NEW YORK, May 16, 2016 /PRNewswire/ -- 40 North Management ("40 North"), a privately-held, diversified investment platform and an affiliate of Standard Industries Inc. ("Standard"), announced today that it has reached an agreement to acquire a 29.1% stake in Braas Monier Building Group S.A. ("Braas Monier"), subject to regulatory approval. Headquartered in Luxembourg, with over 7,700 employees, operations in 37 countries and 118 production sites, Braas Monier is a leading manufacturer and supplier of pitched roofing products, including both roof tiles and roofing components in Europe and parts of Asia and South Africa. Braas Monier's product portfolio includes many of the most recognized and trusted brands in its markets including Braas, Monier, Bramac, Redland, Wierer, Cobert, Klober, Schiedel and Coverland.
"We strongly believe that people are at the core of every company's successes, and Braas Monier is certainly no exception. We look forward to partnering with its outstanding management and employees to further support the company's growth," said David Winter, co-CEO of Standard and co-CIO of 40 North.
"With our expertise in the roofing and waterproofing business, Braas Monier represents a truly unique opportunity to continue our significant investment in the industry through Europe's leading residential franchise," added David Millstone, co-CEO of Standard and co-CIO of 40 North.
About 40 North
40 North is a fundamentally-based investment platform focused on both public equities and third-party managed alternative investments.
Standard Industries is a privately-held, global, diversified holding company with interests in building materials and aggregates, and affiliated investment businesses in public equities and real estate. With over 7,500 employees and operations in more than 80 countries, Standard's businesses include: GAF, the largest roofing manufacturer in North America; Icopal, the European leader in high-end commercial roofing products and waterproofing solutions; Siplast, a leader in the development and manufacture of the world's most advanced roofing and waterproofing systems; and SGI, a leading North American aggregates and mining company.
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SOURCE 40 North