Wienerberger

Wienerberger transformed from a Viennese brick maker (founded 1819) into the world's largest brick and clay roof tile producer through 200+ acquisitions across Europe and North America. The company's $4B+ revenue comes from products unchanged for millennia - clay bricks and tiles - yet generates 10-15% EBITDA margins through consolidation and logistics optimization. Building materials are extremely local businesses (shipping costs limit competition to 100-200km radius), so Wienerberger's strategy is roll-up: acquire regional brick makers, close redundant plants, optimize distribution. This works because demand is fragmented across thousands of builders, but supply can be consolidated. Wienerberger proves that even in ancient commodity products, operational excellence and M&A create value.