actively traded companies for respective covered sectors.
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
Jan '16 Mar '16 May '16 Jul '16 Sep '16 Nov '16 Jan '17
D&P Building Products Manufacturers Large Cap. (EV > $3.0B) D&P Building Products Distributors
D&P Building Products Manufacturers Mid. Cap (EV < $3.0B) D&P Building Materials Manufacturers
D&P Lumber and Wood Products Manufacturers D&P Home Builders
S&P 500
21.1%
39.0%
20.6%
17.5%
25.3%
44.3%
14.9%
Page 20

Public Companies
Trading Statistics
($ in millions) 1/31/17 % of Enterprise Value as a Multiple of LTM
Stock 52 Wk Market Enterprise Revenue EBITDA EBITDA Revenue
Company Price High Value Value LTM 2016E 2017E LTM 2016E 2017E Margin Growth
Building Products Manufacturers Large Cap. (EV > $3.0B)
Compagnie de Saint-Gobain S.A. $49.10 94.6% $27,210 $34,747 0.80x 0.84x 0.80x 7.9x 8.3x 7.5x 10.1% 0.1%
Masco Corporation $32.95 88.2% $10,818 $12,780 1.75x 1.74x 1.66x 10.7x 10.4x 9.6x 16.3% 3.1%
Fortune Brands Home & Security, Inc. $55.13 85.5% $8,507 $9,688 1.94x 1.94x 1.81x 12.5x 12.4x 11.0x 15.6% 8.9%
Acuity Brands, Inc. $207.23 73.8% $9,137 $9,042 2.65x 2.73x 2.49x 15.4x 14.8x 13.2x 17.2% 21.8%
Owens Corning $55.25 94.1% $6,261 $8,357 1.49x 1.49x 1.45x 8.0x 8.0x 7.7x 18.6% 5.5%
Lennox International Inc. $156.81 95.3% $6,750 $7,759 2.13x 2.14x 2.05x 15.4x 14.8x 13.2x 13.8% 5.0%
James Hardie Industries plc $15.67 89.6% $6,910 $7,462 4.01x 4.32x 3.92x 16.6x 17.2x 16.8x 24.2% 9.4%
USG Corporation $30.59 94.8% $4,469 $5,710 1.89x 1.84x 1.86x 10.6x 8.9x 8.9x 17.8% (20.1)%
Median 91.9% 1.92x 1.89x 1.83x 11.6x 11.4x 10.3x 16.8% 5.3%
Mean 89.5% 2.08x 2.13x 2.00x 12.1x 11.9x 11.0x 16.7% 4.2%
Building Products Manufacturers Mid. Cap. (EV < $3.0B)
Armstrong World Industries, Inc. $39.95 82.1% $2,205 $2,940 1.21x 2.37x 2.31x 10.1x 9.2x 8.7x 12.0% 59.2%
Masonite International Corporation $66.60 91.5% $1,997 $2,434 1.23x 1.23x 1.16x 10.8x 9.7x 8.4x 11.4% 7.8%
Headwaters Incorporated $23.17 96.6% $1,735 $2,418 2.39x 2.45x 2.03x 14.1x 12.7x 10.0x 17.0% 10.7%
Ply Gem Holdings, Inc $16.15 94.7% $1,102 $1,970 1.05x 1.04x 0.98x 8.7x 8.7x 7.7x 12.1% 1.1%
Griffon Corporation $25.45 93.7% $1,110 $2,021 1.05x 1.04x 1.03x 11.1x 11.4x 10.9x 9.5% (3.9)%
Trex Company, Inc. $67.73 93.8% $2,093 $2,070 4.37x 4.34x 4.00x 18.4x 16.6x 14.6x 23.7% 11.2%
NCI Building Systems, Inc. $16.00 88.4% $1,134 $1,473 0.87x 0.87x 0.83x 9.8x 8.9x 8.0x 8.9% 7.8%
Apogee Enterprises, Inc. $57.08 96.8% $1,635 $1,573 1.48x 1.61x 1.44x 10.2x 12.2x 10.0x 14.5% 10.0%
Gibraltar Industries, Inc. $43.90 91.4% $1,374 $1,411 1.33x 1.41x 1.38x 11.9x 11.9x 10.7x 11.2% 10.1%
American Woodmark Corporation $71.20 79.5% $1,157 $967 0.99x 1.03x 0.95x 8.4x 8.9x 7.9x 11.8% 11.1%
Quanex Building Products Corporation $19.75 90.2% $676 $920 0.99x 0.99x 1.02x 9.0x 8.4x 8.3x 11.1% 43.8%
Median 91.5% 1.21x 1.23x 1.16x 10.2x 9.7x 8.7x 11.8% 10.1%
Mean 90.8% 1.54x 1.67x 1.56x 11.1x 10.8x 9.6x 13.0% 15.4%
Definitions
EBITDA: Earnings Before Interest, Taxes, Depreciation, and Amortization
Enterprise Value: Market Capitalization + Total Debt + Preferred Equity + Minority Interest – Cash and Short-Term Investments
LTM: Last Twelve Months
Page 21

