Argosy Private Equity has sold its portfolio company Nationwide Industries to the Harbour Group.
Nationwide Industries (NWI) is a supplier of specialty hardware to OEMs, distributors and installers in the fence and gate, railing and patio markets. The company’s products include hinges, latches, locks, rollers, railing post mounts and cable railing infill that are used in vinyl, ornamental, specialty, wood, cable and chain link fence applications. NWI, led by CEO Christopher Kliefoth, is headquartered in Tampa (www.nationwideindustries.com).
“We believe Harbour Group’s operational and strategic expertise gathered over many years will be a valuable resource to our business as we continue to grow,” said Mr. Kliefoth. “Our brand and customer relationships are strong today and will only improve. We look forward to continuing to operate as a leader in our industry as we grow our product offering.”
“We are excited to welcome Nationwide Industries to the Harbour Group family,” said Jeff Fox, Harbour Group’s chairman and chief executive officer. “NWI has a well-respected brand in its market and serves its customers with high quality, innovative products and great customer service. The combination of this fantastic base business and Harbour Group’s resources will further strengthen NWI’s position in its market.”
Harbour Group invests in North American-based companies with valuations from $30 million to $500 million. Areas of interest include product-oriented businesses that are generally either a provider of proprietary products or are a niche, value-added distributor. Since its founding in 1976, Harbour Group has acquired 200 companies in 43 different industries. The firm is based in St. Louis (www.harbourgroup.com).
Argosy acquired NWI for $22 million through its fifth fund from publicly traded P&F Industries in February 2016 and in September 2016 added on to the company with the buy of The Cable Connection, a manufacturer of cable railing infill systems and custom wire rope systems based in Carson City, NV.
Argosy invests from $5 million to $15 million in lower middle market companies that have revenues of $10 million to $100 million and EBITDA margins of 10% or greater. Sectors of interest include manufacturing, business services, and value-added distribution. The firm was founded in 1990 and is headquartered in the Philadelphia suburb of Wayne, PA (www.argosycapital.com).
© 2018 Private Equity Professional | April 9, 2018