Associated Materials and SVPGLOBAL, a global investment firm with over $18 billion of assets under management, have entered into a definitive agreement under which funds managed by SVPGLOBAL will acquire Associated Materials.
Associated Materials is a vertically integrated building products company with $1.6 billion in annual revenues and a market leader in vinyl windows, vinyl cladding, and metal siding and trim. After completion of the transaction, Associated Materials will be a portfolio company of SVPGLOBAL and will continue to provide its customers with the same high-quality products and service, while adding meaningful new investment into upgrading and broadening the product portfolio. Associated Materials has over 4,400 employees and operates its own 125 Alside and Gentek supply centers in the United States and Canada along with 11 manufacturing facilities.
Associated Materials President & CEO, Brian C. Strauss, remarked, "Despite the extraordinary macroeconomic challenges faced over the past 24 months, we have successfully managed this business to achieve strong financial results by continuing to serve our customers, support our employees, and partner with our suppliers. We look forward to working with our soon to be new equity holders SVPGLOBAL and will remain focused on continued growth, adding to our legacy of providing the building materials industry with market-leading innovation, products, and services."
Moelis & Company LLC is acting as financial advisor to the Company while Schulte, Roth and Zabel LLP is serving as the Company's legal counsel. Rothschild & Co is acting as exclusive financial advisor to SVPGLOBAL, and Milbank LLP is providing legal counsel.
Financial terms of the transaction, which is subject to customary closing conditions and is expected to close in March, were not disclosed.