Tightly-Controlled Sale Process and Speedy Execution
Client: The Wheeler Group was sold to Oldcastle Materials, Inc., a subsidiary of CRH plc. (NYSE:CRH)
Transaction: In December 2009, Oldcastle Materials closed its acquisition of Burnham’s client, The Wheeler Group, for an undisclosed amount. The Wheeler Group is a market-leading provider of hotmix asphalt, ready-mix concrete and asphalt paving services in Central Texas. The Wheeler Group’s owners wanted a highly targeted sale process involving only a few strategic and financial bidders and wanted to complete the transaction before calendar year-end.
The Burnham Solution: Burnham conducted a highly targeted auction process. Through pre-existing relationships, Burnham identified Oldcastle as an interested party. Amidst a difficult sale environment, especially for construction-related companies, Burnham generated competing bids for The Wheeler Group. After The Wheeler Group’s owners had started discussions with Burnham only a few months earlier, the definitive agreement was signed and the transaction closed before 2009 year-end.