Saint-Gobain strengthens its leadership in lightweight and durable construction in North America by signing a definitive agreement to acquire Kaycan, the leader in exterior siding in Canada

MALVERN, Pa.–(BUSINESS WIRE)–Saint-Gobain today announces that it has entered into a definitive agreement under which the Group will acquire Kaycan, Ltd., a family-owned manufacturer and distributor of outdoor building materials in Canada and the United States, for US$928. million (approximately 860 million euros) in cash.

With this acquisition, Saint-Gobain strengthens its global leadership in lightweight and durable construction by becoming the number one siding player in Canada and expanding its vinyl offering across the United States with complementary solutions including aluminum and wood. engineering.

Price represents a multiple (before synergies) of approximately 11.2x Kaycan’s 2021-2022E1 EBITDA of US$83 million and a net purchase price of approximately US$820 millioni.e. a multiple of approximately 8.0x EBITDA after run rate synergies of US$30 million and after the planned divestiture of Kaycan’s small US distribution arm (which represents approximately US$70 million in standalone resale of Kaycan products to third parties and approximately of US dollars in EBITDA, expected to be sold at a pre-synergy multiple similar to one-third soon after the closing of the transaction), while retaining the well-established Canadian distribution locally.

This acquisition meets the Group’s strategic and financial criteria articulated during the Capital Markets Day of October 6, 2021:

  1. Strengthen the Group’s leadership in North America while enriching our offer in lightweight and durable construction
  2. Value creation in year 3 following the closing of the transaction
  3. Maintain a strong balance sheet and solid credit rating with a limited impact of +0.1x net debt on EBITDA with leverage remaining within the set target (1.5 to 2.0x)

Closing of the transaction is subject to antitrust approvals and satisfaction of other customary closing conditions; it is expected to close by the end of 2022.


Kaycan is a major player in exterior building materials with $472 million in revenue – more than half in Canada and the rest in the United States, 12 manufacturing plants (including 9 in Canada) and employing approximately 1,300 people. It is Canada’s leading manufacturer of coating products selling through its well-known and trusted brand through its dedicated distribution and strong channel coverage in big box retail, delivering unparalleled customer reach to across the country and with post-consumer recycling services. materials that can in turn be incorporated into the production process. Leveraging Saint-Gobain’s highly efficient national organization, this acquisition will complement the Group’s leadership in Canada (where Saint-Gobain achieved sales of approximately CAD 750 million in 2021 in gypsum, insulation , ceilings and roofing), allowing it to expand the lightweight and durable construction solutions offered to the benefit of its Canadian customers. It will also enable Saint-Gobain to strengthen and extend its distribution coverage and its partnerships to reach new customers in the light commercial market.

This acquisition also enables Saint-Gobain to strengthen its cladding activities in the United States and will enable the Group to expand its offering to growth markets for aluminum and wood laminated cladding solutions, made with a high proportion of recycled materials.


An operation that creates value for Saint-Gobain shareholders with significant synergies. This acquisition will create value by the 3rd year following the closing of the transaction. Saint-Gobain will finance the acquisition using cash from its balance sheet. Significant synergy opportunities are estimated at c. US$30 million by year 3 post-closing, including cost synergies of c. US$23 million expected to be captured through reduced overhead, economies of scale in purchasing, and optimization of manufacturing and logistics costs.

Benoit Bazin, CEO of Saint-Gobain, said:

“The acquisition of Kaycan is an excellent step for Saint-Gobain and I am very enthusiastic about the idea of ​​warmly welcoming the Kaycan teams within the Group. Not only does this acquisition allow us to strengthen our siding presence in both Canada and the United States, it also allows us to expand our offering into the exciting growth areas of aluminum and engineered wood siding, manufactured largely with recycled materials and therefore contribute to energizing the ecosystem of the circular economy in construction. It fits perfectly with the “Grow & Impact” strategy announced during our Capital Markets Day and strengthens our position in North America and as a world leader in lightweight and durable construction. He will create significant value for shareholders, strengthen the Group’s prospects for profitable growth, enrich our solutions for customers and provide attractive development opportunities for the Kaycan and Saint-Gobain teams.

Lionel Dubrofsky, President of Kaycan, commented:

“Today marks the start of an exciting new chapter in Kaycan’s history. Since my family founded Kaycan in 1974, our team has been focused on providing the best possible customer service across Canada and the United States, while pushing the boundaries of imagination and innovation to expand our product portfolio over the past decades. We now have the opportunity to join Saint-Gobain, a recognized leader in lightweight and durable construction. We are filled with gratitude for the hard work of our team over the past 48 years, and we are excited to see what comes next for our combined companies.

The proposed acquisition of Kaycan follows several other North American growth investments announced by Saint-Gobain in recent months:

  • In May, Saint-Gobain announced a $100 million expansion of its CertainTeed roofing plant in Peachtree City, Georgia, doubling the site’s production capacity while reducing its carbon dioxide emissions.

  • Also in May, the company announced a $28 million investment in its ADFORS technical textiles factory in Dublin, Georgia, creating 400 jobs over the next two years.

  • In April, Saint-Gobain announced that it was doubling the manufacturing footprint of its CertainTeed Architectural manufacturing site in Lakewood, Ohio, by moving to a new state-of-the-art site near Strongsville, Ohio.

  • Also in April, Saint-Gobain announced a $118 million expansion of its CertainTeed roofing plant in Oxford, North Carolina, adding an additional 225,000 square feet of manufacturing space to what was already one of the largest roof shingle manufacturing sites in North America.

  • In February, the company invested $32 million in its CertainTeed insulation manufacturing site in Chowchilla, California, increasing the site’s production capacity by 13% while reducing its carbon footprint.

  • In December, Saint-Gobain announced plans to buy construction chemicals maker GCP Applied Technologies for $2.3 billion.

About CertainTeed

Through the responsible development of innovative and sustainable building products, CertainTeed, headquartered in Malvern, Pennsylvania, has helped shape the building products industry for more than 115 years. Founded in 1904 as the General Roofing Manufacturing Company, the company’s slogan “Quality Made Certain, Satisfaction Guaranteed” inspired the name CertainTeed. Today, CertainTeed is a leading North American brand of exterior and interior building products, including roofing, siding, solar panels, fencing, railings, trim, insulation, drywall and ceilings.

About Saint-Gobain

World leader in light and durable construction, Saint-Gobain designs, manufactures and distributes materials and services for the construction and industrial markets. Its integrated solutions for the renovation of public and private buildings, lightweight construction and the decarbonization of construction and industry are developed in a process of continuous innovation and offer durability and performance. The Group’s commitment is guided by its raison d’être, “MAKE THE WORLD A BETTER HOME”.

44.2 billion euros in turnover in 2021

166,000 employees, located in 75 countries

Committed to achieving carbon neutrality by 2050

For more details on Saint-Gobain, visit and follow us on Twitter @saintgobain.

1 2021-2022E = fiscal year beginning August 1, 2021 and ending July 31st2022

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