SVP Global, a Greenwich, Conn.-based investment firm, is acquiring Cuyahoga Falls, Ohio-based Associated Materials LLC, a building products manufacturer with $1.6 billion in annual sales, 11 production sites and 4,400 employees.
Associated Materials started in 1947 selling aluminum siding, then added other products, such as windows, vinyl siding and composite cladding under brands like Alside, Gentek, Alpine and Preservation.
In 2021, the company's Alside Ascend composite cladding was named "most innovative building material" during the virtual 2021 International Builders' Show organized by the National Association of Home Builders. Ascend combines a glass-reinforced polymer with graphite-infused polystyrene to produce a Class A fire-rated cladding that also resists strong winds and impact.
With an estimated $335 million in plastic profile sales, Associated Materials ranks 15th among North American pipe, profile and tubing extruders, according to Plastics News' latest ranking, and was No. 6 among profiles processors.
Three of the company's 11 plants manufacture plastic products: in West Salem, Ohio; Ennis, Texas; and Burlington, Ontario.
Associated Materials also has about 125 supply centers.
The company has fared well during the pandemic, according to Associated Materials President and CEO Brian Strauss.
"Despite the extraordinary macroeconomic challenges faced over the past 24 months, we have successfully managed this business to achieve strong financial results by continuing to serve our customers, support our employees, and partner with our suppliers," Strauss said in a news release.
The new owners plan to grow the business, according to David Geenberg, co-head of SVP Global's North American Investment Team.
"Associated Materials is a strong business with some of the top brands in North American siding and windows and is well-positioned in home product markets that are seeing very strong demand today," Geenberg said. "We are excited by the growth and value creation prospects for Associated Materials and look forward to leveraging SVP Global's experience and relationships in the sector as we support the company's expansion."