OTPP and Ares Management Purchase CPG International

otppOntario Teachers’ Pension Plan (OTPP) has followed through on a previously announced decision to purchase Scranton-based CPG International Inc. in partnership with Ares Management LLC.

OTPP noted via a press release that CPG International Inc. was immediately converted into a limited liability company just after the acquisition, and it will now be known as CPG International LLC.

The initial agreement was announced on August 19, 2013. Terms of the deal were not disclosed; however, sources told Reuters that the deal was valued as high as US$ 1.5 billion. A spokesperson got in contact with a writer for the Sovereign Wealth Fund Institute, stating that the “CPG well positioned for long term growth.”

The building material manufacturer was acquired from AEA Investors, a private equity partner that focuses on middle market companies.

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