GAF to Acquire Premium Synthetic Underlayment Manufacturer FT Synthetics
PARSIPPANY, NJ, September 7, 2021 /PRNewswire/ — GAF, a Standard Industries company and the largest roofing and waterproofing manufacturer in North America, announced today that it has signed a definitive agreement to acquire FT Synthetics, a British Colombia-based manufacturer of synthetic underlayments for the steep slope industry.
By making this acquisition, GAF will invest in scaling up and driving continued growth of FT Synthetics, while ensuring the continued supply of the highest quality products and unparalleled service to customers.
“FT Synthetics and GAF share a deep commitment to the roofing industry,” said Jim Schnepper, CEO of GAF. “This acquisition enables GAF to pursue our shared goals of continuous innovation and explore opportunities for a comprehensive product offering that supports the entire building envelope.”
FT Synthetics is known for developing industry-leading underlayment products that meet its customers’ exacting standards, including some of the safest walking surfaces available in the industry. The company will continue to operate as an independent company within the GAF portfolio. CEO of FT Synthetics Gary Sandhar will maintain a senior leadership position within GAF.
Sandhar commented: “GAF’s corporate culture is highly compatible with FT Synthetics, especially its focus on the customer experience and providing unparalleled service. We are delighted to join the GAF family and look forward to our continued growth together .”
FT Synthetics was advised by Citizens M&A Advisory and Borden Ladner Gervais LLP. Sullivan & Cromwell LLP and Blake, Cassels & Graydon LLP provided legal advice to GAF. The transaction is expected to close later this year.
GAF is North Americas largest manufacturer of roofing and waterproofing and part of Standard Industries, a global building materials company. GAF’s products include a comprehensive portfolio of roofing and waterproofing solutions for residential, commercial and civil engineering applications. The entire GAF offering is supported by an extensive nationwide network of factory certified contractors. GAF continues to lead the way in quality and offers comprehensive warranty protection on its products and systems. The company’s success is driven by a commitment to empowering its people to deliver cutting edge quality and purposeful innovation. More information on www.GAF.com.
About FT Synthetics
FT Synthetics is a fully integrated manufacturer of coated woven fabrics, with a special focus on developing industry-leading new and unique underlayment products designed for the steep slope roofing industry. This includes operations in North America with advanced equipment for nonwoven fabrication, adhesive application, weaving, coating, lamination and flexographic printing.
Adrienne Teofrio, +1 (973) 872-4441
Joe Perric, +1 (973) 570-1834
FT Synthetic Contact:
Drew Gagnier, +1 (604) 594-3439