Public Companies
Trading Statistics
Building Products Distributors
Wolseley plc $61.67 97.2% $15,488 $16,700 0.87x 0.88x 0.81x 12.1x 12.1x 11.0x 7.2% 8.2%
Watsco, Inc. $152.74 95.7% $4,984 $5,435 1.29x 1.28x 1.23x 14.8x 15.1x 13.8x 8.7% 2.6%
Pool Corporation $105.56 97.8% $4,364 $4,732 1.84x 1.85x 1.73x 17.0x 17.1x 15.6x 10.8% 8.8%
Beacon Roofing Supply, Inc. $43.77 88.7% $2,627 $3,728 0.90x 0.88x 0.86x 10.2x 10.8x 9.8x 8.8% 43.4%
Builders FirstSource, Inc. $10.76 76.4% $1,185 $3,123 0.49x 0.49x 0.46x 9.0x 8.4x 6.9x 5.5% 78.6%
Bluelinx Holdings Inc. $6.58 67.8% $59 $433 0.23x NA NA 14.4x NA NA 1.6% (1.9)%
CanWel Building Materials Group Ltd. $4.50 82.8% $275 $399 0.55x 0.54x 0.50x 11.1x 10.4x 8.8x 4.9% 21.5%
Hardwoods Distribution Inc. $12.40 82.0% $264 $341 0.65x 0.58x 0.44x 10.4x 9.9x 8.0x 6.2% 26.8%
Taiga Building Products Ltd. $0.77 90.9% $25 $191 0.21x NA NA 6.3x NA NA 3.3% (11.7)%
Huttig Building Products, Inc. $6.73 93.6% $171 $239 0.34x NA NA 9.0x NA NA 3.7% 8.2%
Goodfellow Inc. $6.75 73.3% $57 $139 0.33x NA NA NA NA NA NA 4.9%
Median 88.7% 0.55x 0.88x 0.81x 10.8x 10.8x 9.8x 5.8% 8.2%
Mean 86.0% 0.70x 0.93x 0.86x 11.4x 12.0x 10.6x 6.1% 17.2%
Building Materials Manufacturers
LafargeHolcim Ltd $53.50 90.1% $32,468 $53,210 2.01x 1.98x 2.05x 10.5x 9.6x 9.0x 19.1% 14.1%
CRH plc $34.80 93.6% $28,975 $37,340 1.31x 1.26x 1.22x 11.4x 11.3x 10.0x 11.4% 14.7%
HeidelbergCement AG $96.25 94.5% $19,098 $30,496 1.89x 1.81x 1.59x 10.8x 9.4x 8.1x 17.5% 7.0%
CEMEX, S.A.B. de C.V. $0.93 96.1% $13,019 $27,935 2.29x 2.03x 2.00x 11.2x 10.1x 9.7x 20.5% 13.9%
Vulcan Materials Company $128.33 92.9% $16,979 $18,828 NM NM 4.70x 19.8x 18.7x 15.8x 26.4% 5.0%
Martin Marietta Materials, Inc. $229.60 94.1% $14,572 $16,279 4.55x 4.55x 4.17x 17.1x 16.7x 14.7x 26.7% 9.4%
Eagle Materials Inc. $104.58 94.5% $5,063 $5,359 4.52x 4.75x 4.49x 14.5x 14.8x 13.0x 31.2% 6.2%
Titan Cement Company S.A. $22.46 92.5% $1,763 $2,652 1.58x 1.68x 1.59x 9.0x 9.3x 8.4x 17.5% 12.9%
U.S. Concrete, Inc. $65.50 93.0% $1,001 $1,388 1.19x 1.18x 1.02x 9.5x 8.8x 7.0x 12.5% 19.8%
Median 93.6% 1.95x 1.89x 2.00x 11.2x 10.1x 9.7x 19.1% 12.9%
Mean 93.5% 2.42x 2.40x 2.54x 12.7x 12.1x 10.6x 20.3% 11.4%
Page 22

