News

Quebec’s Novik considered for purchase by Clearview Capital

Novik Inc., a Quebec City-based manufacturer of polymer exterior siding, roof coverings and accessories, has entered into a non-binding agreement to be purchased by American private investment firm Clearview Capital LLC for $45 million.


Print this page

November 21, 2013 by Canadian Plastics

Novik Inc., a Quebec City-based manufacturer of polymer exterior siding, roof coverings and accessories, has entered into a non-binding agreement to be purchased by American private investment firm Clearview Capital LLC for $45 million.

According to a statement by Novik, they signed a non-binding letter of intent with Connecticut-based Clearview.

Novik designs, manufactures and distributes polymer exterior siding, roofing coverings and accessories for the residential and commercial construction industry.

“Novik is an excellent company with great employees, highly differentiated products and high potential for future growth”, said James G. Andersen, Clearview’s co-founder and co-managing partner. “Our goal is to partner with Novik’s talented management team to invest in continued expansion in Quebec and in further penetration of the United States market.”

The two parties have 20 business days to negotiate an agreement with an option to extend the period of exclusivity period by 10 days, the statement said. Before the transaction closes, it will be subject to court and shareholder approvals.