Investcorp Completes Sale of Associated Materials
Investcorp, the asset management firm specialising in alternative investments, today announced the completion of the sale of US portfolio company Associated Materials Incorporated ("AMI"). AMI was acquired by Investcorp and its co-investors in 2005. This sale will produce a capital gain for Investcorp and its clients that invested in AMI.
Mohammed Al-Shroogi, Investcorp's President of Gulf business, said: "This sale of AMI is additional good news that we bring to our clients in less than four months after the successful sale of American Tire Distributors. This profitable exit is further evidence that Investcorp's value enhancement model creates growth and profitability. AMI's position has been reinforced as the leading vertically integrated manufacturer and distributor of exterior residential building products in the United States and Canada.
"We have worked hand in hand with the AMI management team to develop the company's capabilities and sales volume to impressive levels, and we believe that this exit is well timed to serve the interest of our clients."
Based in Ohio, USA, Associated Materials produces a wide range of exterior residential building materials including vinyl windows, vinyl siding, aluminum trim coil, and aluminum and steel siding and accessories. The company distributes these products, as well as third-party manufactured products, through an extensive dual distribution network, consisting of company-operated supply centers and independent distributors located throughout the United States and Canada. Products are generally marketed under brand names, such as Alside®, Revere® and Gentek®, and are ultimately sold on a wholesale basis to professional contractors engaged in home remodeling and new home construction. The Company has approximately 3,000 full-time employees.