Azek and TimberTech parent company sold to pension fund

By Catherine Kavanaugh
Staff Reporter

Published: August 19, 2013 9:10 pm ET
Updated: August 19, 2013 9:24 pm ET

Related to this story

Topics Construction, Mergers & Acquisitions, Pipe/Profile/Tubing, Extrusion, Deck & railing

CPG International Inc. announced Monday that it entered into a definitive agreement to be acquired by funds managed by Ares Management LLC and Ontario Teachers' Pension Plan (Teachers).

The seller is New York-based private equity firm AEA Investors LP, which bought CPG in May 2005. Senior management of the Scranton, Pa.-based manufacturer will retain a minority stake. Terms of the transaction were not disclosed.

A May story from Reuters had said that AEA expected to sell CPG for between $1 billion and $1.5 billion.

CPG International makes low-maintenance building materials designed to replace wood, metal and other traditional materials. Products include trim, molding and decks, shower stalls, lockers and playground equipment.

Key plastics brands include Azek Building Products and TimberTech wood-plastic decking.

When AEA bought CPG, the business had sales of about $220 million and its residential building products line consisted only of Azek trim. During the past eight years, despite the housing downturn, CPG made five acquisitions and invested approximately $55 million for capacity expansion. The company now has sales of more than $500 million.

"We are excited to partner with Ares and Teachers as they share our vision for continued growth at CPG. We have enjoyed a strong relationship with AEA in building the business and thank them for all of their support," Eric Jungbluth, CEO of CPG International, said in a release.

Earlier this year CPG announced plans to consolidate its TimberTech factories into a single large wood-plastic decking plant in Wilmington, Ohio. As a result, the company plans to close its Columbus, Ohio, decking operation. CPG also is closing a plant in Toronto that makes Azek railing.


Comments

Azek and TimberTech parent company sold to pension fund

By Catherine Kavanaugh
Staff Reporter

Published: August 19, 2013 9:10 pm ET
Updated: August 19, 2013 9:24 pm ET

Post Your Comments


Back to story


More stories

Image

Plastic products win Best of IBS awards

January 30, 2015 1:36 pm ET

LAS VEGAS — A year ago, inventor Jeremy Smith of Utah took his idea for an electrical outlet cover plate with LED lights on the bottom edge to...    More

Image

French investment firm buys Alabama-based CSP Technologies

January 30, 2015 1:10 pm ET

A French investment firm has finalized a deal to buy CSP Technologies Inc., an Auburn, Ala., company that makes specialty plastics packaging.    More

Image

Lubrizol buys Brazil-based coatings technology manufacturer

January 30, 2015 11:50 am ET

Specialty chemicals company Lubrizol Corp. of Wickliffe, Ohio, said it has acquired a Brazilian company that makes coatings technology for products...    More

Image

LG Hausys pulls out of Russian PVC profile market

January 30, 2015 11:17 am ET

LG Hausys Ltd., the building and decorative materials offshoot of South Korean giant LG Chemical Ltd., is pulling out of PVC window profile...    More

Image

Lund adds to aftermarket auto products portfolio with buy of Bushwacker

January 29, 2015 2:49 pm ET

Lund International Inc. has expanded its portfolio of plastic aftermarket vehicle accessories by acquiring Bushwacker Inc.    More

Market Reports

Plastics in Automotive: Innovation & Emerging Trends

This special report newly released by PN and sponsored by The Conair Group examines current trends in the use of plastics in automotive, materials innovations and the changing landscape. It includes a review of legislative/regulatory activity impacting vehicle development and lightweighting, market opportunities & challenges for mold and toolmakers, innovative design strategies being implemented by major OEMs and suppliers, as well as a review of key indicators in Canada, Mexico, Brazil and China.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Injection Molding Market Analysis & Processor Rankings

Plastics News BUNDLED package contains our in-depth Market Analysis of the Injection Molding segment. You will gain keen insight on current trends and our economic outlook.

As a BONUS this includes PN's updated 2014 database of North American Injection Molders RANKED by sales volume. Sort, merge, mail & prospect by end market, materials processed, region, # of plants and more.

Learn more

Upcoming Plastics News Events

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events