Wynnchurch Capital has acquired Trimlite, a manufacturer and distributor of residential doors and related products, from TriWest Capital Partners.
Trimlite’s products include interior and exterior doors made from wood and fiberglass, doorlites (a single pane of glass framed within a door), decorative grills, and hinges. The company’s products are sold through wholesale distributors, dealers, retailers, and OEM customers for single-family and multi-family homes.
Trimlite was founded in 1982 in Vancouver, British Columbia, as a manufacturer of decorative glass for steel and wooden door fabricators. Today, Renton, Washington-headquartered Trimlite, led by CEO Patrick Hooper, has manufacturing facilities in China, Vietnam, Canada and the United States, as well as distribution facilities in Washington (2), Canada (2), Florida, and Ohio.
TriWest acquired Trimlite in October 2016 through its fifth fund. In September 2017, Trimlite completed the add-on acquisition Codel Entry Systems, a Tacoma-based maker of custom and pre-hung residential steel and fiberglass doors, from Prospect Partners.
“TriWest and management have shared a common vision for the culture and future of Trimlite since day one,” said Mr. Hooper. “We want to thank TriWest for the role they have played over the past five years in the significant growth that Trimlite has achieved. We look forward to building on that success with Wynnchurch through both organic and inorganic initiatives.”
“The Trimlite management team has accomplished a tremendous amount during our five-year partnership with the company,” said Norm Rokosh, a senior managing director at TriWest. “This has included acquiring and integrating Codel, launching a new facility in Vietnam, expanding operations in Western Canada and establishing a physical presence in the US Southeast.”
“Since its founding, Trimlite’s commitment to customer service has allowed the company to successfully broaden its product offering and expand into new geographies,” said Brian Crumbaugh, a partner at Wynnchurch. “We are excited to partner with Patrick and the entire Trimlite management team to continue growing the business.”
“Trimlite is well-positioned to benefit from strong market tailwinds, and we look forward to partnering with management to pursue attractive organic and inorganic growth opportunities,” said Kevin Hanley, a vice president at Wynnchurch.
Wynnchurch makes investments in middle-market companies that have revenues of $50 million to $1 billion. The firm was founded in 1999 and is headquartered in the Chicago suburb of Rosemont with additional offices in Los Angeles (El Segundo) and New York.
In January 2020, Wynnchurch closed its fifth private equity fund, Wynnchurch Capital Partners V LP, with $2.28 billion of committed capital. The new fund, which began its marketing in September 2019 with a target of $1.6 billion, was oversubscribed and closed at its hard cap.
TriWest invests in service, manufacturing and distribution companies that have EBITDA from $10 million to $100 million. The firm was founded in 1998 and is based in Calgary, Alberta. TriWest’s fifth fund closed in February 2015 with $500 million of capital.
Houlihan Lokey was the financial advisor to TriWest on this transaction.
© 2021 Private Equity Professional | August 2, 2021
