Headwaters acquires majority stake in Florida roof tile business
- Written by Concrete News
Sources: Headwaters Inc., South Jordan, Utah; Lincoln Intl., Chicago; CP staff
Headwaters has closed on separate transactions involving an 80 percent equity interest in Okeechobee, Fla.-based Roof Tile Inc., which produces and markets Entegra brand concrete lines in Florida and Caribbean markets, plus a 40 percent stake in a related joint venture behind Tag & Stick, a roofing underlayment product.
Entegra Roof Tile joins the Headwaters Light Building Products business, which includes Inspire Roofing, with slate and composite tile lines, plus a host of siding and shutter brands under The Tapco Group; and, Eldorado Stone, Dutch Quality Stone and Stonecraft Industries, which combined account for nearly one-third of U.S. manufactured concrete veneer products. Headwaters will extend distribution of the Florida market-centric Tag & Stick product—a performance alternative to self-adhering roofing underlayments—to other Light Building Products regions.
Headwaters management cites Entegra’s strategic location and prospects for additional sales and distribution opportunities in Florida, the third fastest growing state in terms of population; quality of contractor/customer relationships; and, sizable number of accounts who are established customers of other Light Building Products businesses. Advising Roof Tile Inc. principals on the transaction was the Building and Infrastructure Group of Lincoln International, a Chicago investment bank.