Highlander Partners has completed the sale of its portfolio company, Vidrio Holdings and its operating subsidiary, Custom Windows Systems, to Nautic Partners.
Custom Windows Systems (CWS), acquired by Highlander in December 2012, is a designer, manufacturer and marketer of impact-resistant and non-impact windows and doors, as well as porch enclosure products. CWS primarily serves the repair and remodeling markets in Florida and other coastal regions that maintain strict building codes due to exposure to high winds, tropical storms, and hurricanes. The company’s products are sold to building product distributors, independent dealers, builders and contractors. The company was founded in 1986 and is based in Ocala, FL (www.cws.cc).
“Greg Schorr and his team have done a tremendous job growing CWS and taking the company to the next level. CWS has grown in revenue and profitability since the first month we made our investment,” said Jeff Hull, Highlander’s Managing Partner. “The company’s success has been achieved through strong leadership and superior customer service. The team’s efforts have re-established CWS as a leader in the Florida window market and positioned the company for even greater future success in the fast growing and demanding southeastern market.”
Highlander Partners makes investments in middle market businesses in targeted industries in which the principals of the firm have significant operating and investing experience. Sectors of interest include healthcare, basic manufacturing, food, and building materials. The firm has over $800 million in capital under management and is based in Dallas (www.highlander-partners.com).
“We believe that CWS has developed into one of the largest and most well-respected window and door manufacturers in Florida by developing high quality products and providing a consistently high level of service to its customers. The company is ideally positioned for further growth given the attractiveness of the Florida market and the company’s leading reputation across multiple product categories,” said Doug Hill, Managing Director of Nautic. “We are very pleased to be partnering with the CWS’ management team.”
Nautic Partners is a middle-market private equity firm with over $2.5 billion of equity capital under management. Nautic targets majority equity investments of $25 million to $75 million. Sectors of interest include business services, manufacturing, and healthcare. The firm was founded in 1986 and is headquartered in Providence, RI (www.nautic.com).
“We are highly impressed with the CWS management team, which has driven notable growth at the organization,” said Chris Pierce, Principal of Nautic. “The market for windows and doors is growing, particularly in the impact-resistant and vinyl segments where CWS has a long-running track record of producing high-quality, trusted products. We also believe the new product line that is being introduced this month will continue to drive growth for the company, particularly on the non-impact side of its business.”
GE Capital, Jefferies, Newstar Financial, and Triangle Capital Corporation provided financing for the transaction.
BB&T Capital Markets (www.bbtcapitalmarkets.com) served as the exclusive financial advisor to CWS in connection with this transaction.
2014 PEPD • Private Equity’s Leading News Magazine • 8-1-14
