Beacon Roofing Supply, Inc. (NASDAQ: BECN), Herndon, Va., a distributor of roofing materials and complementary building products, is buying back its Series A preferred stock from Clayton Dubilier & Rice (CD&R) for $804.5 million.
Don’t miss any content from Distribution Strategy Group. Join our list.
Beacon plans to fund the buyback with a mix of new and existing debt funding and cash on hand. The deal is expected to close on Aug. 11.
CD&R, a New York-based buyout firm, will still hold roughly 15.2 million shares of common stock. CD&R operating partner Philip Knisely will remain on the board but step down as executive chairman.
