The Ontario Teachers’ Pension Plan has joined with U.S.-based private equity firm Ares Management LLC to acquire CPG International Inc., a Pennsylvania-based building materials manufacturer.
Financial terms of the deal have not been disclosed.
The seller is AEA Investors LP, which bought Scranton-based CPG International in 2005. Since then, CPG has made five acquisitions and invested US$55 million to expand capacity.
“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 makes building supplies such as outdoor PVC decking, porch boards, and plastic restroom partitions for the residential and commercial markets. Its’ brands currently include Azek, TimberTech and Scranton Products.