Associated Materials will be acquired by a Connecticut investment firm
Associated materialsa Cuyahoga Falls company with annual revenue of $1.6 billion that manufactures exterior building products such as windows and vinyl siding, has agreed to be acquired.
The buyer is SVPGLOBAL, a Connecticut-based global investment firm with over $18 billion in assets under management and offices in New York, London and Tokyo. SVPGLOBAL and Associated Materials jointly announced on Monday, January 31 that they have “entered into a definitive agreement under which funds managed by SVPGLOBAL will acquire Associated Materials.”
Terms of the transaction were not disclosed.
Associated Materials started with its aluminum siding brand Alside in 1947 and has since branched out to include other building materials brands, such as Gentek, Alpine and Preservation, as well as a stockist for brands such as Regency windows and Align composite siding. Associated Materials has more than 4,400 employees and operates its own 125 Alside and Gentek supply centers in the United States and Canada, as well as 11 manufacturing plants, the company said in a statement.
“Associated Materials is a strong company with some of North America’s leading siding and window brands and is well positioned in the home products markets that are seeing very high demand today,” said David Geenberg, co-director of the North American Investment of SVPGLOBAL. Team, announcing the deal.
“We are excited about the prospects for growth and value creation for Associated Materials and look forward to leveraging SVPGLOBAL’s experience and relationships in the industry as we support the company’s expansion.” he declared.
Both companies said they expect the deal to close in March.