PE Tech Report


Like this article?

Sign up to our free newsletter

Citizens advises FT Synthetics on acquisition by Standard Industries portfolio company GAF

Citizens M&A Advisory has served as the exclusive financial advisor to FT Synthetics on its acquisition by GAF, a portfolio company of Standard Industries.

FT Synthetics is a fully integrated manufacturer of coated woven fabrics, with a dedicated focus on developing industry-leading new and unique underlayment products designed for the steep slope roofing industry. This includes North American-based operations with advanced equipment for non-woven manufacturing, adhesive application, weaving, coating, lamination and flexographic printing.

Gary Sandhar, co-owner and chief executive officer of FT Synthetics, says: “Kevin Mayer and the team at Citizens provided tremendous support and guidance throughout this transaction. Their market knowledge, technical capabilities and strategic negotiation skillset were all crucial to this process. In addition, they were dedicated, responsive and committed to achieving a successful outcome for the company.

“We look forward to joining GAF and providing our customers even greater value through our combined resources and expertise.”

Kevin Mayer, managing director at Citizens M&A Advisory, says: “This is our third transaction in the roofing underlayment space and our relationship with some of the shareholders of FT Synthetics dates back over a decade. We were thrilled to assist them in finding the right strategic partner to continue their history of growth and innovation. We wish all the FT Synthetics employees and GAF continued success.”

Citizens M&A Advisory specialises in middle-market mergers and acquisitions. Citizens combines sector intelligence with a client-focused approach. The Citizens team has closed more than 175 transactions in the last five years and has more than 70 M&A professionals specialising in a range of industries across the United States. Citizens M&A Advisory is part of Citizens Capital Markets, a subsidiary of Citizens Financial Group (NYSE: CFG). 

Like this article? Sign up to our free newsletter