Architectural Granite & Marble, a portfolio company of Trive Capital, has acquired Pental Surfaces, a wholesale distributor of natural stone, porcelain, ceramic, glass and metal tile and mosaics.
Pental Surfaces has showrooms in Seattle, Denver, Los Angeles, Fife (near Tacoma) and Portland and sells its products largely to customers in 11 western states including: Washington, Oregon, California, Montana, Idaho, Utah, Colorado, Alaska, Hawaii, Wyoming, and Nevada. Pental Surfaces was founded in 1999 by Peter Pental and is headquartered in Seattle (www.pentalonline.com).
Trive Capital acquired Architectural Granite & Marble (AGM), an importer and distributor of natural and engineered stone that is used in residential and commercial construction, in July 2015. Customers of AGM include countertop fabricators, architects, interior designers, and commercial contractors. AGM was founded in 1992 and has eight locations across the US. The company is headquartered northwest of Austin in Spicewood, TX (www.agmgranite.com). Sunil Palakodati is the CEO of AGM and upon closing of the transaction Mr. Pental assumed the title of President.
According to Trive, the buy of Pental creates a leading distributor of interior surfaces including natural stone, engineered stone, and tile with 13 locations across the United States. “This merger is the result of a relationship amongst Peter and Ravi Pental and Trive that began in 2014. Trive has been thoroughly impressed with the cohesive team and high quality business forged by the Pentals. We are excited to provide the financial and operational support to combine these great businesses, unlock significant growth opportunities, and build a differentiated platform in the sector,” said Dan Lenahan, Managing Director at Trive Capital.
Trive Capital invests from $10 million to $60 million in North America headquartered companies with revenues of $30 million to $500 million. Sectors of interest include automotive & transportation; aerospace & defense; building products; construction & infrastructure; consumer goods; energy services; healthcare; manufacturing and industrials; chemicals; distribution; business & professional services; and communications. The firm was founded in 2012 by Conner Searcy, Managing Partner, and Chris Zugaro, Partner. Trive Capital is based in Dallas (www.trivecapital.com).
“This merger brings together two highly complementary businesses, creating a stronger, more diversified company with the ability to offer greater opportunities to our customers, suppliers, and employees. We plan to leverage our strengths to pursue continued above-market growth through new location openings and strategic acquisitions,” said Mr. Searcy.
“Today is a momentous day for both companies,” said Mr. Palakodati. “We believe Pental Surfaces has built an unrivaled reputation on the West Coast and is an ideal partner for AG&M, enabling us to extend our combined geographic presence to serve our customers with innovative products and value-added service solutions.”
© 2017 Private Equity Professional | April 12, 2017
