Matrix Announces the Acquisition of Lawrenceville Brick Assets by Belden Brick of Canton, OH
RICHMOND, VA – July 25, 2011 – Matrix Capital Markets Group, Inc. is pleased to announce that Ohio based Belden Brick Company, through its subsidiary Redland Brick, has acquired the assets of Lawrenceville Brick, Inc., “Virginia’s Finest Brick Maker.”
Matrix served as the exclusive financial advisor to both Lawrenceville Brick and the special committee to its Board of Directors.
Lawrenceville Brick, headquartered in Lawrenceville, VA, is a leading regional brick manufacturer that has served Virginia and the Mid-Atlantic for over 60 years. The Company serves both residential and commercial customers with two manufacturing plants capable of producing 115 million standard size bricks per year offering exceptional product quality and a wide range of brick styles, colors and textures.
Belden Brick Company is the largest family owned and operated brick manufacturer in the U.S., making the Company an ideal partner for Lawrenceville Brick whose own shareholder base includes second and third generation family members. Belden Brick is also the sixth largest brick manufacturer in the U.S.
“We are very pleased with this arrangement,” Belden Brick Chairman William H. Belden Jr. said. “We’ve known the people at Lawrenceville Brick for quite some time and admire the products they produce. Their line fits well into the Redland Brick portfolio and their market area is an excellent enhancement to our sales territory.”
Belden also said that the acquisition is a bet that the United States economy and construction industry will eventually bounce back. Marvin Thomas, CEO for Lawrenceville Brick commented, “The Matrix team did a tremendous job on this very complicated transaction. Given the prolonged downturn in the residential and commercial construction markets over the last several years, this transaction was a good outcome for the Company, its shareholders and the community of Lawrenceville, VA.”
The transaction was led by the Matrix team of Jeff Moore, Bryan Johnson, Chris Menasco and Katie Millner.
Williams Mullen served as Lawrenceville Brick’s legal counsel on the transaction.
About Matrix Capital Markets Group
Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA. Since 1988, Matrix has provided merger & acquisition and financial advisory services for privately-held, private-equity owned and publicly traded companies. Our primary advisory services include company sales, asset divestitures, recapitalizations, management buyouts, capital raises of debt & equity, corporate recovery, fairness opinions and valuations. Matrix has served clients in a wide range of industries, including industrial manufacturing and distribution, building products, business services, consumer products, healthcare, lumber and petroleum marketing & distribution. For additional information, please visit www.matrixcmg.com.
Securities offered by Matrix Private Equities, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA, SIPC.