Western Reserve Partners LLC announced that it served as the exclusive financial adviser to Tectum, Inc. in its sale to Armstrong World Industries, Inc. (AWI). The acquisition complements the growth strategy of AWI’s Architectural Specialties business under its ceiling solutions umbrella. The transaction was led by Managing Director Kevin Mayer and supported by Vice President Jason Anderson and Analyst Andrew Ripich.
Based in Newark, Ohio, Tectum is a manufacturer of high-impact wood fiber acoustical panels and roof deck for the commercial and institutional construction industries with a history spanning over 65 years. In particular, the company has a very strong presence in the education market providing noise absorption solutions for decades in school hallways, gymnasiums and indoor swimming pools.
AWI, headquartered in Lancaster, Pa., is a global leader in the design and manufacture of innovative commercial and residential ceiling, wall and suspension system solutions. With over 3,700 employees and fiscal 2015 revenues from ceiling operations in excess of $1.2 billion, AWI operates from a global manufacturing network of 24 facilities, including 9 plants dedicated to its WAVE joint venture.
“After a very competitive process we are thrilled to have found the right strategic partner for the shareholders and employees of Tectum,” said Mayer. “This truly is a win-win solution for both entities and we wish Tectum and Armstrong the best of luck on their future growth prospects.”
Mike Massaro, president of Tectum, commented, “We are pleased with Western Reserve and their commitment throughout this competitive process. As advisors, they successfully helped us in evaluating and selecting a great strategic partner. Western Reserve provided tremendous support and guidance throughout a very complex transaction and their team members were helpful, responsive and ensured that we achieved the desired result.”
For more information, visit www.wesrespartners.com.