Grey Mountain Partners has sold its portfolio company Binswanger Glass to Wingate Partners. Grey Mountain acquired Binswanger Glass in December 2011.
Binswanger Glass is a designer, retailer, and installer of architectural glass and aluminum products to the construction, residential, and automotive markets. Binswanger’s customers include commercial property managers and building owners, retail store owners, general contractors, insurance companies, vehicle owners, and retail customers. The company, led by CEO Tim Curran, has 64 locations across 15 states. Binswanger is headquartered in Memphis (www.binswangerglass.com).
“We are excited to partner with Tim Curran and the team at Binswanger Glass. Binswanger is a clear leader in its markets with a deep commitment to its employees, customers and vendors,” said Brian Steinbrueck, a Partner at Wingate Partners. “Tim and the leadership team have differentiated Binswanger by driving a strong safety culture, employing exceptionally talented people and consistently providing their customers with excellent service. We look forward to supporting them in the continued growth and success of the company.”
Wingate Partners makes control equity investments in manufacturing, distribution and service businesses, typically with revenues between $50 million and $250 million and EBITDA between $5 million and $25 million. The firm was founded in 1987 and is headquartered in Dallas (www.wingatepartners.com).
During its ownership term, Grey Mountain completed two add-on acquisitions for Binswanger. Signature Glass, a commercial glazing contractor of curtain wall and window wall systems, storefront and entrance systems, and in-house fabrication of aluminum framing systems, was added-on to Binswanger in September 2015; and in February 2015, Illinois Glassworks, an installer of custom shower enclosures, mirrors, table tops, and architectural glass and glazing was acquired.
In March 2016, Grey Mountain completed a recapitalization of Binswanger. Yukon Partners provided mezzanine capital to support the recapitalization and it also acquired a minority equity interest as part of the transaction.
Grey Mountain has approximately $700 million of assets under management and was founded in 2003 by Managing Partners Rob Wright and Jeff Kuo. The firm invests up to $75 million in control acquisitions of companies with enterprise values between $30 million and $150 million. Sectors of interest include aerospace and defense; building products and materials; business process outsourcing; diversified manufacturing; energy and power; financial services; food and beverage; healthcare services and technology; industrial services; packaging; professional services; specialty chemicals; technology; transportation and logistics; and wholesale distribution. Grey Mountain is currently investing from its third fund, which was raised in 2013. The firm is based in Boulder with additional offices in Minneapolis and Pittsburgh (www.greymountain.com).
Craig-Hallum Capital Group (www.craig-hallum.com) was the financial advisor to Binswanger and Grey Mountain on this transaction.
© 2017 Private Equity Professional | March 23, 2017
