The deal’s financial terms were not disclosed, although previous reports by Bloomberg suggested the company was eyeing a sale price of up to $1.5bn.
It added that TPG Capital, Warburg Pincus and Berkshire Partners were going head to head for the asset, but made no mention of the Canadian pension giant.
AltAssets reported in May that AEA had hired Barclays and Deutsche Bank to prepare the sale after picking up the firm for an undisclosed sum in 2005.
CPG makes high-performance building products for the residential, commercial and industrial markets, including porches and decking, locker systems and counter tops.
Jane Rowe, senior vice president of the pension plan’s private equity arm Teachers’ Private Capital, said, “This transaction continues our longstanding strategy of investing alongside strong management teams in high-quality businesses.
“We believe CPG is well-positioned for long-term growth as consumers continue to recognize the superior value proposition offered by low-maintenance building materials.”
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Ares Management has reportedly won a four-way bidding war having teamed up with the Ontario Teachers’ Pension plan to buy AEA-backed building products maker CPG International.