Quebec City-based Novik Inc., a manufacturer of injection molded stone, wood shake and accessories, has acquired Exteria Building Products LLC, a Miami-based manufacturer of composite siding and replica masonry items.
Terms of the deal, which closed June 2, were not disclosed. Exteria was sold by an affiliate of Philadelphia-based private investment firm Graham Partners. Novik's owner is private investment firm Clearview Capital LLC, which also created the Azek brand of cellular PVC trim, deck and railing products.
Novik will keep both the Novik and Exteria manufacturing facilities, brands and sales teams, so it will be business as usual, Novik President Ralph Bruno said in a news release.
Clearview acquired Novik in 2014. Novik officials said they are out to offer attainable luxury that is easy to install with products that mimic the natural look and texture of wood and stone materials. They brought polypropylene stone panels called NovikStone to the International Builders Show earlier this year. The sales team talked about how stone veneer opened the masonry look up to more people and how PP stone is expected to have wider mainstream appeal because it installs at a fraction of the price of veneer.