Industrial Opportunity Partners (IOP) has acquired through an asset purchase the operations of Coldwater Veneer and its subsidiary West Point Veneer.
Coldwater is a manufacturer of specialty hardwood veneer that is sold to the building products, furniture, home furnishings and automotive markets. The company is based in Coldwater, MI with an additional manufacturing facility in West Point, VA and a warehousing and distribution facility in Jeffersonville, IN. Coldwater’s three facilities have more than 300,000 square feet and employ about 235 people (www.coldwaterveneer.com).
IOP is partnering in its investment with the senior management team of Coldwater including Dean Calhoun and Dave Counterman, who will serve as Chief Executive Officer and President, respectively, following the acquisition. IOP Operating Principal Phil Fioravante has assumed the role of Chairman of the company. Mr. Fioravante is a member of IOP’s Board of Operating Principals, which is comprised of experienced executives who provide leadership to the businesses acquired by IOP.
“On behalf of IOP, we are excited to announce our acquisition of Coldwater and partnership with industry veterans Dean Calhoun and Dave Counterman. IOP believes that Coldwater is a market-leading and well positioned business with a strong reputation for quality products and excellent customer service,” said Ken Tallering, Senior Managing Director of IOP.
IOP focuses on acquiring middle-market manufacturing and value-added distribution businesses, typically with revenues between $30 million and $350 million. The firm targets businesses with strong product, customer, and market positions and provides both management and operational resources to support sales growth and operational improvements. Coldwater represents IOP’s eighth platform investment in Industrial Opportunity Partners II, LP. IOP, with $460 million of committed capital, was founded in 2005 and is headquartered in the Chicago suburb of Evanston (www.iopfund.com).
League Park Advisors (www.leaguepark.com), a Cleveland-based middle market investment bank, represented the shareholders of Coldwater. PNC Business Credit and MB Financial provided financing for the acquisition. McDermott Will & Emery provided legal services to IOP in the transaction.
© 2015 PEPD • Private Equity’s Leading News Magazine • 9-2-15