Gridiron Capital has sold Essential Cabinetry Group to Breck Partners in partnership with the company’s senior management team.
Simpsonville, South Carolina-headquartered Essential Cabinetry, led by CEO Mark Kovich, was formed by Gridiron to assemble a full product line – stock, semi-custom, and custom – kitchen and bathroom cabinet manufacturer.
During its ownership term, the company acquired three family-owned cabinetry businesses with the buys of South Carolina-based Essential Cabinetry in 2010, Pennsylvania-based Tedd Wood Fine Cabinetry in 2013, and Florida-based Designers Choice Cabinetry in 2016. The company’s products are sold through a network of over 650 kitchen and bath dealers across the United States.
“We have experienced great success through our partnership with Gridiron, who has helped us improve operational efficiencies, complete and integrate our acquisitions, bolster our team with additional resources, and help implement a shared culture of Winning Together throughout our organization,” said Mr. Kovich.
“Mark and his leadership team have been great to work with,” said Joe Saldutti, a managing director at Gridiron. “They have built a leading platform focused on consistently meeting and exceeding their customers’ expectations.”
Gridiron invests in manufacturing, service, and specialty consumer companies with enterprise values from $75 million to $600 million and EBITDA from $10 million to $60 million. Sectors of interest include branded consumer, business-to-business and business-to-consumer services, and niche industrial. New Canaan, Connecticut-based Gridiron held a hard-cap and oversubscribed closing of its largest fund, Gridiron Capital Fund IV LP, in December 2020 with $1.35 billion of capital.
“Essential Cabinetry has built internal momentum through several key initiatives based on the “One Company, One Culture” message aligning the employees and locations on the company’s mission, vision and core values renewed under Mark’s leadership,” said Tom Burger, the managing partner at Gridiron.
Breck Partners makes control equity investments of $10 million to $30 million in North America-based companies that have revenues from $50 million to $250 million and enterprise values of $25 million to $75 million. Sectors of interest include manufacturing; distribution, transportation and logistics; building products; industrial services; paper and packaging; and automotive. The Dallas-headquartered firm was founded in March 2018 by Managing Partner Brad Brenneman and Partner Brian Steinbrueck, who had worked together for more than a decade at Dallas-headquartered Wingate Partners.
BlackArch Partners was the financial advisor to Gridiron Capital on this transaction.
© 2021 Private Equity Professional | December 20, 2021
