The Ontario Teachers’ Pension Plan and private equity firm Ares Management have reached a deal to buy building products maker CPG International.
Financial terms of the deal were not disclosed.
Teachers’ and Ares will each hold an equal amount in CPG, with the company’s senior management holding a minority stake.
“This transaction continues our long-standing strategy of investing alongside strong management teams in high-quality businesses,” says Jane Rowe, senior vice-president of Teachers’ Private Capital and Infrastructure. “We believe CPG is well positioned for long-term growth as consumers continue to recognize the superior value proposition offered by low-maintenance building materials.”
CPG is currently majority owned by another private equity firm, AEA Investors.
The transaction is subject to regulatory approval and other customary closing conditions.
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