Carlyle Global Partners has made a minority investment in TAMKO Building Products, one of the nation’s largest independent manufacturers of residential roofing products.
TAMKO’s manufactures residential roofing products, including Heritage Asphalt Shingles and MetalWorks Steel Shingles, decking and railing products, waterproofing, cements, and coatings.
TAMKO is headquartered in Joplin, MO with twelve manufacturing facilities across the United States (www.TAMKO.com).
The company was founded as TAMKO Asphalt Products in 1944 by E.L. Craig with the company’s name coming from the first letters of the five states the company anticipated as its sales territory: Texas, Arkansas, Missouri, Kansas and Oklahoma. In 1994 the company changed its name to TAMKO Roofing Products to reflect the company’s focus on roofing products and in 2006 the name was changed again to TAMKO Building Products to more accurately reflect the company’s product line diversification.
Today, the company is led by Chairman of the Board Ethelmae Humphreys (daughter of the founder) and President and Chief Executive Officer David Humphreys (Ethelmae’s eldest son). “This is the beginning of a new chapter in TAMKO’s 75-year history,” said Mrs. Humphreys. “Our business and footprint have 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 Carlyle Global Partners will position TAMKO now and over the long-term for even faster growth and greater success.”
Carlyle Global Partners (CGP), part of The Carlyle Group, was launched in 2015 with $3.6 billion in capital and makes control and non-control investments in North American and European based companies across a range of industries. CPG’s investments can have a longer term than traditional private equity investments and can exceed seven years.
“We are delighted to partner with TAMKO, a market innovator with outstanding management and admirable core values,” said Eliot Merrill, a managing director and co-head of CGP. “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.”
“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 Mr. Humphreys. “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.”
“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,” said Vipul Amin, a managing director at Carlyle.
Messrs. Merrill and Amin will join TAMKO’s board of directors upon closing of the transaction which is expected by the end of the second quarter.
TAMKO’s composite decking business, which is based in Lamar, MO, will continue to be owned and operated as a stand-alone business exclusively by the Humphreys family.
The Carlyle Group (NASDAQ: CG) invests worldwide in buyouts, growth capital, real estate and leveraged finance. The firm employs approximately 1,650 people in 31 offices across six continents and is based in Washington, DC (www.carlyle.com).
© 2019 Private Equity Professional | March 29, 2019