Public Companies
Trading Statistics
Home Builders
Lennar Corporation $44.65 90.0% $10,198 $15,454 1.41x 1.42x 1.29x 11.5x 9.8x 9.0x 12.2% 15.6%
D.R. Horton, Inc. $29.91 86.5% $11,167 $13,269 1.05x 1.10x 0.96x 8.8x 8.3x 7.2x 12.0% 15.6%
PulteGroup, Inc. $21.51 96.0% $7,114 $9,857 1.29x 1.31x 1.11x 9.5x 9.3x 7.6x 13.5% 28.2%
Toll Brothers, Inc. $31.36 93.7% $5,093 $8,241 1.59x 1.61x 1.45x 15.6x 9.5x 8.8x 10.2% 23.9%
NVR, Inc. $1,858.00 96.7% $6,862 $7,082 1.21x 1.23x 1.07x 10.1x 10.7x 9.0x 12.1% 12.9%
KB Home $16.38 94.2% $1,393 $3,442 0.96x 0.97x 0.85x 16.1x 9.8x 7.9x 5.9% 18.6%
Meritage Homes Corporation $36.75 89.2% $1,471 $2,503 0.82x 0.82x 0.78x 10.9x 10.0x 9.8x 7.6% 17.9%
M.D.C. Holdings, Inc. $27.04 95.6% $1,392 $2,154 0.93x 0.96x 0.82x 13.1x 10.4x 8.0x 7.1% 21.9%
Hovnanian Enterprises, Inc. $2.37 80.1% $347 $2,064 0.75x 0.74x 0.86x 15.0x 9.8x 10.1x 5.0% 28.1%
Beazer Homes USA, Inc. $14.26 90.3% $460 $1,563 0.86x 0.85x 0.82x NM 10.3x 18.6x 1.9% 12.0%
M/I Homes, Inc. $25.14 94.2% $620 $1,268 0.75x 0.74x 0.68x 10.3x NA NA 7.3% 19.2%
Median 93.7% 0.96x 0.97x 0.86x 11.2x 9.8x 8.9x 7.6% 18.6%
Mean 91.5% 1.06x 1.07x 0.97x 12.1x 9.8x 9.6x 8.6% 19.4%
Lumber and Wood Products Manufacturers
Weyerhaeuser Co. $31.33 94.1% $23,437 $31,490 4.93x 4.65x 4.49x 20.0x 18.8x 16.6x 24.6% (9.5)%
Louisiana-Pacific Corporation $19.13 90.4% $2,721 $2,993 1.39x 1.35x 1.20x 11.4x 8.9x 6.5x 12.2% 14.0%
West Fraser Timber Co. Ltd. $34.08 82.0% $2,677 $2,981 0.90x 0.90x 0.80x 7.1x 6.3x 5.6x 12.7% 7.5%
Norbord Inc. $24.77 89.7% $2,126 $2,803 1.59x 1.62x 1.43x 7.5x 7.6x 5.7x 21.1% 17.0%
Universal Forest Products, Inc. $101.71 91.7% $2,068 $2,157 0.71x 0.70x 0.59x 10.7x 10.5x 8.7x 6.6% 6.3%
Canfor Corporation $10.82 76.6% $1,437 $1,935 0.60x 0.61x 0.56x 5.3x 4.9x 4.8x 11.4% 13.7%
Boise Cascade Company $24.80 82.8% $951 $1,402 0.36x 0.36x 0.34x 8.7x 8.7x 7.4x 4.1% 6.9%
Median 89.7% 0.90x 0.90x 0.80x 8.7x 8.7x 6.5x 12.2% 7.5%
Mean 86.8% 1.50x 1.46x 1.34x 10.1x 9.4x 7.9x 13.2% 8.0%
Page 23

