Littlejohn & Co. has acquired The Cook & Boardman Group, a distributor of commercial door entry products, from Ridgemont Equity Partners which acquired the company in September 2014 from Blue Point Capital Partners.
Cook & Boardman distributes metal and wood doors, locks, doorframes, and other related building components for non-residential applications. The company operates through a number of divisions including Cook & Boardman, Architectural Building Supply, Exactitude, Precision Doors & Hardware, Hollow Metal Specialists, Martin Architectural Products, RDL Supply, Delta Doors & Hardware, Specialized Architectural Products, and Pinnacle Door & Hardware.
Cook & Boardman sells its products nationwide through a network of 35 locations across 11 states. The company, led by CEO Darrin Anderson, was founded in 1955 and is headquartered in Winston-Salem, NC (www.cookandboardman.com).
“This is an exciting day for our company, and we are thrilled that Littlejohn has recognized the growth potential in our business,” said Mr. Anderson. “We have successfully grown from a local to national business, while retaining our focus as a trusted partner to our suppliers and customers. Our company’s full product suite and one-stop shop capabilities are a true strategic asset and we welcome Littlejohn’s support as we seek to execute on a number of initiatives to drive growth and further strengthen our value proposition to our customer base.”
“The acquisition of Cook & Boardman builds on Littlejohn’s expertise in the building products and value-added distribution sectors,” said Steven Raich, Managing Director of Littlejohn. “The company’s technical expertise, comprehensive product offering, value-added services, and national footprint positions it as a critical and indispensable link in the commercial door and door hardware supply chain. We are excited to partner with Cook & Boardman’s management team to drive the company’s next phase of growth.”
Littlejohn makes control and non-control investments in middle-market companies that are undergoing a fundamental change in capital structure, strategy, operations or growth. The firm invests from $50 million to $150 million of equity in middle-market companies that have annual revenues of $100 million to $800 million. Littlejohn invests across a range of industries and acquires manufacturers, distributors, and service providers. The firm is currently investing from Littlejohn Fund V which has $2 billion in capital commitments. Littlejohn is based in Greenwich, CT (www.littlejohnllc.com).
“Under Darrin Anderson’s leadership, Cook & Boardman has successfully executed a number of acquisitions of best-in-class regional distributors and become the preeminent platform in the highly-fragmented commercial door and hardware market,” said Steven Kalter, Principal of Littlejohn. “We look forward to further supporting the company’s successful acquisition program.”
Ridgemont, the seller of Cook & Boardman, focuses on middle market buyout and growth equity investments of $25 million to $100 million. The firm invests in the following sectors: basic industries and services, energy, healthcare, and technology and telecommunications. The firm is headquartered in Charlotte with an additional office in Dallas (www.ridgemontep.com).
Financing for the transaction was provided by Goldman Sachs, SunTrust Robinson Humphrey, and KKR Capital Markets.
© 2018 Private Equity Professional | October 22, 2018
