The Riverside Company has acquired HMI Cardinal, a manufacturer and distributor of glass and metal products used for shower enclosures, storefronts and other applications.
HMI Cardinal has four operating divisions: (1) Cardinal Shower Enclosures (www.cardinalshower.com) is a manufacturer of shower enclosures, premium cast glass and tempered glass; (2) Cardinal Commercial Products (www.cardcompro.com) manufactures a line of storefront, curtain wall and entrance doors; (3) Hoskin & Muir (www.prohmi.com) is a distributor of decorative aluminum extrusions and structural profiles; and (4) Bella Glass Platters (www.bellaglassusa.com) is a maker of decorative glass platters, trays and bowls in a variety of shapes and colors.
HMI Cardinal sells its products to more than 5,000 customers in the US and Canada that are active in the residential, hospitality and light commercial markets. The company operates a 280,000 sq. ft. facility in Louisville and has seven distribution centers and nine delivery warehouses. HMI Cardinal was founded in 1948 and is headquartered in Louisville (www.hmicardinal.com).
“The shower enclosure market is growing, and stylish glass enclosures like Cardinal makes are increasingly popular,” said Riverside Managing Partner Suzy Kriscunas. “This is a nimble company that’s able to rapidly respond to changing customer tastes and demands.”
The Riverside Company is a global private equity firm focused on investing in and acquiring growing businesses valued at up to $400 million. Since its founding in 1988, Riverside has invested in more than 490 transactions and its portfolio includes more than 80 companies. The firm is headquartered in New York with 16 additional US and international offices (www.riversidecompany.com).
“Cardinal has a proven customer-centric approach,” said Riverside Partner Hunter Peterson. “It’s an outstanding foundation upon which to further grow the company in areas like e-commerce and hospitality, where we can offer experience and expertise to help ensure success and reach more customers and markets.”
Working with Ms. Kriscunas and Mr. Peterson on the transaction for Riverside were Vice President Jason Fulton, Senior Associate Laura Swearingen, Associate Harrison Petts and Operating Partner Tom Anderson. Managing Partner Jeremy Holland sourced the opportunity and Partner Anne Hayes worked on financing the transaction for the firm.
Antares Capital and Hancock Capital Management provided financing for this transaction.
Moss Adams Capital (www.mossadams.com) was the financial advisor to HMI Cardinal.
© 2018 Private Equity Professional | January 3, 2018
