Cyprium Partners has made a preferred equity and subordinated debt investment in Weaber, a provider of finished hardwood lumber products. The investment by Cyprium was used to finance the acquisition of the company by third generation President and CEO, Matthew Weaber.
Weaber’s finished hardwood lumber products include boards, flooring, moldings, stair parts, and factory primed and painted finger-jointed products. Customers include pro-contractor yards, flooring distributors, building products wholesalers, and home improvement centers. The company was founded in 1941 and is headquartered in Lebanon, PA (www.weaberlumber.com).
“Cyprium is excited about the opportunity to support Matt’s acquisition of Weaber and to provide the capital to continue its strong growth trajectory,” said Leland Lewis, a Managing Partner at Cyprium. “Matt, his father Galen, and the management team at Weaber have created a unique vertically-integrated business model that we believe delivers customers the best product, service, and value in the industry.”
The investment in Weaber is Cyprium’s sixth transaction from Cyprium Investors IV, LP, which closed in December 2014 with $460 million of capital commitments. The five other investments include a just closed mezzanine investment in M-D Building Products (based in Oklahoma City, OK); B.J. Alan Company, dba Phantom Fireworks (Youngstown, OH); CV Holdings, a maker of packaging products for the pharmaceutical and food industries (based in Auburn, AL); Hobbico, a distributor of radio-control models and general hobby products (Champaign, IL); and Ice River Springs, a bottled water company with eleven manufacturing plants located in Canada and the US (Shelburne, ON).
Cyprium provides capital for acquisitions, growth, shareholder or partnership buyouts, refinancings and dividend distributions, without requiring majority control. The firm provides capital via subordinated debt, preferred stock and common stock. Cyprium invests from $10 million to $60 million per transaction in companies with more than $10 million of EBITDA that are based in the US or Canada. The firm has offices in Cleveland, New York, and Chicago (www.cyprium.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 7-29-15