Nautic Sells Window Maker to Pella

Nautic Partners has sold its portfolio company Custom Window Systems to Pella Corporation. Nautic acquired Custom in July 2014 from Highlander Partners.

Custom Window Systems is a manufacturer of impact-resistant and non-impact, vinyl and aluminum, windows, doors, and porch enclosures. The company’s products are primarily used in the repair and remodeling markets in the single-family and multi-family housing sectors in Florida and other coastal regions that maintain strict building codes due to exposure to high winds, tropical storms, and hurricanes.

Custom, led by CEO John Manzi, was founded in 1986 and has a 375,000 square foot manufacturing facility and headquarters in Ocala, FL (www.cws.cc). “We greatly enjoyed working with the Nautic team. They have been a stellar partner throughout Custom’s evolution over the past several years,” said Mr. Manzi. “We look forward to the next chapter for Custom under Pella ownership.”

“We thank John Manzi, Roger Sim, and the entire team for their accomplishments. Thanks to them, the company is well-positioned for continued growth, with high-quality products, a streamlined and efficient production facility, and plenty of capacity. It has been a pleasure partnering with them to achieve the goals that we had,” said Chris Pierce, a managing director of Nautic.

Nautic is a middle-market private equity firm that makes majority equity investments of $25 million to $75 million in companies that are active in the healthcare, industrial products, and outsourced services sectors. In March 2019, the firm held a final closing of Nautic Partners IX LP at its hard cap with $1.5 billion of limited partner commitments. Nautic is headquartered in Providence, RI (www.nautic.com).

“Custom enhances our product offering and increases our penetration in the large and growing Florida area,” said Tim Yaggi, president and CEO of Pella. “We expect to grow faster together by leveraging Pella’s capabilities and Custom’s regional knowledge, impact-resistant product lines and strong customer relationships.”

Pella is a privately held maker of windows and doors with 15 manufacturing locations, more than 200 showrooms, and nearly 7,000 employees. The company is headquartered in Pella, IA (www.pella.com).

BlackArch Partners and KeyBanc Capital Markets were the financial advisors to both Custom and Nautic.

© 2019 Private Equity Professional | October 4, 2019

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