|By PR Newswire||
|September 2, 2014 03:33 PM EDT||
DALLAS, Sept. 2, 2014 /PRNewswire/ -- Highlander Partners, L.P., a leading middle market private investment firm based in Dallas, Texas, today announced the acquisition of Versatex Building Products, LLC (f/k/a Wolfpac Technologies, Inc). Founded in 2003, Versatex is a Pittsburgh-based provider of cellular PVC building products serving both the new construction and renovation/remodel markets.
Versatex will continue to operate under its existing operating structure with its current management team, led by President and co-founder, John Pace and Vice President of Sales, Rick Kapres, remaining with the Company and as owners. Current Chairman and co-founder, Jim Wolf will continue with the Board of Managers and also as an owner in the Company. The Company's management team has successfully grown the business every year since inception and has positioned Versatex as a leader and innovator in the PVC building products market.
Mr. Wolf commented, "I am excited to partner with Highlander Partners to continue to grow Versatex and build upon our Company's success as a leader and innovator in the PVC building materials space and look forward to continuing as a shareholder and board member."
Mr. Pace, who will continue to lead the business as Versatex' President and Chief Executive Officer, added, "Highlander is a perfect fit, given their extensive background in building materials, and we are pleased to have a partner that invests their own capital and takes a long-term strategic approach to growing companies."
Jeff L. Hull, Highlander's Managing Partner and newly appointed Chairman, stated, "We could not be more thrilled to partner with the Versatex team, who in the Company's 10-year history have established a strong brand and leading market presence. We look forward to supporting their vision as being at the forefront of innovation in the building materials space and continue expanding the Company's presence throughout the United States and abroad as cellular PVC continues to gain adoption and take share in the market."
Craig-Hallum Capital Group served as the exclusive financial advisor to Versatex in connection with this transaction. Texas Capital Bank and Comerica Bank provided senior financing facilities and AEA Mezzanine Fund III LP provided mezzanine debt in support of the transaction.
About Highlander Partners
Highlander Partners, L.P. is a Dallas-based private investment firm with partners that have committed over $800 million of principal funds for direct private equity investments in North America and Central Europe. Over the past five years, Highlander has become one of the most active middle-market private equity investment firms. The firm focuses on making investments in businesses in targeted industries in which the principals of the firm have significant operating and investing experience, including basic manufacturing, food, building materials and others. Highlander Partners uses a "buy and build" investment approach, creating value by helping companies grow organically and through acquisitions. For more information about Highlander Partners, please visit www.highlander-partners.com.
About Versatex Building Products, LLC
Versatex manufactures and supplies cellular PVC building products. The company's products include trimboards, sheets, cornerboards, beadboards, skirtboards, wraps, beaded profiles, soffit systems, molding profiles, and finishing products. It markets and sells its products through distributors/dealers in the United States and Canada. The company was founded in 2003 and is based in Pittsburgh, Pennsylvania. For more information about Versatex, please visit www.versatex.com.
SOURCE Highlander Partners, L.P.
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