Maibec® Officially Acquires CanExel®

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LÉVIS, QC, June 22, 2020 /CNW Telbec/ – Maibec today officially celebrates its acquisition of the CanExel brand and production facility located in East River, Nova Scotia. Both the brand and the facility have been owned by LP Building Solutions (LP) for over 20 years.

The transaction, poised to strengthen Maibec’s reputation as a leader in custom exterior siding systems, aligns well with its expansion strategy to become the manufacturer and supplier of choice for residential and commercial construction and renovation in Canada and the U.S. CanExel will now be sold under the name Maibec CanExelTM.

For over 40 years, Maibec has focused its extensive know-how on offering customers a wide range of exterior siding, shingles and trim. Maibec products are available in either solid or engineered wood, and in an unlimited palette of colors. Maibec will now leverage its innovation expertise to enhance the CanExel portfolio and improve its global offering for the Canadian and U.S. markets.

CanExel is a perfect addition to our portfolio,” said Maibec Chief Executive Officer Patrick Labonté. “It’s a well-known and proven brand that has been around for over fifty years, and its East River team is excited to join ours. Together we will develop complementary product lines that will make Maibec CanExel a complete exterior siding system that meets the needs of both existing and new markets.”

Maibec and LP announced the joint agreement for Maibec’s acquisition of LP’s East River facility and CanExel brand in February. The deal is part of LP’s Siding business’ strategy to focus exclusively on supporting demand for its strand-based siding products, including the recent launch of LP® SmartSide® ExpertFinish®, its new line of prefinished strand-based siding.