cabinets
Search

Private Equity Professional

Private Equity's News Leader

There is a right and a wrong in the universe, and that distinction is not hard to make.
Superman

You are here: Home / Archives for cabinets

cabinets

LongWater Buys Lewis Cabinet

by

LongWater Opportunities has acquired Lewis Cabinet Specialties Group, a manufacturer of custom cabinets, from the Lewis family, who founded and have managed the business since its inception in 1990.

Lewis Cabinet manufactures customizable and made-to-order solid wood and laminate cabinet doors and drawer faces, cabinet boxes, and dovetail drawer boxes. The company’s products are sold to both residential and commercial customers throughout the United States. Lewis Cabinet’s highly-automated online ordering and manufacturing processes allows it to offer five-day lead times on its orders. The company is headquartered in Tremonton, UT (www.lewiscabinet.com).

“It was important for my family to find a partner who would support the growth of our business, build on the company’s legacy, and take care of our employees, which is why we chose to partner with LongWater,” said Bobby Lewis, Lewis Cabinet’s President and Co-Owner. “Their experience growing American manufacturing businesses is a great match for the needs of our company. We’re very excited about the future of Lewis Cabinet.”

LongWater Opportunities is an operationally-focused firm that makes control equity investments in lower middle market US-based manufacturing companies. A typical transaction will have an enterprise value from $10 million to $50 million and an EBITDA from $2 million to $10 million. LongWater was founded in 2009 by Jordan Bastable and Brooks Burgum and is based in Dallas with an additional office in Fargo, ND (www.longwateropportunities.com).

“The team at Lewis Cabinet has built an impressive business through their focus on quality and customer service and their investments in technology. We are thrilled to have the opportunity to partner with the Lewis family and help them continue to grow their great organization,” said Mr. Bastable.

Lewis Cabinet is the sixth investment made by LongWater’s second equity fund, LWO Fund II LP, which closed in April 2016.

© 2018 Private Equity Professional | October 9, 2018

Quad-C Acquires WOLF

by

wolf nf1Quad-C Management has acquired WOLF, a distributor of kitchen and bath cabinetry and a provider of trim, railing, decking, siding and other building products.

WOLF, with annual revenues of approximately $200 million, provides kitchen and bath cabinetry and building materials, marketing and sales support, and financial services to more than 3,000 independent building products dealers in 33 states in the Eastern and Midwestern US.  In the kitchen and bath market, the company is one of the largest suppliers of cabinetry with 3,500 kitchen & bath SKUs in stock at its 341,000 sq. ft. facility in York, PA (north of Baltimore).  The company was founded in 1843 by Adam Wolf and has more than 250 employees (www.wolfhomeproducts.com) (www.wolfleader.com).

WOLF President and CEO Craig Danielson and other members of the company’s management team are investing alongside Quad-C in the transaction.  “Quad-C stood out in a crowded field of potential investors,” said Mr. Danielson.  “They have a long history of investing in the building products sector and bring an execution-oriented strategic toolkit to help map out and deliver upon key initiatives.”

Tony Ignaczak nf2“We were drawn to WOLF because we recognized the company’s unique value proposition to its loyal and dedicated dealer network,” said Tony Ignaczak, President of Quad-C Management. “The WOLF brand is synonymous with quality, and the company’s reputation for integrity and service is unmatched in the industry.”

Quad-C invests from $35 million to $125 million of equity in companies with enterprise values of $75 million to $400 million. Sectors of interest include business services, consumer, general industrial, healthcare, specialty distribution, and transportation & logistics. Quad-C was founded in 1989 and is headquartered in Charlottesville, VA (www.quadcmanagement.com).

thad jones nf2“We’re backing a management team at WOLF that successfully navigated the company through both good and bad markets to produce a decades-long track record of innovation, customer service and quality,” said Thad Jones, a partner at Quad-C. “We’re looking forward to partnering with Craig and the rest of the management team to further drive growth through new product development and ongoing geographic expansion.”

The WOLF investment is the latest transaction in the building products sector for Quad-C.  Other past investments in this industry vertical include Service Partners, Acoustical Material Services, Generation Brands, Tandus Flooring and Interwap, a global manufacturer of roofing underlayment and packaging solutions acquired by Quad-C in 2013.

Quad-C is currently investing Quad-C VIII, a $700 million fund raised in 2012.

