April 25, 2019 / 12:30 PM / 3 months ago

CRH sees interest in potential sale of European distribution arm

DUBLIN, April 25 (Reuters) - Irish building materials group CRH has had a lot of interest in its European distribution arm ahead of a decision in the next two to three months on whether to trigger a sale, Chief Executive Albert Manifold said on Thursday.

Reuters reported on April 12 that CRH had hired Bank of America to launch the sale of the unit as soon as next month and that a potential 2 billion euro deal had already drawn interest from a series of buyout funds including Advent, Lone Star and CVC.

“We’ve had a lot of people (interested)... It’s an area that there has been a lot of interest in, the distribution space. Private equity have been involved in this space for a decade,” Manifold told a news conference following the company’s annual shareholder meeting. (Reporting by Padraic Halpin; editing by Jason Neely)

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