Quarterly M&A Activity
Reaches Highest
Level Since the Great
Recession
Note: Includes all transactions where the target is headquartered in the U.S. or Canada
Source: Capital IQ
M&A activity in the sector was strong in 2H 2016, particularly in the fourth quarter
with 69 completed transactions involving target companies headquartered in the
U.S. or Canada. This represents the highest level of quarterly M&A activity since
the recession.
The surge in activity was driven by an increase in willing sellers and the strong
acquisition appetite of private equity firms and strategics, particularly due to the
abundance of debt and equity capital, low interest rates, and favorable housing
market outlook.
Building Products and Materials M&A Trends
41
24
37
25
33
24
31
27
48
34 35
41
39 40
35
55
48
35
38
42
46
43
59
40
69
20
30
40
50
60
70
80
Q4
'10
Q1
'11
Q2
'11
Q3
'11
Q4
'11
Q1
'12
Q2
'12
Q3
'12
Q4
'12
Q1
'13
Q2
'13
Q3
'13
Q4
'13
Q1
'14
Q2
'14
Q3
'14
Q4
'14
Q1
'15
Q2
'15
Q3'
15
Q4'
15
Q1'
16
Q2'
16
Q3'
16
Q4'
16
Page 24

Notable M&A Activity – 2H 2016
Building Products Distributors
Date
Announced Target Target Country Acquiror Target Business Description
Page 25
Source: Capital IQ
Dec-16 Stetson Building Products, LLC United States Construction Supply Holdings, LLC Distributes commercial building products
Dec-16 BJ Building Material Supply Company United States Beacon Roofing Supply, Inc.
Provides building materials and services to builders and
contractors in the tri-state area
Dec-16 Plastics & Metals Enterprises Inc. United States Curbell Plastics, Inc. Distributes plastic and metal sheets, rods, and tubing products
Dec-16 Delta Door and Hardware, LLC United States The Cook & Boardman Group, LLC
Distributes and installs commercial doors, frames, and
hardware goods
Dec-16 Interior Products Supply United States GMS Inc. Distributes interior building supplies for business operations
Dec-16 Metro Roofing Supplies, Inc. United States SRS Distribution, Inc.
Distributes building materials in the Tri-State area and New
England
Nov-16
World and Main (Houston), LLC (nka:HDW
Houston)
United States Hardware Distribution Warehouses, Inc. Distributor of hardware and building material products
Nov-16 Mattic Industries Ltd. Canada Lawson Products, Inc. Supplies fasteners, MRO equipment, and tooling products
Nov-16
Tri State Aluminum Products of Wisconsin,
Inc.
United States SRS Distribution, Inc.
Distributes residential roofing and accessories, siding, and
windows
Nov-16
Northeast Wholesale Nail & Fastener Supply
Co., Inc.
United States PrimeSource Building Products, Inc.
Supplies building products to the independent lumber yards
and STAFDA tool stores in the Northeast
Nov-16 Patriot Flooring Supply, Inc. United States Ponypic, LLC
Distributes pre-finished, un-finished, finished, and laminated
hardwood and laminate flooring products
Nov-16 B.R. Johnson, Inc. United States
Regional Brands, Inc.; Lorraine Capital
LLC
Distributes windows, doors, and hardware for commercial and
residential customers in New York
Nov-16 Trimlite Mfg. Inc. Canada
TriWest Capital Partners; TriWest Capital
Partners Fund V LP
Manufactures and distributes home building products
Oct-16 Mid-South Building Supply Inc. United States SRS Distribution, Inc. Distributor of residential building products
Oct-16 Southland Flooring Supplies, Inc. United States Centre Lane Partners, LLC
Distributes commercial, residential and industrial floor covering
and supplies for professional installers

