Deal Details

AZEK Completes $750 Million Follow-On Offering

Industrial

AZEK follow-on offering

Summary

The AZEK Company Inc. (“AZEK” or the “Company”) (NYSE: AZEK), a portfolio company of Ares Management Corporation (“Ares”) and Ontario Teachers’ Pension Plan Board (“OTPP”), recently completed a follow-on offering of 17,250,000 common shares at a price of $43.50 per share. The offering generated gross proceeds of $750.4 million for the selling shareholders, inclusive of the underwriters option to purchase up to 2,250,000 additional common shares. The Company did not receive any proceeds from the offering.

Baird served as a co-manager on this offering.

About

AZEK, founded in 1983, is an industry-leading designer and manufacturer of innovative, low-maintenance and sustainable products focused on the outdoor living market within both residential and commercial segments. AZEK operates seven manufacturing facilities and offers a broad portfolio of outdoor living products, including deck, rail, trim, furniture, accessories and other related products made from long-lasting and highly-engineered materials that are converting demand away from traditional materials. The Company is headquartered in Chicago, Illinois.

Ares was founded in 1997 and is a leading global alternative investment manager with over $207 billion of assets under management. Ares’ objective is to deliver innovative investment solutions and consistent and attractive investment returns for fund investors throughout market cycles. Ares is headquartered in Los Angeles, California.

OTPP is an independent organization that administers the pensions of 331,000 active and retired teachers in Ontario. With over $221 billion of net assets, OTPP is the largest single-profession pension plan in Canada. OTPP is headquartered in Toronto, Ontario.

Industrial

AZEK follow-on offering