Superior Capital Partners has acquired two businesses in the architectural glass and aluminum industry with the purchases of Aldora Glass Holdings and Coastal Glass Distributors.
The acquisitions of Aldora Glass and Coastal Glass represent the fourteenth and fifteenth acquisitions, and the sixth platform company, from Superior’s inaugural fund. These transactions were brought to Superior by Leon Silverstein who is the owner of Aldora Glass Holdings. Mr. Silverstein, who has spent his entire career in the architectural aluminum and glass industry, will lead the combined company as its CEO.
Aldora Glass and Coastal Glass are fabricators and value-added distributors of architectural glass and aluminum products. The companies customize their products by cutting, tempering, laminating, insulating, or assembling the glass and aluminum based on customer specifications. Both company’s products are used in a range of applications including impact (hurricane resistant) and non-impact storefront and entrance doors and frames, shower doors, table tops, shelves, window systems and curtain wall systems. On a combined basis, Aldora and Coastal serve over 1,250 customers located throughout the Southeast US from North Carolina to southern Florida. Aldora Glass Holdings (www.aldora-architectural.com) is based in Ft. Lauderdale and Coastal Glass Distributors is based in Charleston (www.coastalglassdist.com).
“Leon Silverstein is one of the most experienced and talented executives in the industry. Over a decade ago I had the opportunity to work with Leon directly when he was running his family’s glass fabrication business. This business grew to over $350 million in revenue under Leon’s leadership,” said Scott Hauncher, Superior’s Managing Director. “The strategic fit of Aldora and Coastal was clear from the outset. Both companies were recovering steadily from the building products downturn but lacked the liquidity and scale required to accelerate their growth. The outstanding Coastal management team will remain in place and the combined business now has the product line, capital resources and leadership team to grow rapidly through continued organic and geographic expansion.”
Superior Capital Partners invests in niche manufacturers, value-added distributors and specialty service companies with annual revenues between $10 million and $150 million. Superior will invest up to $15 million of equity per transaction to facilitate management buyouts, corporate spin-offs, recapitalizations, family successions, acquisitions out of bankruptcy and debt purchases. The firm is based in Detroit (www.superiorfund.com).
“My prior experience working with Superior’s team let me know that they would be a great fit for what we needed and a value-added partner to our business. This transaction will merge two complementary glass fabrication businesses that serve adjacent markets and create a top player in the Southeast US,” said Mr. Silverstein. “With the resources now available to the combined business, Aldora and Coastal customers will benefit from the complete line of glass and aluminum products the Company can now provide. In addition, we will be looking aggressively at add-on opportunities in this very fragmented industry.”
© 2013 PEPD • Private Equity’s Leading News Magazine • 8-9-13
