Olon Industries, a portfolio company of Huron Capital Partners, has acquired Carolina Drawers. This transaction marks the 11th add-on investment made by a Huron Capital portfolio company so far in 2015, and the 7th in the past 9 weeks.
Carolina Drawers (CDI) is a manufacturer of solid wood and plywood drawers for the US kitchen & bath cabinet and furniture industries. The company is based in Lexington, NC (www.carolinadrawers.com).
“The acquisition of CDI continues Olon’s strategy to strengthen its US manufacturing presence and expand its product offering,” said Matt Hare, Principal at Huron Capital. “This is consistent with Huron’s buy-and-build strategy, and we’ve been very busy across the portfolio this year.”
Olon Industries, acquired by Riverside in July 2007, is a manufacturer of drawer components, profile wrapped moldings, edge treatments and decorative laminate products for the North American furniture, residential remodeling and cabinet-making industries. The company primarily sells its products to Canadian and United States office furniture and cabinetry OEMs, wholesalers and distributors. Olon has facilities in Geneva, IL; Washington, IN; Jeffersonville, IN; Lexington, NC; and Georgetown, ON (headquarters) (www.olon.com).
“We are very excited about the strategic fit between CDI and Olon and the synergies we believe we can achieve,” said Don Hambly, Olon’s President and CEO. “We think CDI’s customer base and product offering are a perfect complement to Olon’s growing business.”
Huron Capital Partners invests up to $70 million per transaction in middle market companies that have revenues up to $200 million and EBITDAs of $5 million or more. Sectors of interest include education & training, healthcare, specialty chemicals, specialty packaging, consumer products, home decor, business services, industrial manufacturing, food & beverage, and marketing services. The firm was founded in 1999 and currently manages over $1.1 billion in committed equity through four private equity funds. Huron Capital Partners has offices in Detroit and Toronto (www.huroncapital.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 6-10-15