Scranton, Pa.-based CPG International Inc. agreed to acquire TimberTech, a subsidiary of the Crane Group and manufacturer of 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 includes decking, railing, porch boards, trim, moldings and recycled composite pavers.
"The ultimate goal is for our AZEK business and TimberTech to join forces," said Eric 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."
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.
CPG expects to finalize the acquisition of TimberTech in late September.
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 adviser to CPG.