Carlyle Global Partners will make a minority investment in TAMKO Building Products Inc, a maker of residential roofing products. No financial terms were disclosed. The deal is expected to close in the second quarter of 2019.
JOPLIN, Mo.–(BUSINESS WIRE)–TAMKO® Building Products, Inc., one of the nation’s largest independent manufacturers of residential roofing products, today announced that Carlyle Global Partners (CGP) will become a long-term strategic minority investor in its asphalt roofing and building materials business. CGP is the long-duration investment fund of The Carlyle Group, a global investment firm with $216 billion of assets under management. Terms of the transaction, which is expected to close in Q2 2019, have not been disclosed.
TAMKO’s Chairman of the Board, Ethelmae Humphreys, said, “This is the beginning of a new chapter in TAMKO’s 75-year history. Our business and footprint has expanded at a dramatic pace, growing from just one roofing plant in Joplin, MO, into one of the nation’s largest asphalt roofing shingle manufacturers. Our partnership with CGP will position TAMKO now and over the long-term for even faster growth and greater success.”
“TAMKO’s success is firmly rooted in the core values that have always defined us as a family-run business: hard work, honesty and integrity and a commitment to hire and develop outstanding people,” said David Humphreys, President and CEO of TAMKO. “CGP is a great long-term partner because they recognize that these guiding principles – combined with our cost leadership strategy, focus on vertical integration, commitment to quality, customer focus, and continuous improvement – have underpinned TAMKO’s success. Together with CGP, TAMKO will continue to invest in these areas to grow the market-leading positions we hold today.”
Eliot Merrill, Co-Head of CGP, said: “We are delighted to partner with TAMKO, a market innovator with outstanding management and admirable core values. We believe our record of creating value successfully in businesses poised for long-term growth will enable TAMKO to build on its remarkable achievements to date.” Carlyle Managing Director, Vipul Amin, added: “We have followed the growth and success of TAMKO for many years and look forward to supporting management as they take the business to the next level.” Eliot Merrill and Vipul Amin will join TAMKO’s board of directors.
TAMKO’s composite decking business, which is based in Lamar, Missouri and manufactures award-winning products such as the Envision® composite decking line, will continue to be owned and operated as a stand-alone business exclusively by the Humphreys family.
TAMKO Building Products, Inc. is one of the nation’s largest independent manufacturers of residential roofing products (including Heritage® Asphalt Shingles and MetalWorks® Steel Shingles), decking and railing products, waterproofing, cements, and coatings. Since 1944, TAMKO’s success is the direct result of teamwork and enduring relationships with customers, suppliers and employees. Privately owned, TAMKO is committed to producing top-quality products with excellent product support. For more information about TAMKO, visit our website at www.TAMKO.com.
About The Carlyle Group/Carlyle Global Partners
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $216 billion of assets under management as of December 31, 2018, Carlyle’s purpose is to invest wisely and create value on behalf of our investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,650 people in 31 offices across six continents.
Carlyle launched its longer-term private equity strategy, Carlyle Global Partners, in 2014 to pursue opportunities that leverage Carlyle’s expertise, resources and global platform in investments that benefit from longer hold periods and structural flexibility. Carlyle Global Partners pursues investments with the potential for attractive returns and net asset value appreciation over a longer time horizon than traditional private equity funds. CGP has a flexible investment mandate, is sector- and geography-agnostic, and has limited need for nearer-term liquidity events, enabling it to be a differentiated partner with family businesses, management teams, and corporate partners to build businesses over the long-term. TAMKO will be CGP’s ninth investment.