Versatex Building Products LLC, a Pittsburgh-based manufacturer of cellular PVC trim, has been acquired by mid-market private equity firm Highlander Partners LP.
Financial terms of the deal between the Dallas-based investment group and the business formerly known as Wolfpac Technologies Inc. were not disclosed.
However, the operating structure was announced: The current management team will stay in place. The deal makers describe their decade at the helm as a time of year-over-year growth.
Versatex makes cellular PVC building products, such as trim board, soffit and moldings for the new construction and repair/remodel markets in the United States and Canada. Since its founding in 2003, company leaders have established a strong brand and market presence, according to Jeff Hull, Highlander's managing partner and newly appointed chairman.
In a news release, Hull said, “We look forward to supporting their vision as being at the forefront of innovation in the building materials space and [to] continue expanding the company's presence throughout the United States and abroad as cellular PVC continues to gain adoption and take share in the market.”
Versatex managers continuing with the company include John Pace, president and co-founder; Rick Kapres, vice president of sales; and Jim Wolf, chairman and co-founder. They also remain as owners.
Highlander has a history in the market, too. The firm has focused on businesses tied to building materials, manufacturing and food while it committed more than $800 million of funds. The partners describe their investment approach as “buy and build,” which aims to create value by helping companies grow organically and through acquisitions.
The firm's experience was important to Pace.
“Highlander is a perfect fit, given their extensive background in building materials, and we are pleased to have a partner that invests their own capital and takes a long-term strategic approach to growing companies,” Pace said in a news release.
