Cortec Group has acquired Window Nation, a value-added distributor of replacement windows, doors, roofing, and siding products.
Window Nation sells its products to the residential repair and remodeling market in Northeast Ohio, Washington DC, Maryland, Pennsylvania, Delaware, New Jersey and Northern Virginia. The company sells directly to homeowners and offers a range of products as well as installation services (www.windownation.com).
Window Nation, headquartered near Baltimore in Fulton, MD, was founded in 2006 by co-founders and brothers Harley and Aaron Magden who will continue to lead the business and each will maintain a significant ownership stake in Window Nation.
“We wanted to partner with a firm that had relevant knowledge about direct-to-consumer marketing, as well as expertise in the building products and window industry, specifically. We were also looking for a partner that would provide both operational and financial resources to support growth and address challenges that are inherent in any fast-growing business. Cortec brought all of these to the table,” said Harley Magden.
Cortec invests in companies with revenues of $40 million to $300 million and EBITDA of $7 million to $35 million. Sectors of interest include healthcare products and services, business and consumer products, value-added distribution and specialty services. The firm was founded in 1984 and is based in New York (www.cortecgroup.com).
“The company’s rapid expansion, current momentum, and future prospects are incredibly exciting. We look forward to building on Window Nation’s success and expanding into new markets,” said Michael Najjar, a Managing Partner at Cortec.
Window Nation is now the fifth platform investment of Cortec Group Fund VI which closed in May 2015 with $1.1 billion in capital commitments.
Senior debt to support this transaction was provided by TwinBrook Capital Partners (www.twincp.com) and Adams Street Partners Private Credit.
Houlihan Lokey was the financial advisor to Window Nation.
© 2018 Private Equity Professional | January 23, 2018