Clio Holdings, a platform company formed in June 2016 by O2 Investment Partners and Oakland Standard Co. to consolidate the fragmented countertop supply and fabrication industry, has acquired Premier Surfaces.
Premier Surfaces is a fabricator and installer of custom countertops throughout the Southeast US with four locations in Georgia, Alabama and Tennessee. The company was founded in 2002 by Eric Tryon is based in Atlanta (www.premiersurfaces.com).
The acquisition of Premier Surfaces represents the sixth acquisition since Clio’s formation in June 2016. Clio now has more than $100 million in annual revenue, nearly 1,000 employees and has 17 locations across the US. Clio is headquartered in the Detroit suburb of Birmingham (www.clioholdings.com).
The first acquisition, prior to the formation of the Clio holding company, was the buy of Princess Marble by Oakland Standard in June 2016. Princess is a fabricator and installer of natural and manufactured stone products primarily serving metropolitan Minneapolis-Saint Paul (www.princessmarblegranite.com). In September 2016, Clio acquired Granite Source, a stone countertop fabrication and installation business serving metropolitan Washington DC, Virginia and Maryland (www.granitesource.net). Top Master was acquired in November 2016 and is a fabricator of countertops with six locations, primarily serving the Iowa, Kansas, Missouri and Nebraska markets (www.topmasterinc.com); Solid Surfaces was acquired in January 2017 and is the largest fabricator and installer of quartz, granite, and solid surface countertops in upstate New York (www.solidsurfacesny.com); and US Marble was acquired in March 2017 and is a nationwide supplier of custom bathroom surfaces with locations in Michigan and Tennessee (www.usmarble.com).
O2 Investment Partners makes control investments of $5 million to $75 million in companies with EBITDAs from $2 million to $10 million located anywhere in the US and Canada but has a preference for the Midwest and the Great Lakes regions. Sectors of interest include niche manufacturing, niche distribution, select service businesses, and certain technology businesses. O2 Investment Partners is based in the Detroit suburb of Bloomfield Hills (www.o2investment.com).
Oakland Standard invests in US and Canada-based companies that have less than $10 million of EBITDA. Sectors of interest include niche manufacturers, value-added distributors, general industrial and automotive, and building products. The firm is based in the Detroit suburb of Birmingham (www.oaklandstandard.com).
Tecum Capital Partners is also an investor in Clio Holdings and has provided both mezzanine debt and an equity co-investment to support the company’s strategy. Tecum invests from $3 million to $15 million of subordinated debt and equity in companies that have revenues of $8 million to $100 million and EBITDA of at least $2 million. The firm is based in the Pittsburgh suburb of Wexford (www.tecum.com).
© 2017 Private Equity Professional | May 12, 2017
