After Five-Year Hold, CenterOak Exits Cascade Windows
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After Five-Year Hold, CenterOak Exits Cascade Windows

The sale of Cascade is CenterOak’s third Fund I exit and follows the January sale of Service Champions, a provider of residential HVAC services, to Odyssey

Washington-based Cascade manufactures vinyl windows and doors out of its six facilities in Washington, Utah, Oregon, Arizona, Colorado and California

SOURCE: Cascade Windows

Cascade Windows, a portfolio company of CenterOak Partners, has agreed to be acquired by publicly traded Cornerstone Building Brands for $245 million.

Spokane Valley, Washington-based Cascade Windows manufactures vinyl windows and doors out of its six facilities located in Washington, Utah, Oregon, Arizona, Colorado and California. The company has more than 800 employees and sells its products through a network of dealers and distributors. For FY2021, which ended in May, Cascade Windows had revenues of $160 million.

CenterOak acquired Cascade in 2016 and added on to the business in 2020 with the buy of Colorado and California-based Amerimax, a manufacturer of vinyl windows and doors sold to the residential retrofit and replacement markets.

Cary, North Carolina-headquartered Cornerstone Building Brands (NYSE: NCS), the buyer of Cascade, is one of the largest makers of exterior building products – windows, doors, siding, metal wall and roof systems – that are sold to the commercial, residential and repair and remodel markets. The company was formed in 2019 through the merger of two building product giants, NCI Building Systems, a portfolio company of Clayton, Dubilier & Rice, and Ply Gem Building Products.

The sale of Cascade is the third Fund I exit closed by CenterOak over the past year and follows the January sale of Service Champions, one of the largest residential HVAC and plumbing services companies in the western United States, to Odyssey Investment Partners; and the November 2020 sale of FullSpeed Automotive, the fourth largest quick lube operator in the United States, to MidOcean Partners.

Dallas-headquartered CenterOak makes equity investments of $20 million to $150 million in companies with enterprise values of $50 million to $500 million and EBITDA of $5 million to $35 million. Sectors of interest include industrial manufacturing and distribution, business services, and consumer products and services.

CenterOak’s first fund closed in 2016 at its hard cap of $420 million. In April 2021, CenterOak had an oversubscribed and hard cap close of its second fund, CenterOak Equity Fund II LP, at $690 million.

© 2021 Private Equity Professional | August 16, 2021

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