PE-Backed Foundation Building Materials Debuts $179M IPO

Law360, New York (February 10, 2017, 7:03 PM EST) -- Shares of Foundation Building Materials Inc., a distributor of specialized construction supplies owned by private equity outfit Lone Star Funds, debuted on Friday after the company priced a downsized $179 million initial public offering.

Foundation Building Materials, advised by Gibson Dunn, priced 12.8 million shares at $14, below the previous range of $17 to $19. Underwriters will have the option to purchase an additional 1.92 million shares from Lone Star, the company said Thursday.

Based in Tustin, California, FBM is a specialty distributor of wallboard and suspended ceiling systems, and a fabricator of commercial and industrial mechanical insulation. It has grown...

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