MPE Partners has acquired Waterfront Brands, a manufacturer of watercraft lifts and docks, from Chicago-based Invision Capital.
Waterfront’s products are sold through more than 700 independent dealers and distributors across North America as well as direct-to-consumer through both retail locations and e-commerce websites. The company’s brands include ShoreMaster, HydroHoist, HyPower, Rhino, PolyDock, and Neptune.
Waterfront is headquartered in 60 miles southeast of Fargo, North Dakota in Fergus Falls, Minnesota, with additional manufacturing facilities in Fort Lauderdale, Florida and near Tulsa in Claremore, Oklahoma.
“With a rich history tracing back over 50 years, Waterfront today is comprised of three market-leading brands – ShoreMaster, HydroHoist, and Neptune – all of which are known for exceptional product quality and best-in-class customer service,” said Joe Machado, a partner at MPE.
MPE partnered on this transaction with several members of Waterfront’s senior management team, led by CEO Don Hurley. “MPE’s culture, resources, experience, and strategic vision for Waterfront make them an ideal partner going forward,” said Mr. Hurley. “We are excited to begin the next phase of our growth and look forward to collaborating with the entire MPE team to support our customers.”
“We are looking forward to partnering with Don and the rest of the management team to pursue an aggressive organic growth strategy as well as execute and integrate complementary add-on acquisitions,” said Constantine Elefter, a principal at MPE.
Cleveland and Boston-based MPE invests in lower middle-market companies that are valued up to $250 million and have EBITDA of at least $5 million. Sectors of interest include high-value manufacturing, and commercial and industrial services.
Tree Line Capital Partners, Manulife Investment Management, Northwestern Mutual Capital, and LBC Credit Partners provided financing to support the buy of Waterfront by MPE.
Tree Line Capital Partners provides first lien term loans, unitranche term loans, and equity co-investments to North America-based lower middle market companies that have EBITDA from $3 million to $30 million and transaction sizes up to $150 million. The Tree Line team has extensive direct lending experience across multiple economic cycles and has generated significant repeat investment opportunities from private equity sponsors.
Livingstone was the financial advisor to Waterfront.
© 2021 Private Equity Professional | July 29, 2021
