Parsippany roofing manufacturer GAF
signed a definitive agreement to acquire FT Synthetics, a British Columbia-based manufacturer of synthetic underlayments for the steep slope roofing industry.
The acquisition was announced Sept. 7, and as part of it, GAF will invest in scaling operations and the growth of FT Synthetics.
“FT Synthetics and GAF share a deep commitment to the roofing industry,” said GAF Chief Executive Officer Jim Schnepper in a prepared statement. “This acquisition will enable GAF to pursue our shared goals of continued innovation and explore opportunities for expanded product offerings that support the entire building envelope.”
FT Synthetics will continue to operate as an independent business within the GAF portfolio and FT Synthetics CEO Gary Sandhar will retain a senior leadership position within GAF.
“GAF’s company culture is extremely compatible with FT Synthetics, particularly its focus on the customer experience and providing unparalleled service,” Sandhar said. “We are excited to join the GAF family and look forward to our continued growth together.”
FT Synthetics was advised by Citizens M&A Advisory and Borden Ladner Gervais LLP. Sullivan & Cromwell LLP and Blake, Cassels & Graydon LLP provided legal advice to GAF. The transaction is expected to close later this year.
Financial terms were not disclosed.
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