Quad-C Management has acquired WOLF, a distributor of kitchen and bath cabinetry and a provider of trim, railing, decking, siding and other building products.
WOLF, with annual revenues of approximately $200 million, provides kitchen and bath cabinetry and building materials, marketing and sales support, and financial services to more than 3,000 independent building products dealers in 33 states in the Eastern and Midwestern US. In the kitchen and bath market, the company is one of the largest suppliers of cabinetry with 3,500 kitchen & bath SKUs in stock at its 341,000 sq. ft. facility in York, PA (north of Baltimore). The company was founded in 1843 by Adam Wolf and has more than 250 employees (www.wolfhomeproducts.com) (www.wolfleader.com).
WOLF President and CEO Craig Danielson and other members of the company’s management team are investing alongside Quad-C in the transaction. “Quad-C stood out in a crowded field of potential investors,” said Mr. Danielson. “They have a long history of investing in the building products sector and bring an execution-oriented strategic toolkit to help map out and deliver upon key initiatives.”
“We were drawn to WOLF because we recognized the company’s unique value proposition to its loyal and dedicated dealer network,” said Tony Ignaczak, President of Quad-C Management. “The WOLF brand is synonymous with quality, and the company’s reputation for integrity and service is unmatched in the industry.”
Quad-C invests from $35 million to $125 million of equity in companies with enterprise values of $75 million to $400 million. Sectors of interest include business services, consumer, general industrial, healthcare, specialty distribution, and transportation & logistics. Quad-C was founded in 1989 and is headquartered in Charlottesville, VA (www.quadcmanagement.com).
“We’re backing a management team at WOLF that successfully navigated the company through both good and bad markets to produce a decades-long track record of innovation, customer service and quality,” said Thad Jones, a partner at Quad-C. “We’re looking forward to partnering with Craig and the rest of the management team to further drive growth through new product development and ongoing geographic expansion.”
The WOLF investment is the latest transaction in the building products sector for Quad-C. Other past investments in this industry vertical include Service Partners, Acoustical Material Services, Generation Brands, Tandus Flooring and Interwap, a global manufacturer of roofing underlayment and packaging solutions acquired by Quad-C in 2013.
Quad-C is currently investing Quad-C VIII, a $700 million fund raised in 2012.
© 2015 PEPD • Private Equity’s Leading News Magazine • 7-10-15
