Investcorp, a leading asset management firm specialising in alternative investments, said it has completed the sale of US portfolio company Associated Materials Incorporated (AMI).

Based in Ohio, US, the Associated Materials produces a wide range of exterior residential building materials including vinyl windows, steel siding and accessories. AMI was acquired by Investcorp and its co-investors in 2005.

This is Investcorp's second successful exit in less than four months, said a statement from the company.

The sale will produce a capital gain for Investcorp and its clients that invested in AMI, said a top official.

Mohammed Al-Shroogi, Investcorp’s president of Gulf business, said: 'This sale of AMI is additional good news that we bring to our clients in less than four months after the successful sale of American Tire Distributors.'

'This profitable exit is further evidence that Investcorp’s value enhancement model creates growth and profitability. AMI’s position has been reinforced as the leading vertically integrated manufacturer and distributor of exterior residential building products in the US and Canada,' he observed.

“We have worked hand in hand with the AMI management team to develop the company’s capabilities and sales volume to impressive levels, and we believe that this exit is well timed to serve the interest of our clients,” said Al-Shroogi.

The AMI distributes vinyl siding, aluminum trim coil, and aluminum, steel siding and accessories as well as third-party manufactured products, through an extensive dual distribution network, consisting of company-operated supply centers and independent distributors located throughout the US and Canada.

A leading provider and manager of alternative investment products, Investcorp has offices in Bahrain, New York and London and is publicly traded on the Bahrain Stock Exchange and the London Stock Exchange.-TradeArabia News Service