AZEK Acquires StruXure Outdoor For Undisclosed Sum

  • AZEK Co Inc AZEK has acquired StruXure Outdoor, Inc., a designer, and manufacturer of aluminum pergolas and cabanas. Financial terms were not disclosed.
  • The transaction expands AZEK's position in the broader outdoor living category.
  • "Pergolas and cabanas are a nearly $1 billion market opportunity and StruXure, along with our TimberTech products, adds another element to homeowners' creation of beautiful, low maintenance, and sustainable outdoor living spaces", commented AZEK CEO Jesse Singh.
  • StruXure's founder & CEO, Scott Selzer, will continue to lead day-to-day operations. StruXure will become part of AZEK's Residential segment financial reporting. 
  • AZEK expects StruXure to generate ~$40 million of revenue for the remainder of AZEK's FY22. StruXure delivered net sales of ~$50 million and mid-teens Adjusted EBITDA margins in the calendar year 2021. 
  • Given the seasonality of StruXure's business, the company expects contributions to fiscal Q2 to reflect seasonally lower revenue and break-even profitability.
  • AZEK held cash and equivalents of $250.5 million as of September 30, 2021.
  • Price Action: AZEK shares are trading higher by 1.04% at $46.08 on the last check Tuesday.
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