AZEK Parent Company to Acquire TimberTechAugust 30th, 2012 | Category: Industry News
CPG International Inc., parent company of AZEK Building Products, has signed a definitive agreement to acquire TimberTech, a subsidiary of the Crane Group and a manufacturer of decking, railing and accessory products.
“The ultimate goal is for our AZEK business and TimberTech to join forces,” says Eric K. Jungbluth, CEO of CPG. “We believe this powerful combination will not only create the largest manufacturer in the trim, decking and railing market, but will also create a premier company in the industry as both entities manufacture highly engineered, outdoor living solution products that offer exceptional aesthetics, performance and longevity.”
Tanny Crane, president of the Crane Group, said she is confident that the acquisition positions TimberTech well for future growth. “This was a difficult decision for our company and our family, but we think this acquisition positions the business to continue to be a leader in its product lines,” she says.
Jungbluth adds, “This is an exciting opportunity. From our perspective, AZEK and
TimberTech are a great fit. This represents the joining of two strong brands focused on quality and innovation. Both have solid relationships with distributor and dealer partners with the proven ability to redefine an industry.”
According to the announcement, CPG expects to finalize the acquisition in late September.
“We feel like we are keeping TimberTech in the family because Crane Group once held a majority interest in CPG. We know the company’s leaders, their values and their capabilities. They share our commitment to their employees, recognizing that their employees are their strength,” adds Mike Crane, president of The Crane Group Companies.
According to Jungbluth, “While AZEK has led the conversion from wood exterior trim and decking to cellular PVC, TimberTech has been a strong force and pioneer in composite decking since the category began. We consider this a merger of equals – a winning combination that will help advance the entire industry.”
Barclays served as financial advisor to CPG.