Overview Key strengths Key risks Profitable U.S. distributor of concrete accessories and construction products. Financial sponsors raise the risk of dividends or other shareholder-friendly activity. Good scale for a niche building materials distributor. Exposure to cyclical end-markets and volatile raw materials. Highly fragmented and competitive industry. This is down from its peak following a debt-financed acquisition raised the company?s funded debt balances. However, our base-case forecast assumes the company?s financial sponsors will not pursue another large, leveraged acquisition or dividend payout. Despite the moderating probability of a recession within the next 12 months and increased spending on infrastructure adding to economic growth in the coming years (see Fiscal Initiatives Boost U.S. Economy Amid Headwinds From Tighter Monetary Policy , published
