Bertram Capital has sold EXT Acquisitions, the parent company of Rowmark, to Windjammer Capital Investors. Bertram acquired Rowmark in September 2013 from Clearview Capital.
Rowmark is a manufacturer of extruded plastic sheet used in the signage, engraving and awards markets. The company can produce products, sold through 200 independent distributors in 80 countries, in a variety of materials including ABS, acrylic, high impact polystyrene, and thermoplastic elastomers among others. Rowmark, founded in 1987, has more than 280 employees and a 90,000 square foot facility and headquarters in Findlay, OH (www.rowmarkllc.com).
During its term of ownership, Bertram Capital completed the add-on acquisitions of Minneapolis, MN-based Johnson Plastics in June 2015; Phoenix, AZ-based LaserBits in August 2015; and Oklahoma City, OK-based Bur-Lane in January 2016.
“Bertram’s Industrial Team, led by Kevin Yamashita, Tim Heston and Cory Landerfelt flawlessly executed our High Five value creation strategy,” said Jeff Drazan, Managing Partner of Bertram Capital. “By executing an aggressive add-on acquisition strategy, leveraging our in-house technology team, and working collaboratively with the company’s management team, we successfully catapulted Rowmark to a market leading position in the engineered plastics industry.” To drive growth and create value in its portfolio companies, Bertram uses an investment strategy called “High 5” which focuses on five core operating principles – sales and marketing improvement, management support, supply chain optimization, technology optimization, and add-on acquisitions.
The sale of Rowmark is Bertram’s 10th exit since its launch in 2006. “With the closing of the Rowmark transaction, we mark the completion of another successful investment for Bertram Capital,” said Kevin Yamashita, a Partner at Bertram Capital and investment lead for Rowmark. “We had the opportunity to partner with a phenomenal management team led by CEO Duane Jebbett to bring together some of the most highly recognized and respected brands in the industry, further solidifying the company’s presence as the market leader.”
Bertram invests in middle-market business services, consumer, industrial and manufacturing companies that have revenues from $25 million to $250 million and EBITDA of $5 million to $30 million. The firm is headquartered south of San Francisco in San Mateo, CA (www.bertramcapital.com).
Windjammer, the buyer of Rowmark, makes control investments of $40 million to $150 million in middle market businesses with EBITDAs from $8 million to $50 million. Sectors of interest include niche manufacturing, business services and value-added distribution. The firm was founded in 1990 and is based in Newport Beach, CA and Waltham, MA (www.windjammercapital.com).
Rowmark is the eighth platform investment in Windjammer’s $726 million Senior Equity Fund IV which closed in March of 2013. “Rowmark is an established market leader with strong brand recognition, supported by state-of-the-art manufacturing and an unmatched understanding of the market channel and new product development,” said Rob Quandt, Managing Director at Windjammer. “The company is led by a solid, experienced management team that has built a platform with robust operating fundamentals, long-standing customer relationships and a proven track record of consistent growth. We are excited about the future of Rowmark, as we fuel and accelerate the company’s growth.”
Alvarez & Marsal (www.alvarezandmarsal.com) provided transactional due diligence to Windjammer and Kirkland & Ellis (www.kirkland.com) provided legal counsel.
© 2018 Private Equity Professional | June 29, 2018
