Exclusive: Hellman & Friedman plans IPO for Associated Materials - sources
NEW YORK (Reuters) - Private equity firm Hellman & Friedman LLC is planning an initial public offering for Associated Materials, a maker of home-building products that it bought for $1.3 billion in 2010, two people familiar with the matter said on Friday.
Associated Materials, a maker of products like vinyl and aluminum siding and vinyl fencing under brands including Gentek and Alpine Windows, was previously owned by Investcorp and Harvest Partners.
Hellman & Friedman is set to interview investment banks next week to select underwriters to handle the proposed offering, the people said, asking not to be identified because the situation is not public.
A spokeswoman from Hellman & Friedman did not respond to a request for comment.
Associated Materials had net sales of $1.1 billion in 2012, flat from the year prior. It had adjusted earnings before interest, taxes, depreciation and amortization of $107 million in 2012.
A potential public float would come at a time when other firms are also trying to capitalize on a rebound in the U.S. housing market. Industrial and construction supplies company HD Supply Holdings Inc said this week it plans to raise over $1 billion in an initial public offering.
Other recent IPOs from companies with ties to the housing market include Tri Pointe Homes Inc (TPH.N), William Lyon Homes (WLH.N) and Taylor Morrison Home Corp (TMHC.N).
(Reporting by Olivia Oran and Soyoung Kim in New York; Editing by Leslie Adler)
TOKYO - Asian stocks fell sharply on Monday and the dollar stepped back from its recent highs as surprisingly weak Chinese trade data rattled investors already on edge over the crisis in Ukraine.
- U.S. small businesses borrowed more money in January than they did a year earlier, signaling continued growth in the economy despite a spate of cold weather that has been blamed for weakness in many other indicators of activity.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.