CRH EUROPE DISTRIBUTION acquired by BLACKSTONE

Achieved during the fourth quarter of 2019, the divestment of CRH Europe Distribution by the Irish group CRH plc is executed in favor of Blackstone. The transaction perimeter involves the complete transfer of the European distribution division of the building materials manufacturer to the American investment firm. On the seller's side, the Dublin-based corporate group justifies this asset separation operation with a defined strategy to increase its gross margin in the coming years, which involves liquidating divisions deemed insufficiently profitable to reallocate capital toward alternative corporate assets. The finalization of this acquisition agreement has been subject to the completion of customary social consultation procedures alongside the mandatory prior approval of the relevant antitrust authorities across the involved European jurisdictions. The transaction architecture mobilizes a consortium of advisors to audit and structure the buyout on behalf of Blackstone. The financial institution Lazard serves as the exclusive financial advisor to the acquirer. On the legal front, the law firm Clifford Chance acts as the principal international counsel for Blackstone. Specifically covering the Swiss jurisdiction, the law firm Bär & Karrer deploys a legal advisory team led by Rolf Watter, Daniel Küpfer, Frédéric Mancosu, and Linus Zweifel handling corporate and mergers and acquisitions matters. This Swiss delegation further incorporates Micha Schilling and Janine Wüst for financing structure, Susanne Schreiber and David Weimann for taxation, Ruth Bloch-Riemer and David Trachsel concerning occupational pension schemes, Thomas Stoltz and Anja Fuchs-Hodel for employment law matters, as well as Mathuri Suppiah covering competition law requirements. The target's existing executive management team, headed by Remco Teulings, is integrated into the transaction structure to maintain the company's regional distribution operations post-acquisition.