Industrial Opportunity Partners has sold Alexandria Moulding to U.S. Lumber Group (USL), a portfolio company of Madison Dearborn since March 2017.
IOP acquired Alexandria Moulding, a manufacturer and distributor of wood mouldings and millwork products for the Canadian and Northern US residential housing markets, in April 2016. The company sells directly to retailers as well as to wholesale building product distributors and industrial customers. Alexandria has six manufacturing facilities and four distribution centers and is headquartered near Montreal in Alexandria, ON (www.alexmo.com).
The sale of Alexandria Moulding is IOP’s fourth investment realization from its $275 million second fund, Industrial Opportunity Partners II LP, which closed in April 2012 with $275 million of committed capital.
IOP Operating Principal David Mackin served as Alexandria Moulding’s Chairman of the Board during IOP’s investment period. “I believe Alexandria Moulding’s leadership team and its employee base have worked hard to bring value to its customers through excellent customer service, a focus on 100% fill rates and a wide selection of quality products, and I believe the company is well positioned for its future under U.S. Lumber ownership,” said Mr. Mackin.
U.S. Lumber is a distributor of building products to individuals, builders, and contractors through local lumber yards and building supply dealers. The company is headquartered in Duluth, GA (www.uslumber.com).
“We are excited for the combination of Alexandria Moulding with U.S. Lumber, and we believe that both businesses will benefit from the significant expansion in scale, product line and depth of customer and supplier relationships,” said Kyle Hood, a Director of IOP. “We would like to thank the outstanding management team of the company led by President Andre Cholette and wish them continued success in the future.”
IOP focuses on acquiring middle-market manufacturing and value-added distribution businesses, typically with revenues between $30 million and $400 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. IOP is headquartered in the Chicago suburb of Evanston (www.iopfund.com).
© 2018 Private Equity Professional | October 10, 2018
