Specialty Hardware Maker Sold to Clearlake

The Jordan Company (TJC) has agreed to sell TKE Holdings, (DBA Dimora Brands), a provider of branded specialty hardware and home accessories, to Clearlake Capital Group.

Dallas-headquartered Dimora is a designer, manufacturer, and direct seller of hardware and home accessories including cabinet hardware, door hardware, and faucets. The company’s customers include kitchen cabinet dealers, kitchen and bath showrooms, custom cabinet makers, and independent hardware stores.

Dimora’s owned brand names include Top Knobs, Atlas Homeware, Vesta, Watermark Designs, Water Street Brass, Du Verre, Hardware Resources, Jeffrey Alexander, Elements, Task Lighting, North Point Cabinetry, and KasaWare.

TJC acquired Dimora, then TK (Top Knobs) Enterprises, in April 2015 from Harbour Group. Dimora’s existing management team, led by CEO Greg Gottlieb, will continue to lead the company under Clearlake ownership.

“Greg and the rest of the team at Dimora have been incredible partners with us for nearly five years,” said Mike Denvir, a partner at TJC. “They have created a growth-oriented business model and a team culture unrivaled in their industry. They are proven winners, and we are excited to see them continue to grow and evolve in partnership with Clearlake.”

“Our team is thankful for the opportunity to partner with The Jordan Company for the past four years,” said Mr. Gottlieb. “With their guidance and support, Dimora has continued its growth into a leader in kitchen and bath products. We expect to enjoy the benefits of Clearlake’s deep experience in building products and their insights into operational excellence as we continue to build on our successes.”

The Jordan Company is a middle-market private equity firm that invests in a range of industries including industrials, transportation and logistics, healthcare, consumer, telecom, technology, and utilities. The firm was founded in 1982 and is headquartered in New York City with an additional office in Chicago.

“We are thrilled to back Dimora Brands and leverage our significant experience investing in building products,” said José Feliciano, co-founder and managing partner at Clearlake. “We are confident that the Company is well-positioned to capitalize on the strong momentum in home improvement spend and remodeling activity. We look forward to leveraging our “O.P.S.” framework in partnership with management to accelerate Dimora Brands’ organic growth plans and continue executing a consolidation strategy in this highly fragmented market.” Clearlake’s O.P.S. model stands for operations, people and strategy.

Clearlake invests in industrials and energy; software and technology-enabled services; and consumer sectors. The firm was co-founded by Mr. Feliciano and Behdad Eghbali in 2006 and is headquartered in Santa Monica, California with an additional office in Dallas, Texas.

In April 2020, Clearlake held a hard cap and oversubscribed final close of its sixth private equity fund, Clearlake Capital Partners VI LP, with more than $7 billion in commitments. Clearlake currently has approximately $25 billion of assets under management.

Baird was the financial advisor to Dimora on this transaction and Deutsche Bank advised Clearlake.

© 2020 Private Equity Professional | December 1, 2020

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