Building Products Distributors (continued)
Date
Page 26
Source: Capital IQ
Oct-16 Fullerton Lumber Co, Inc. United States Consolidated Lumber Company, LLC Supplies lumber and building materials
Oct-16 Hawkeye Building Distributors Limited United States Guardian Building Products Inc.
Offers aluminum soffits and sidings, aluminum accessories,
and steel sidings and accessories
Oct-16 RBC Tile & Stone, LLC United States Virginia Tile Company Operates as a whole sale tile and stone distributor
Oct-16 Reliable Distributors, Inc. United States PRO Group, Inc.
Wholesale distributor group of hardware, lawn, and garden
equipment
Oct-16 Taiga Building Products Ltd. Canada UPP Holdings Limited
Operates as a wholesale distributor of building products
primarily in Canada and the United States
Sep-16 Fortiline LLC United States MORSCO Inc.
Distributes underground water, sewer, and storm utility
products for installation in the United States
Sep-16 Olympia Building Supplies, LLC United States GMS Inc.
Distributes building products in South Florida and export
markets
Aug-16 Steven Kempf Building Material Company United States GMS Inc.
Distributes building materials to professional building
contractors in Pennsylvania, New Jersey, and Delaware
Aug-16 L&W Supply Corporation United States ABC Supply Co., Inc. Distributes gypsum wallboards and building materials
Aug-16 Monroe Aluminum Products, Inc. United States SRS Distribution, Inc.
Supplies exterior building products to Southeast Michigan and
Northern Ohio
Aug-16 Keene Lumber Company, Inc. United States Standard Companies, Inc.
Distributes building materials for residential and commercial
markets
Jul-16 Louisville Plate Glass Company, Inc. United States Aldora Aluminum and Glass Products Inc.
Supplies architectural glass products for glazing, building
material, and framing industries in the Midwest and South
Jul-16 JFH Corporation United States Richelieu Hardware Ltd.
Operates as a wholesale distributor of cabinet hardware and
related products for businesses
Jul-16 RockWise, LLC United States GMS Inc. Distributes building materials to customers in Arizona