© 2015 PEPD • Private Equity’s Leading News Magazine • 7-10-15

Building Industry Partners Acquires Tru-Wood

by

truwood nfUnited Cabinet Holdings, a portfolio company of Building Industry Partners, has acquired Tru-Wood Cabinet Co.

Tru-Wood was founded in 1990 and is an integrated manufacturer of stock- and semi-custom kitchen, bath and other home cabinetry. Tru-Wood employs over 130 people on a full-time basis and sells its products through independent kitchen dealers primarily throughout the Eastern US. The company has manufacturing facilities in Ashland (headquarters) and Lineville, AL with over 370,000 square feet of combined manufacturing space, and a distribution facility in Longwood, FL. (www.truwood.com).

Upon closing of the transaction, Tru-Wood’s CEO Buddy Sharpe retired from the company after twenty-three years with Tru-Wood, and Butch Reimer has joined Tru-Wood as its new President. Mr. Reimer previously worked for NorCraft Companies, where he served as Senior Vice President of Operations for UltraCraft Cabinetry for over six years. Prior to NorCraft, Mr. Reimer ran operations within MasterBrand Cabinets and Robert Bosch Corporation.

United Cabinet Holdings (UCH) is a holding company in the kitchen and bath cabinetry manufacturing segment. UCH was formed in February 2012 by Building Industry Partners in partnership with cabinet industry veterans including Michael Arnaud (formerly with NorCraft/UltraCraft Cabinetry). UCH invests in North American regional kitchen & bath cabinetry manufacturers. UCH currently owns Touchstone Fine Cabinetry, a full- and semi-custom cabinetry manufacturer based in Rutherfordton, NC, and with this acquisition, owns Tru-Wood Cabinet Co. (www.unitedcabinetholdings.com).

“The investment in Tru-Wood is an important step in UCH‟s long term strategy of being able to offer a breadth of cabinetry price points to our rep and dealer relationships throughout the US,” said Mr. Arnaud, EVP, Sales & Marketing for United Cabinet Holdings.

Building Industry Partners (BIP) makes investments in the US middle-market building products industry. The firm focuses its efforts primarily on investments involving privately-owned building product manufacturers, distributors and dealers as well as niche construction-related service companies, typically with revenues of $25 million to $500 million. BIP is led by Matt Ogden, a building products private equity investment professional, and a team of investment professionals and building products operating executives. BIP is affiliated with Chambers Interests, the investment office of the Chambers family which was formed in 1997 and is led by Tom Chambers, the former Chief Executive Officer of Chemical Lime Company. BIP is based in Fort Worth and has an office in Los Angeles (www.building-ip.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 8-1-13

American Industrial Partners Acquires Cabinets Business of Armstrong World Industries

by

Armstrong World Industries has closed its previously announced sale of its cabinets business to American Industrial Partners effective, October 31, 2012.

American Industrial Partners will operate the cabinets business under the name ACProducts, Inc. and was granted a license to use certain Armstrong trademarks and operate under the Armstrong Cabinet Products trade name for two years.

The Armstrong cabinet business makes cabinetry for single-family and multi-family builders and remodelers in the U.S. In 2011 the business had sales of $136 million and had approximately 750 employees. The Armstrong cabinet business is based in Thompsontown, PA (click HERE for access to the Armstrong cabinet website).

American Industrial Partners seeks to acquire control positions in North American headquartered industrial companies with sales ranging from $100 million to $500 million. The firm was founded in 1989 and is currently managing more than $1.1 billion in equity capital. American Industrial Partners is based in New York (www.aipartners.com).

Armstrong World Industries is a designer and manufacture of floors and ceilings. In 2011, Armstrong’s consolidated net sales from continuing operations totaled approximately $2.7 billion. Based in Lancaster, PA, Armstrong operates 32 plants in eight countries and has approximately 8,500 employees worldwide (www.armstrong.com).

“Exiting our cabinets business supports our strategy to focus on our core businesses – flooring and ceilings – around the world. This was the right decision for us,” said Armstrong CEO Matt Espe. “We thank the employees for their commitment over the years, and we wish them and the new owners great success as they work to build on a strong foundation of quality and service.”

© 2012 PEPD • Private Equity’s Leading News Magazine • 11-2-12

To search in site, type your keyword and hit enter