Prospect Partners has sold its portfolio company Codel Entry Systems to Trimlite Mfg., a portfolio company of TriWest Capital since October 2016.
Codel specializes in the fabrication of custom and pre-hung steel and fiberglass doors that are sold into the new residential construction and remodeling markets in the Pacific Northwest and western Canada. Codel’s customers include door shops, home improvement retailers, and lumber yards, which in turn service builders, contractors, and real estate developers. Codel is headquartered in Tacoma, WA (www.codeldoors.com).
Prospect Partners, Montgomery, Shelton & Company, and Codel founder and President Brent Moss recapitalized Codel Entry Systems in May 2005.
“Codel has been a gratifying investment for Prospect Partners,” said Maneesh Chawla, a Principal of Prospect Partners. “Through the leadership of founder Brent Moss, the company has built a tremendous reputation for its quality, short lead times, and superior customer service, and has achieved strong growth by entering major new geographic markets, expanding its product line, and developing new distribution channels and customers. We have enjoyed working with entire Codel team, and believe the company is well-positioned for continued growth.”
“Codel’s persistent customer focus and the management team’s drive to excel helped the company weather the storm of the Great Recession and capitalize on the continuing recovery and growth of the housing market. Many good years lie ahead for the company,” said Mead Montgomery, Managing Partner of Montgomery Shelton.
Trimlite, the fifth portfolio company in TriWest’s fifth fund, is a manufacturer and distributor of stile and rail doors, fiberglass doors, door glass and other home and building products. The company has manufacturing plants in China, Vietnam, Canada and the United States, as well as four distribution facilities in several key end markets in North America. Trimlite was founded in 1982 and is headquartered in Renton, WA (www.trimlite.com).
TriWest invests in companies with EBITDAs from $10 million to $100 million. Sectors of interest include service, manufacturing and distribution. The firm has raised $1.25 billion in committed capital through five funds. TriWest’s fifth fund was raised in 2015 with commitments of $500 million. The firm was founded in 1998 and is based in Calgary, AB (www.triwest.ca).
Prospect Partners focuses exclusively on management-led leveraged recapitalizations and acquisitions of niche market leaders with revenues of less than $75 million. Areas of interest include niche manufacturing, distribution, and specialty service markets. Since 1998, Prospect Partners has built 49 platforms by investing in more than 145 businesses. The firm has $470 million of capital under management and is based in Chicago (www.prospect-partners.com).
Montgomery Shelton & Company specializes in lower middle market investments. Sectors of interest include manufacturing, distribution, and business services. The firm typically invests in companies with enterprise values between $5 million and $30 million, revenues of at least $7.5 million and EBITDA of at least $1 million. Montgomery Shelton & Company was founded in 1984 and is based in the Chicago suburb of Winnetka, IL (no website found).
© 2017 Private Equity Professional | September 21, 2017
