Argosy Investment Partners has acquired a controlling ownership interest in Fairway Building Products, a manufacturer of railing systems for residential and commercial decks.
Fairway Building Products is a manufacturer of vinyl, aluminum and composite railing systems and a distributor of ancillary building products. The company’s products are used primarily for residential decks. The company’s customers include homebuilders and commercial contractors. Fairway sells its products through both wholesale distributors and direct building material distributors. The company was founded in 1997 and is headquartered near Harrisburg in Mount Joy, PA. Fairway has an additional manufacturing facility located southwest of Omaha in York, NE (www.fairwaybuilding.com).
The current management team of Greg Burkholder, CEO, and Chuck George, COO, will continue to manage the business as the two co-founders complete transitioning from the business into retirement. Dan Carpey, an experienced building products executive, is investing in Fairway and joining the management team as Executive Vice President of Strategic Development. The co-founders, who reinvested capital, will remain on the Board of Directors.
Citizens Bank, the incumbent lender, provided senior term debt and a revolving line of credit while Graycliff Partners provided subordinated debt and equity (Graycliff Backs Argosy Buy of Fairway Building Products).
2014 PEPD • Private Equity’s Leading News Magazine • 9-12-14
