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Kingspan and Standard Industries drop out of Firestone bid Bridgestone’s building products unit expected to fetch $2.5bn
Tue, Dec 22, 2020, 13:30 Updated: Tue, Dec 22, 2020, 18:08
Kingspan CEO Gene Murtagh has regularly acknowledged that the group is constantly looking for businesses to buy. Photograph: Cyril Byrne
Irish group Kingspan has pulled out of the €2 billion race for Bridgestone’s Firestone Building Products business.
Kingspan and building materials maker Standard Industries had been named as likely suitors for roofing materials manufacturer Firestone, which has been for sale for several weeks.
It emerged on Tuesday that both decided against bidding for the business, which Bridgestone reportedly hoped would fetch more than $2.5 billion (€2 billion). Monday was the deadline for offers.
The new owner of what is sometimes called the Firestone Building which has an address of
2416 West End Ave. and also houses a Smoothie King is Brentwood-based GBT Realty, which is developing two urban Nashville sites with mixed-use buildings. The seller was Walgreen Co., which acquired the property in December 2017 for $1.52 million, according to Metro records.
William Shell, Scott Miller and Dan Reynolds with JLL brokered the deal for Walgreen. GBT did not have broker representation and company officials declined to detail any long-term redevelopment plans for the site.
The Firestone Building, which is roughly 90 years old, is listed on the most recent Historic Nashville Inc. Nashville Nine list. (Read more on that