Private equity group Graham Partners Inc. continues to expand its plastic building products portfolio with the acquisition of Raleigh, N.C.-based cellular PVC millwork maker Turnkey Millwork Inc.
The purchase is an add-on acquisition for another of its holdings, Troy, Ala.-based HB&G Building Products Inc., which it acquired in 2003.
HB&G also is in the cellular PVC millwork business. Turnkey specializes in nonstructural exterior columns for homes and businesses. HB&G makes structural plastic columns.
Bill McKee, managing principal for Philadelphia-based Graham, said the equity firm will continue to focus on building products that are replacing traditional materials.
"It's not necessarily a focus on building products or plastic, but more about focusing on growth opportunities that are benefiting from a conversion," McKee said in a June 15 telephone interview. "When you think about something outside and structural, the last thing you want is a wood column rotting, or getting termites, or having to be painted all the time."
Graham had two 2005 acquisitions involving plastics processors. It bought Old Saybrook, Conn.-based Infiltrator Systems Inc., which makes plastic wastewater management systems for the septic leach-field and storm-water markets; and Line-X Franchise Development Corp. of Santa Ana, Calif., which makes a polyurethane/polyurea hybrid used as a spray-on truck-bed lining.
Ken Hendricks, HB&G's chief executive officer, said in a news release that the new deal gives his company instant credibility in the cellular PVC column market and strengthens its product range.
Graham Partners now has more than $850 million under management. The fund is sponsored by privately held Graham Group, based in York, Pa.