HOUSTON, Sept. 20, 2019 /PRNewswire/ -- The Sterling Group, a Houston-based middle market private equity firm, announced that its portfolio company, Tangent Technologies, has completed the acquisitions of Home & Leisure and Vinyl Tech. 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. 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 uses post-consumer recycled milk bottles as a primary raw material along with many other post-industrial recycled waste streams.
Home & Leisure is a vertically-integrated extruder, fabricator, and assembler of plastic lumber furniture focused on the mass market casual furniture industry. Vinyl Tech is Tangent's long-time fulfillment provider with two distribution facilities, serving furniture and playground builders primarily located in Ohio, Pennsylvania, and Indiana. The acquisitions will further Tangent's capabilities in sheet manufacturing, fabrication and assembly, as well as in distribution and fulfillment for key geographies. Together these capabilities will further enhance Tangent's abilities to serve its current customer base.
"We are excited to partner with Tangent to expand production capacity and tap into their extrusion and base material expertise," said Doug Holmstead, founder of Home & Leisure.
"Our company has been doing business exclusively with Tangent since 2006, and we are excited to further formalize our close partnership by adding new warehousing capabilities and expanding our footprint in Ohio and Pennsylvania," said Eugene Miller, founder of Vinyl Tech.
The management teams and employee bases of Home & Leisure and Vinyl Tech are remaining in place to drive and support the continued expansion of both organizations. Doug Holmstead, founder of Home & Leisure, and Eugene Miller, founder of Vinyl Tech, both will continue to serve as leaders respectively.
"Having founded Tangent in 2003, I am excited to partner with two strong founder-led organizations to collectively serve our customers with enhanced capabilities and industry-leading innovation," said Guy DeFeo, CEO of Tangent.
Tangent will continue to pursue further acquisitions in support of its strategy to be the world-leader in wood alternative material manufacturing.
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 55 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.
Past performance is no guarantee of future results and all investments are subject to loss.
SOURCE The Sterling Group