SCRANTON, Pa. - CPG International Inc. today announces the signing of a definitive agreement to acquire TimberTech, a subsidiary of the Crane Group and well-known manufacturer of high quality, low maintenance decking, railing and accessory products. CPG International is the parent company of AZEK Building Products, a leading manufacturer of premium, low-maintenance exterior products that include decking, railing, porch boards, trim, mouldings and recycled composite pavers.
"The ultimate goal is for our AZEK business and TimberTech to join forces," said 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."
Both with strong brand recognition, AZEK Building Products and TimberTech are respected not only for superior products, but also for their leading distribution partners across the U.S and Canada. 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," said Crane.
"This is an exciting opportunity," remarked Jungbluth. "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," added Jungbluth.
CPG expects to finalize the acquisition of TimberTech 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," said 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.
Source: CPG International Inc.
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