NSW-based weatherboard manufacturer Weathertex has called in the bankers to test potential buyer appetite in the 80-year-old company.Street Talk understands Weathertex’s owners, the Michael family from Sydney’s northern beaches, took pitches from a handful of advisory shops in recent weeks, and is expected to appoint Miles Advisory to run a strategic review.
Weathertex is understood to make about $50 million a year in revenue and about $10 million in earnings, which is consistent with accounts filed for its holding company CABP Group. Its products include cladding weatherboards and architectural panels, sold in Bunnings and other hardware stores. Its products are marketed as eco-friendly and made of real wood.
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