Gridiron Capital has formed GarageCo as a new platform to establish a national residential and commercial garage door services platform.
The formation of GarageCo is the fifth platform company for Gridiron’s fifth fund which closed above target in October 2023 with $2.1 billion of capital. Fund V is the largest fund the firm has ever raised.
GarageCo’s first three acquisitions are Maine-based P.D.Q. Door Company, Virginia-based Apple Door Systems, and Kentucky-based Cunningham Door & Window.
GarageCo is led by CEO Mars Shah, who joined Gridiron as an operating partner and executive in residence in the Spring of 2023. Mr. Shah, from 2021 to 2023, was the president of Roark Capital-backed Driven Glass North America (NASDAQ: DRVN) and he brings strategic, operational, and M&A experience to the platform.
“GarageCo’s value proposition lies in its Family of Family Brands approach. By partnering with best-in-class local brands and providing value-added resources and support, GarageCo can unlock growth levers for these businesses and become the partner of choice within the industry for owners, customers, and employees,” said Mr. Shah.
“Leveraging our longstanding thematic work within residential and commercial products and services, we identified garage door repair and replacement as an attractive, highly fragmented sector with growing, recurring demand and employed our proprietary sourcing tools and approach to build direct relationships with leading brands and owners in the space,” said Chris King, a managing director at Gridiron. “By leveraging proven playbooks from other partnerships within this Thematic Area of Expertise as well as tapping into Gridiron’s Centers of Excellence and broader network, GarageCo is well-positioned to become a leading national garage door services platform.”
Gridiron Capital and GarageCo continue to seek additional investments to build the company into a national provider of residential and commercial garage door services.
“We are honored to be partnering with trusted, market-leading brands like P.D.Q., Apple, and Cunningham,” said Kevin Jackson, ae managing partner of Gridiron. “Our goal is to build on their heritage and track record of success by investing additional resources to continue expanding GarageCo’s national presence through shared best practices, operational excellence, and accelerated growth both organically and through M&A.”
New Canaan, Connecticut-based 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.
© 2024 Private Equity Professional | March 8, 2024