Building Products Manufacturers
Date
Page 27
Source: Capital IQ
Dec-16 Floors, Inc. and Malibu Acceptance Corp. United States Dunes Point Capital, LLC Designs, installs, and retails floor coverings
Dec-16 Clad Rex, LLC United States Main Street Capital Corporation
Manufactures and supplies vinyl clad metal, and pre-painted
steel and aluminum coils, sheets, and blanks
Dec-16 Applied Comfort Products Inc. Canada Carver Group Limited
Develops, manufactures, and services a range of packaged
terminal air conditioners
Dec-16 Soft-Lite, LLC United States Harvey Industries, Inc.
Manufactures replacement windows and sliding patio doors in
the industry
Dec-16 Tectum Inc. United States Armstrong World Industries, Inc.
Provides wood fiber acoustical panels to commercial,
institutional, recreational, and industrial buildings
Dec-16 Sotawall Inc. (nka:Sotawall Limited) Canada Apogee Enterprises, Inc.
Designs, manufactures, and installs curtain wall systems for
customers in Canada and the United States
Dec-16 Rmax Operating, LLC United States Sika AG
Manufactures and supplies polyiso insulation and specialty
products for the OEM market
Dec-16 Gossen Corporation United States Inteplast Group, Ltd. Manufactures cellular vinyl building products
Dec-16 TA Millwork LLC United States Wichita Cabinet Company, LLC
Manufactures and distributes wooden custom building
components for residential and commercial applications
Dec-16 Mal Wal (nka:Mall Wall) United States The AmGraph Group
Manufactures modular barricades that are installed in shopping
malls and retail stores throughout California
Nov-16 Headwaters Incorporated United States Boral Industries, Inc.
Provides products and services to building and construction
materials sectors primarily in the United States and Canada
Nov-16
Bristol Fiberlite Industries, Inc. (nka:Kingspan
Light & Air LLC)
United States Kingspan Group plc
Manufactures industrial, retail, municipal, custom, and
residential skylights
Nov-16 Premier Care, LLC United States Management Buyout
Provides safe bathing solutions for seniors, veterans, and
those with limited mobility or people living with disabilities
Nov-16 Vortex Whirlpool Systems, Inc. United States LPI Inc.
Manufactures and distributes spas, swim spas, heaters,
pumps, fitness and exercise equipment
Nov-16 Halex Corporation United States GCP Applied Technologies Inc. Manufactures and sells flooring installation products

Building Products Manufacturers (continued)
Date
Page 28
Source: Capital IQ
Nov-16 Mesker Openings Group United States dormakaba Holding AG Manufactures and markets doors and hardware products
Oct-16 Gravenhurst Plastics Ltd. Canada Industrial Opportunity Partners Manufactures polyethylene pipes and tubing products
Oct-16 American De Rosa Lamparts, LLC United States Resilience Capital Partners LLC
Manufactures and distributes lighting solutions for residential
and commercial customers
Oct-16 USFloors Inc United States Shaw Industries Group, Inc. Manufactures flooring products
Oct-16 Granite Source Inc. United States Clio Holdings, LLC Manufactures and markets granite tops
Oct-16
EdgeBuilder Wall Panels, Inc. and Glenbrook
Lumber & Supply, Inc.
United States ATRM Holdings, Inc. Manufactures and markets wall panel systems
Oct-16 The Delaney Co. United States HCI Equity Partners
Manufactures residential and commercial door locks, builder's
hardware, bath accessories, and door hinges
Sep-16 Midwest Plastics Products Inc. United States C & L Tiling, Inc. Manufactures plastic drain tiles
Sep-16 Henry Company LLC United States American Securities
Researches and develops, and manufactures roof coatings,
cements, and driveway maintenance products
Sep-16 US Impact Systems, Inc. United States CGI Windows & Doors, Inc. Manufactures fabricated storefront window and door products
Aug-16 Southern Foam & Coating, Inc. United States United Subcontractors, Inc. Provides soft foam insulation and air barrier material solutions
Aug-16 Riobel Inc and ROHL LLC United States Fortune Brands Home & Security, Inc. Provides kitchen and bath products
Aug-16 Door Engineering and Manufacturing, LLC United States Senneca Holdings
Manufactures of industrial, commercial, fire rated, aviation,
gating and security, and retrofit/add-on solutions
Aug-16
Krestmark Industries, L.P. and Crest Vinyl
Extrusions, LLC and Legacy Vinyl Windows
United States Headwaters Windows, LLC Manufactures windows and patio doors
Jul-16 Concut, Inc. United States Dixie Diamond Manufacturing, Inc. Manufactures and distributes diamond tools and equipment

