Springs Window Fashions, a provider of window coverings and a portfolio company of Clearlake Capital, has acquired Sunburst Shutters & Window Fashions.
Sunburst is a manufacturer of shutters, shades, blinds and other window treatments including panel track systems, draperies, curtains, window films and tinting. The company’s products – totaling more than 2,000 SKUs – are manufactured for any size/shape window with product options that include colors, textures and finishes, energy efficiency, corded and cordless, and light and sound control.
Sunburst’s shutters are made from virgin and reclaimed wood, faux wood, and its Polywood shutters are made from a proprietary blend of high-density polyethylene (HDPE). Through a combination of showrooms and dealers, Sunburst sells its products to more than 80 metropolitan markets in the United States and internationally. Sunburst manufactures its products in multiple facilities throughout the United States and is headquartered in Las Vegas, Nevada.
Springs Window Fashions (Springs) manufactures and sells custom and stock window coverings and drapery hardware to retail and commercial customers, as well as independent designers, franchisors and decorators.
The company’s product line includes blinds, shades, awnings, and shutters that are sold through a suite of brand names including Bali, Graber, SWFcontract, Mecho, Horizons, Mariak, SunSetter, and Vitale. In Europe, the company manufactures and sells products through its B&C International division.
Springs’ history dates to 1932 (then Graber Industries) when John Graber invented the first fully adjustable drapery crane. The company was acquired by Consolidated Foods in 1967 (a year after Mr. Graber’s death) and in 1979, Spring Industries – a textile maker – purchased the company.
In 2001, Spring Industries spun off Springs Window Fashions to the family of Crandall Bowles, the CEO of Springs Industries, with backing from private equity firm Heartland Industrial Partners, for $905 million. Golden Gate Capital acquired Springs in 2013 from Heartland and exited the business through a sale to AEA and BCI in 2018. Clearlake acquired Springs Window Fashions from AEA Investors and British Columbia Investment Management Corporation (BCI) in July 2021.
Today, Springs – led by CEO Eric Jungbluth and headquartered near Madison in Middleton, Wisconsin – has over 9,000 employees located at nine North American facilities.
“Sunburst presents a great opportunity for Springs to expand its presence in the shutter market,” said Mr. Jungbluth. “We are impressed with the team at Sunburst and the company’s manufacturing capabilities. We also believe that, through their network of showrooms in attractive markets, we will be able to leverage Springs’ extensive range of existing products and technologies to accelerate our combined growth plans.”
“The acquisition of Sunburst represents another milestone in Springs’ journey to become the global leader in custom window treatments and technologies,” said Clearlake Capital in a released statement.
Clearlake invests in industrials and energy, software and technology-enabled services, and consumer sectors. The firm was co-founded by José E. Feliciano and Behdad Eghbali in 2006 and is headquartered in Santa Monica, California. In May 2022, Clearlake held a hard cap and oversubscribed final close of its seventh private equity fund, Clearlake Capital Partners VII LP, with $14.1 billion in commitments.
© 2023 Private Equity Professional | June 7, 2023
