JOPLIN, Mo. — TAMKO Building Products Inc. 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 the second quarter, 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, 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, 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, Mo. 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.