Cooper Standard to Acquire Lauren Manufacturing and Lauren Plastics
Automotive parts supplier Cooper Standard will acquire Lauren Manufacturing and Lauren Plastics. The companies create rubber and plastic sealing solutions used in fenestration, construction, industrial and automotive applications. Terms of the deal were not disclosed.
Cooper Standard made the purchase through its Industrial and Specialty Group, which the company says is responsible for accelerating growth and maximizing the value of the company’s products and technologies in non-automotive and specialty markets. According to the company, the acquisition expands ISG’s sealing product line in building and construction; containers and enclosures; distribution and aftermarket; as well as in specialized products for the automotive and transportation markets.
“This transaction strengthens Coo-per Standard’s position in non-automotive and adjacent markets with an organization that is aligned with us culturally and brings with it mature and established systems, along with excellent performance,” says Jeffrey Edwards, chairman and CEO of Cooper Standard. “Lauren Manufacturing and Plastics will become part of our portfolio to accelerate our entire sealing offering into new markets.”
Lauren employs more than 500 workers at four facilities—two in New Philadelphia, Ohio; one in Kent, Ohio; and one in Spring Lake, Mich.
Cooper Standard, headquartered in Novi, Mich., employs approximately 32,000 people globally and operates in 20 countries around the world. Its products include rubber and plastic sealing, fuel and brake lines, fluid transfer hoses and anti-vibration systems.
Dwyer Group Now Under New Ownership
Dwyer Franchising LLC (Dwyer Group), a parent company of home service brands, was acquired by Harvest Partners LP, a New York-based private equity firm. The deal marks the fourth and largest private equity transaction of Dwyer Group in the franchise organization’s history. Terms of the deal were not disclosed.
Dwyer Group, based in Waco, Texas, is the holding company for 20 service brands, including Glass Doctor, with a franchise network including more than 3,200 franchisees operating in the United States and eight other countries. The combined businesses offer residential and commercial customers with a community of professional services and account for approximately $1.7 billion in annual system-wide revenues.
Harvest’s purchase transfers majority ownership of Dwyer Group from The Riverside Company, a global in-vestment firm that invested in Dwyer Group two separate times—taking the company private in 2003 and reacquiring the company in 2014.
Ply Gem, NCI to Merge
Ply Gem and NCI Building Systems Inc., a manufacturer of exterior building products for commercial construction, will combine in a stock-for-stock merger that will create a single company with an equity value of about $2.6 billion. NCI, headquartered in Houston, is one of North America’s largest manufacturers of metal products for the commercial building industry, selling products such as metal wall and roof systems, insulated metal panels, roll-up doors, trim, accessories and engineered commercial buildings. Ply Gem, based in Cary, N.C., manufactures and sells a variety of products focused on the exterior envelope of single- and multi-family homes.
The combined company will operate under a new name that hasn’t been determined yet, and both Ply Gem and NCI will preserve their existing brands. The company will b headquartered in Cary, N.C., with a significant presence in Houston.
According to NCI’s transaction presentation, the company will explore the possibility of offering adjacent products for curtainwall, storefront systems, commercial windows and punched windows in the medium- to long-term fu-ture of the expansion.
Under the terms of the agreement, NCI will issue 58.7 million shares to Ply Gem shareholders. When the transaction closes, NCI shareholders will own 53 percent of the company’s common equity, with Ply Gem shareholders owning 47 percent. The transaction is generally expected to be tax-free to Ply Gem owners for U.S. federal income tax purposes. It’s expected to close in the fourth calendar quarter of 2018, subject to approval by NCI shareholders and customary regulatory approvals.
To view the laid-in version of this article in our digital edition, CLICK HERE.