Building Products Manufacturers (continued)
Date
Page 29
Source: Capital IQ
Jul-16
American Builders & Contractors Supply Co.,
Everlast Polymeric Cladding System
United States Chelsea Building Products, Inc. Operates a building products company
Jul-16 Reilly Windows & Doors United States Pella Corporation
Fabricates and installs wood windows, doors, screens, and
shutters for residential and commercial projects
Jul-16
Barnes Brothers Hardwood Flooring Mfg.
(nka:Magnolia Flooring Mill LLC)
United States Watson Lumber Company Manufactures hardwood flooring and related products
Jul-16
Excalibur Extrusions, Inc., Plastic Pipe
Division
United States VIP Rubber Company, Inc. Operates a plastic pipes manufacturing business
Jul-16 E. O. Wood Company Inc. United States Distribution International, Inc.
Manufactures and markets commercial, mechanical, and
industrial insulation products
Jul-16 Nortek Inc. United States Melrose Industries
Manufactures products for remodeling and replacement as
well as residential and commercial new construction
Jul-16 HySecurity Inc. United States Nice Group USA Inc.
Manufactures hydraulic gate operators for government
facilities, computer centers, airports and other locations
Jul-16 Thermo Automation Canada Ltd Canada Convergint Technologies LLC
Develops, produces, and supplies systems that integrate
heating, cooling, access control, ventilation, and security
Jul-16 Infinity Fabrics United States Twitchell Corporation
Manufactures Luxury Woven Vinyl (LWV) for indoor and
outdoor use on various types of surfaces
Jul-16 Bebco Industries Inc. United States Parkline, Inc.
Designs, manufactures, and markets portable modular
buildings for use in industrial environments

Lumber and Wood Manufacturers
Date
Page 30
Source: Capital IQ
Dec-16 Contact Industries, Inc. United States Endura Products, Inc.
Manufactures veneer and film profile veneer wrapping, flat
veneer lamination, and pre-finish technology solutions
Dec-16 Rochester Lumber Company United States William B. Morse Lumber Co.
Manufactures lumber, engineered wood, millwork, and other
products for construction contractors
Dec-16 Rosboro LLC United States Wynnchurch Capital, LLC
Manufactures engineered wood products, plywood, and
dimension lumber to the construction markets
Dec-16 Wells Wood Turning & Finishing, Inc. United States Individual Investors Manufactures custom wood turning and finishing products
Dec-16 Marson & Marson Lumber, Inc. United States Tum-A-Lum Lumber Company
Supplies lumber, hardware, and building materials for builders
and homeowners
Aug-16 Total Forest Industries Ltd. Canada CanWel Building Materials Group Ltd.
Manufactures and supplies pressure treated wood to
independent lumber dealers

Building Materials Manufacturers
Date
Page 31
Source: Capital IQ
Dec-16 Uroboros Glass Studios, Inc. United States Oceanside Glasstile Company Manufactures glasstiles
Dec-16 ForzaStone, LLC United States Home Brands Group LLC
Manufactures lightweight thin stone panels and accessories for
commercial and residential applications
Dec-16 Rockstar Acquisitions, LLC United States Paymeon, Inc. Manufactures and markets reinforce concrete such as rebar
Dec-16 Rocla Concrete Tie, Inc. United States Vossloh AG
Manufactures and markets pre-stressed concrete railroad ties
to freight and transit railroads
Nov-16
CEMEX, S.A.B. de C.V., U.S. Reinforced
Concrete Pipe Manufacturing Business
United States Quikrete Holdings, Inc. Manufactures concrete pipes
Nov-16 Top Master, Inc. United States Clio Holdings, LLC
Produces and installs solid surface counter tops for homes and
commercial projects
Nov-16 Guardian Industries Corp. United States Koch Industries, Inc.
Manufactures float glass and fabricated glass products for
commercial, residential, and transportation applications
Nov-16 Highland Sand & Gravel, Inc. United States Progressive Green Solutions, Inc.
Operates a quarry that produces crushed stones, sand, and
gravel for commercial and residential stone needs
Nov-16
Majestic Stone, Inc., Chattanooga Stone
Center and Creative Stone Works, Inc.
United States Alderman Holdings, LLC Wholesales natural stone and material products
Nov-16 J.E. Berkowitz, LP United States Consolidated Glass Holdings, Inc.
Engages in processing, fabrication, and distribution of glass
products in the United States and internationally
Oct-16
Stone Panels, Inc. (nka:Stone Panels
International)
United States Cold Spring Granite Company
Manufactures natural stone composite panels and stone
veneers
Oct-16 Giant Cement Holding, Inc. United States Elementia, S.A.B. de C.V. Manufactures and sells cement
Oct-16 CalX Minerals, LLC United States RMR Aggregates, Inc. Sells limestone products
Oct-16 Elite Multifamily Interiors, LLC United States Republic Industries, Inc.
Manufactures granite, quartz, and marble surfaces for builders
and property owners
Oct-16 ESSROC Canada, Inc. Canada Lehigh Hanson Materials Limited Manufactures cement and related products

