Versatex, a Portfolio Company of Highlander Partners, Enters into a Definitive Agreement to be Acquired by The AZEK Company
DALLAS, May 29, 2018 /PRNewswire/ — Versatex Holdings, LLC , a leading manufacturer of cellular PVC building products serving both the new construction and renovation/remodel markets, has entered into a definitive agreement to be acquired by The AZEK Company (“AZEK”). Versatex’s management team will remain with the business and continue operations from its production facility in Aliquippa, PA.
Versatex, a Highlander investment since September 2014, is a leading innovator and manufacturer of high-quality, branded exterior trim, sheet, mouldings and other innovative products with an expanding range of building applications.
Mark Blanchat, Chairman of Versatex and a Partner at Highlander, stated, “John Pace and his team have done a tremendous job growing Versatex and enhancing the business. Versatex has continually grown in revenue and profitability while significantly expanding its salesforce and investing substantially in its production facility and capabilities. The Company’s success has been achieved through strong leadership and superior management execution. The team’s efforts have positioned the Company for greater future success, as cellular PVC building products continue to gain share from legacy wood-based offerings and achieve broader adoption in new geographies.”
Jeff L. Hull, Highlander’s President and Managing Partner and board member of Versatex, added, “We thank Versatex’s employees for their hard work in advancing the Company over the past four years, and wish John and his team the very best. Versatex is an exceptional company and we are extremely proud to have been associated with it.”
John Pace, CEO of Versatex said, “We are excited to enter into this agreement with AZEK, which is an ideal partner for us. Our companies have complementary strengths and a shared commitment to premium quality, customer service and product innovation. We thank Highlander for its tremendous support and look forward to working together with AZEK to address the opportunities that alternative materials offer the building envelope market.”
Rothschild & Co. is serving as the exclusive financial advisor to Versatex in connection with this transaction.
About Highlander Partners
Highlander Partners, L.P. is a Dallas-based private investment firm with over $2.0 billion of assets under management. The firm focuses on making investments in businesses in targeted industries in which the principals of the firm have significant operating and investing experience, including basic manufacturing, food, chemicals, building materials, consumer products, and others. Highlander Partners uses a “buy and build” investment approach, creating value by helping companies grow organically and through acquisitions. For more information, visit www.highlander-partners.com.
About Versatex Holdings LLC
Versatex manufactures and supplies cellular PVC building products. The Company’s products include trimboards, sheets, cornerboards, beadboards, skirtboards, wraps, beaded profiles, soffit systems, molding profiles, and finishing products. It markets and sells its products through distributors/dealers in the United States and Canada. The Company was founded in 2003 and is based in Aliquippa, Pennsylvania. For more information about Versatex, please visit www.versatex.com.
SOURCE Highlander Partners, L.P.
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