Deal Details

AZEK Completes $879.5 Million Initial Public Offering

Industrial

AZEK initial public offering

Summary

The AZEK Company Inc. (“AZEK” or the “Company”) (NYSE: AZEK), a portfolio company of Ares Management Corporation (“Ares”) (NYSE: ARES) and Ontario Teachers’ Pension Plan Board (“OTPP”), recently completed an initial public offering of 38,237,500 Class A common shares, including the exercise in full of the underwriters' option to purchase 4,987,500 additional shares of common stock, at a price of $23.00 per share, generating gross proceeds of approximately $879.5 million. The Company intends to use the net proceeds from this offering to repay outstanding borrowings as well as for general corporate purposes.

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. Headquartered in Chicago, Illinois, 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.

Ares was founded in 1997 and is a leading global alternative investment manager with over $148 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 329,000 active and retired teachers in Ontario. With over $207 billion of net assets, OTPP is the largest single-profession pension plan in Canada. OTPP is headquartered in Toronto, Ontario.