Building Materials Manufacturers (continued)
Date
Page 32
Source: Capital IQ
Oct-16 Low's Ready Mix, Inc. United States Clements Concrete Co
Provides concrete, grouts and flowable fills, sand, gravel and
concrete products
Sep-16 Swenson Granite Company LLC United States Polycor Inc. Engages in quarrying and cutting granite in New England
Sep-16
Cemex Construction Materials Atlantic,
Fairborn Cement Plant and Related Assets
United States Eagle Materials Inc.
Operates a plant that grinds clinker and a distribution terminal
that includes bagging and distribution business
Sep-16 Precast Concepts, LLC United States Hanson Pipe & Precast LLC Manufactures precast concrete products
Sep-16 J&G Concrete Operations, LLC United States Hanson Pipe & Precast LLC Produces pipe and box culvert
Sep-16 Spar, Inc. United States Calderys USA Inc.
Operates a refractory company that specializes in monolithic
refractories
Aug-16 C & A Paving Co., Inc. United States Clements Concrete Co Manufactures asphalt and paving products
Aug-16 Plant and Eight Terminals in US United States Argos USA Corporation Operates cement plants and terminals
Aug-16 Jenna Concrete Corporation United States U.S. Concrete, Inc. Produces ready mix concrete

Homebuilders
Date
Page 33
Source: Capital IQ
Dec-16 EEB Systems LLC United States Enerdynamic Hybrid Technologies Corp. Develops and manufactures modular housing projects
Nov-16 Doyle Mobile Homes, Inc. United States Clayton Homes, Inc. Sells mobile homes in Maysville, Kentucky
Nov-16 Coleman Real Estate Holdings LLC United States Toll Brothers Inc.
Builds single-family homes and communities in California,
Nevada, and Idaho
Nov-16 Summit Custom Homes, LLC United States Clayton Properties Builds single family homes in Missouri and Kansas
Oct-16 Stanley Martin Communities, LLC United States Daiwa House USA Inc. Operates as a private homebuilder
Oct-16
SBH Associates, Inc., Assets Relating to
Custom Home Building Business
United States Management Buyout Builds homes in the United States
Sep-16 WCI Communities, Inc. United States Lennar Corporation
Operates as a lifestyle community developer and luxury
homebuilder in Florida
Sep-16
Dream Builders, LLC and 4.5% stake in
Dream Homes Ltd.
United States The Virtual Learning Company, Inc. Constructs and renovates residential properties
Sep-16 Wilson Parker Homes Inc. United States D.R. Horton, Inc. Builds homes in the United States
Aug-16 Yes Communities, Inc. United States GIC Pte. Ltd.
Develops, sells, operates, and leases manufactured home
communities to customers in the Southeast

Sell Side Advisor Sell Side Advisor
has been acquired by
Exclusive distributor of
premium windows and doors
for a well-branded
manufacturer
Sell Side Advisor
(On Going)
Manufacturer and distributor
of residential and commercial
carpet
Sell Side Advisor
(On Going)
Sell Side Advisor
a portfolio company of
Sell Side Advisor
Sell Side Advisor
a portfolio company of
Sell Side Advisor
Duff & Phelps’ Ongoing and
Recent Transactions
a Hart Group, Inc. company,
Page 34

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Building Products and Materials Industry Insights - Q1 2017

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