Mitten is a manufacturer and distributor of vinyl siding, vinyl siding accessories, and other exterior building products. The company is based in Brantford, ON (www.mittenbp.com).
Graham Partners acquired Mitten in October 2011. During the term of ownership Graham Partners contributed support to Mitten’s development through its operations team. After acquiring Mitten, Graham Partners worked with the company to improve its cost structure and margins. Lean manufacturing initiatives and operational improvements were implemented in Mitten’s main manufacturing facility, and leveraged procurement initiatives provided additional cost savings. As a result of these operating improvements Mitten’s EBITDA increased over 65%.
“We partnered with Mitten’s strong management team to successfully execute a development plan. We focused on broadening end markets and developing new product categories, while increasing profitability through procurement and operational improvements,” said Adam Piatkowski, Managing Principal at Graham Partners.
Graham Partners seeks to acquire industrial companies with revenues between $30 million and $500 million that participate in manufacturing niches where it can leverage its combination of operating resources and financial expertise. The firm is sponsored by the Graham Group, an industrial and investment concern with interests in plastics, packaging, machinery, building products and outsource manufacturing. Graham Partners was founded in 1988 and is headquartered in Philadelphia (www.grahampartners.net).
The buyer of Mitten, Ply Gem Industries, was acquired by CI Partners in 2004, and is a manufacturer of exterior building products for new home construction, remodeling, and repair. Products include vinyl siding; fencing; stone veneer; and vinyl, wood, and aluminum windows and doors. The company is based in Cary, NC (www.plygem.com).
BB&T Capital Markets served as the exclusive financial advisor to Mitten and Graham Partners.
© 2013 PEPD • Private Equity’s Leading News Magazine • 6-5-13