Tangent Technologies, which is backed by The Sterling Group, has acquired Aurora, Illinois-based Bedford Technology, a plastic lumber extruder. No financial terms were disclosed.
HOUSTON, TX (March 23, 2020) – The Sterling Group, a Houston-based middle market private equity firm, announced that its portfolio company, Tangent Technologies, completed the acquisition of Bedford Technology at the end of February. Headquartered in Aurora, Illinois, Tangent is a leading manufacturer of high-density polyethylene (“HDPE”) lumber used for outdoor furniture, site amenities, structural applications, and marine decking. Bedford is a leading plastic lumber extruder in North America with excellence in structural and semi-structural product lines, primarily used in marine infrastructure projects, boardwalks, fencing, as well as a broad range of industrial applications.
In recent years, HDPE lumber has become a leading substitute for traditional building materials in outdoor furniture and other applications given its durability and aesthetics. Tangent and Bedford both use post-consumer recycled milk bottles as a primary raw material along with many other post-industrial recycled waste streams. Combining Tangent and Bedford creates a leading alternative materials innovation team and expands both business’ plastic lumber product lines.
“We are excited to partner with Bedford and expand the combined plastic lumber product lines and solutions,” said Guy DeFeo, CEO of Tangent. “With the addition of Bedford, we will build a broader facility footprint across North America as well as build one of the best alternative material innovation organizations for our customers.”
“We are looking forward to increasing sustainable manufacturing capabilities and expanding our innovation capabilities through this partnership with Tangent,” said Jeff Breitzman, CEO and President of Bedford Technology. “The talent and skills that both organizations are bringing to the table will enhance how the combined company serves its customers and will fuel many new growth opportunities” said Brian Larsen, Founder of Bedford Technology and former CEO.
About The Sterling Group
Founded in 1982, The Sterling Group is a private equity investment firm that targets controlling interests in basic manufacturing, distribution and industrial services companies. Typical enterprise values of these companies range from $100 million to $750 million. Sterling has sponsored the buyout of 56 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $2.0 billion of assets under management. For further information, please visit www.sterling-group.com.