Ontario Teachers, partner buy US building products manufacturer
by The Canadian Press
Ontario Teachers' Pension Plan, Ares Management acquiring Pennsylvania-based CPG International
SCRANTON, Pa.—The Ontario Teachers’ Pension Plan has joined with Ares Management LLC to acquire CPG International Inc., a Pennsylvania-based building materials manufacturer.
Terms of the definitive agreement, which are subject to regulatory approval, weren’t disclosed in the announcement.
The seller is AEA Investors LP, which bought Scranton-based CPG International in 2005.
Since then, CPG has made five acquisitions and invested $55-million to expand capacity.
CPG’s annual revenue has risen to more than US$500-million, about double what it was when AEA acquired its stake.
“We are excited to partner with Ares and Teachers as they share our vision for continued growth at CPG. We have enjoyed a strong relationship with AEA in building the business and thank them for all of their support,” said Eric Jungbluth, CPG’s chief executive officer.
CPG’s brands currently include Azek, TimberTech and Scranton Products.