Saturday, 30 May 2015
Last updated 18 hours ago
Dec 20 2006 | 11:25am ET
The Carlyle Group will pay $1 billion for roofing product manufacturer ElkCorp, the first step in its plan to create a leading roofing materials maker.
Under the terms of the deal, which still must be approved by ElkCorp shareholders, Carlyle will pay $38 per share and assume about $173 million in debt. Separately, the Washington, D.C.-based private equity firm struck a partnership agreement with Hood Cos., planning to merge ElkCorp into Hood subsidiary Atlas Roofing Corp., though the deal for ElkCorp is not contingent on completing an agreement with Atlas.
“We are eager to work with Carlyle to grow our business and see the combination with Atlas as a tremendous opportunity to expand both companies,” ElkCorp CEO Thomas Karol said.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…