Grey Mountain Partners has completed a recapitalization of Binswanger Enterprises, an installer and retailer of architectural glass and aluminum products. Yukon Partners provided mezzanine capital to support the recapitalization and also acquired a minority equity interest as part of the transaction.
Binswanger Glass is a designer, retailer, and installer of architectural glass and aluminum products to the construction, residential, and automotive markets. Binswanger’s customers include commercial property managers and building owners, retail store owners, general contractors, insurance companies, vehicle owners, and retail customers. The company was founded in 1872 and has 66 locations across 15 states. Binswanger is headquartered in Memphis (www.binswangerglass.com).
Grey Mountain acquired Binswanger in December 2011. Since that time the firm has completed two add-on acquisitions for the company. Signature Glass, a commercial glazing contractor of curtain wall and window wall systems, storefront and entrance systems, and in-house fabrication of aluminum framing systems, was added-on to Binswanger in September 2015; and in February 2015, Illinois Glassworks, an installer of custom shower enclosures, mirrors, table tops, and architectural glass and glazing was acquired.
“Following strong organic profitable growth and two successful growth acquisitions in 2015, this recapitalization with Yukon Partners is an important next step for Binswanger,” said Will Pucillo, a vice president at Grey Mountain Partners.
Yukon Partners makes subordinated debt and equity investments of $10 million to $40 million in middle market, private equity sponsored business transactions. The types of transactions that Yukon invests in include buyouts, growth and platform strategies, recapitalizations, mergers & acquisitions, public- to-private buyouts, and refinancings. The firm is based in Minneapolis (www.yukonpartners.com).
“Binswanger is very excited to partner with Yukon Partners as the company continues to profitably grow its architectural glazing and auto glass businesses across our semi-national footprint,” said Binswanger Chief Executive Officer Tim Curran.
Grey Mountain Partners invests up to $75 million in control acquisitions of companies with enterprise values between $30 million and $150 million. Sectors of interest include aerospace & defense, building products & materials, business process outsourcing, diversified manufacturing, energy & power, financial services, food & beverage, healthcare services & technology, industrial services, packaging, professional services, specialty chemicals, technology, transportation & logistics, wholesale and distribution. Grey Mountain was founded in 2003 by Managing Partners Rob Wright and Jeff Kuo and is based in Boulder with additional offices in Minneapolis and Pittsburgh (www.greymountain.com).
© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 3-30-16
