Investing in middle market companies
in partnership with management

CPG AND CPG International

Prior Investment-PRE-FUND

Acquisition date:  March 1, 2001
Disposition date:  September 30, 2013 

Flat, thick gauge plastic extrusions and allied fabricated products

Compression Polymers Group/CPG International Holdings ("CPG"), together with its division Vycom, is a world leader in the manufacture of highly engineered extruded polypropylene, polyethylene and PVC/CPVC thermoplastic sheet products used primarily as metal and wood substitutes in a variety of applications and end markets. The company is a market leader in most of the segments in which it competes in. CPG's rapidly growing Comtec Division fabricates bathroom partitions and lockers from sheet product manufactured by the Compression Division. Other product applications include outdoor trim moldings, playground equipment, chemical storage tanks, flameproof products for the semiconductor industry and waterproof products for the marine industry and other industrial applications.

Clearview sourced and negotiated the transaction, which involved the purchase of four separate entities from management and the Crane Group, a privately held holding company. The transaction was structured to allow both management shareholders and Crane Group to maintain significant stakes in the recapitalized business. In addition, an option plan was created to provide an opportunity for younger, middle management to participate in the growth of the company.

The CPG transaction was completed on March 1, 2001. Clearview brought in Whitney & Company, a private equity firm with whom Clearview's founders previously partnered to acquire Twitchell Corporation in 1998, to act as co-sponsor in the transaction. Senior debt financing was provided by a group of banks led by First Union, and subordinated debt was provided by Whitney & Company and First Union.

With Clearview's assistance, CPG acquired Capitol Partitions, the country's third largest fabricator of solid plastic toilet partitions, in September 2002. The transaction was the first acquisition ever made by the CPG management team. Clearview also provided substantial support during the roll out of Azek®, a rapidly growing wood substitute product manufactured by the company. Clearview's strategy and marketing experience was brought to bear on the development of a marketing strategy for Azek® that included investment in branding and direct sales, and an entry in the building products channel, all new territory for CPG's management.

Clearview sold a majority interest in CPG, in 2005 but retained a minority position and a board seat.

Clearview sold it's minority position in CPG to Ares/Ontario Teachers' Pension Plan on September 30, 2013.

Add-on Acquisitions Completed:

Capitol Partitions
Columbia, MD
Fabricator of HDPE and phenolic toilet partitions

Santana Products
Scranton, PA
Manufacturer of HDPE sheets and fabricator of toilet partitions

Composatron
Toronto, Canada
Manufacturer of deck railing systems

ProCell
Foley, AL
M
anufacturer of PVC decking

Timbertech
TimberTech
Wilmington, OH
Manufacturer of composite and PVC deck and railing products

VAST Enterprises
Minneapolis, MN
Synthetic pavers