New York-based AEA Investors Inc. has purchased thick-gauge sheet extruders Compression Polymers Corp. and Vycom Corp. from two other investment firms in a deal announced March 15.
Terms were not disclosed.
Compression Polymers and Vycom are sister companies based in Moosic, Pa. Vycom makes PVC sheet, while Compression Polymers makes high density polyethylene and polypropylene sheet. Their products primarily are used as replacements for wood and metal.
The deal includes Vycom's Azek Trimboards unit, which extrudes cellular PVC building products, and Comtech Industries, a fabricator of bathroom partitions and lockers.
All operations are in the Scranton, Pa., area. Earlier this year, Azek Trimboards announced it is adding a second factory, with 250,000 square feet of space. The company did not disclose the number of extruders being added in the multimillion-dollar expansion, which should begin by the end of this year.
AEA is a private equity firm founded in 1968, originally as a means for prominent industrial families - including the Rockefellers, Mellons and Harrimans - to invest in midsize companies. Other members have included top executives of major European and U.S. companies, endowment funds and institutions from around the world.
AEA acquired Compression Polymers and Vycom from Whitney & Co. of Stamford, Conn., and Clearview Capital LLC of Old Greenwich, Conn.
Managers at the extrusion companies will continue to own a minority stake after the AEA deal.