Golden Gate Capital has completed its previously announced acquisition of Springs Window Fashions, a provider of custom window covering products, from Heartland Industrial Partners and the Close Family. Springs’ management will remain with the company and will continue to maintain a minority ownership position.
Springs Window Fashions manufactures and sells custom and stock window coverings and drapery hardware to retail and commercial customers, as well as independent designers, franchisors and decorators. The company was founded in 1939 and has over 4,800 employees located at nine facilities located throughout North America. The company is headquartered in Middleton, WI (www.springswindowfashions.com).
“Springs represents a terrific opportunity to invest in a market leader with proven competitive advantages and significant growth potential,” said Rajeev Amara, a Managing Director of Golden Gate Capital. “Our decision to partner with Springs was driven by the strength of the management team and their long history of delivering world-class products and services. We are fully committed to further investing in the company to support and accelerate its continued growth, both organically and through add-on acquisitions.”
Golden Gate Capital targets companies across a range of industries and transaction types, including leveraged buyouts, recapitalizations, corporate divestitures and spin-offs, build-ups and venture stage investing. The firm has approximately $12 billion of capital under management and is based in San Francisco (www.goldengatecap.com).
Heartland Industrial Partners invests in middle market manufacturing and consumer products companies. The firm is based in Stamford, CT (www.heartlandpartners.com).
“Springs Window Fashions has proven to be a successful investment for Heartland and the Close Family,” said Daniel Tredwell, Managing Partner of Heartland Industrial Partners. “The company has strengthened its relationships with retail customers and significantly built its business in the designer channel, ensuring that it is well-positioned for future growth. We wish the company continued success for years to come.”
BofA Merrill Lynch served as financial advisor to Golden Gate Capital on this transaction. J.P. Morgan served as financial advisor to Springs. Financing for the transaction was led by J.P. Morgan Securities and BofA Merrill Lynch, with GE Capital providing a new ABL facility.
© 2013 PEPD • Private Equity’s Leading News Magazine • 6-5-13