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Grey Mountain Adds On to Consolidated Glass

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je-berkowitz-nf1Consolidated Glass Holdings, a portfolio company of Grey Mountain Partners, has acquired J.E. Berkowitz, a maker of architectural glass for both exterior and interior projects. The company has been family-owned since its founding by Jacob E. Berkowitz in 1920.

je-berkowitz-nf44J.E. Berkowitz’s (JEB) architectural glass fabrication capabilities include insulating glass, heat-treated glass, silk-screened and spandrel glass, laminated glass, all-glass doors and entrances, and point-supported glass systems and canopies. JEB’s products are used in many architectural glass applications including office buildings, hotels, condominiums, casinos, restaurants, hospitals, schools, libraries, museums, all-glass doors and entrances, swing doors, sliding doors, shower doors, canopies, handrails, skylights and shopping malls. Recent projects completed by JEB include: The Tower at PNC Plaza in Pittsburgh, the T-Mobile arena in Las Vegas, Google headquarters in New York City, and the Novartis Pharmaceuticals building in Boston.

JEB employs more than 200 people and operates out of a 253,000-square-foot manufacturing facility on 23 acres in Pedricktown, NJ (near Philadelphia) (www.jeberkowitz.com).

consolidated-glass-nf1Consolidated Glass Holdings (CGH), led by President and CEO Paul Cody, is the managing entity for a group of companies operating in the architectural, security, and custom glass and metal fabrication businesses, which currently include Global Security Glazing, Columbia Commercial Building Products, Dlubak Specialty Glass, Solar Seal, North American Specialty Glass, and, with the closing of this transaction, JE Berkowitz. The combined group has eight fabrication facilities totaling 900,000 square feet of plant space and approximately 1,000 employees (www.cghinc.com).

Arthur Berkowitz, Executive Vice President of JEB, is the company’s third generation owner/manager, and has led the company for more than 40 years. “CGH and Grey Mountain were the correct fit for me and my employees,” said Mr. Berkowitz. “As part of my succession planning, this step permitted me to keep an ownership position and retain the real estate. I will remain energized and committed to managing the operations at JEB for years to come.”

grey mountain nf44Grey 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 based in Boulder with additional offices in Minneapolis and Pittsburgh (www.greymountain.com).

© 2016 Private Equity Professional | December 7, 2016

Kohlberg Sells Pittsburgh Glass Works

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pgw nf1Pittsburgh Glass Works, a portfolio company of Kohlberg & Company, has been sold to LKQ Corporation for $635 million.  Kohlberg & Company first invested in Pittsburgh Glass Works in October 2008 when it acquired the company from PPG Industries.

pgw nf11Pittsburgh Glass Works (PGW) is a wholesale and retail distributor and manufacturer of automotive glass. PGW’s revenue for the twelve months ended October 31, 2015 was approximately $1.1 billion. Products include OEM windshields, rear and side windows, sunroofs and assemblies sold to auto and truck manufacturers. The company also supplies and distributes replacement automotive glass products for use in the aftermarket. PGW operates approximately 120 distribution branches serving over 7,000 automotive glass retailer shops across North America. The company also operates 12 automotive glass fabrication facilities in North America, Europe and China. PGW is headquartered, of course, in Pittsburgh (www.pgwglass.com).

Kohlberg & Company invests in companies in the industrial manufacturing; consumer products; business services; healthcare services; and financial services sectors. The firm concentrates on companies with EBITDAs between $20 million and $100 million where it can invest between $50 million and $200 million of equity. Kohlberg & Company is currently investing its seventh private equity fund, Kohlberg Investors VII. The firm was founded in 1987 and is based in Mt. Kisco, NY (www.kohlberg.com).

lkqLKQ Corporation (NASDAQ: LKQ), is a provider of alternative and specialty parts to repair and accessorize automobiles, trucks, and recreational and performance vehicles. The company was founded in 1998 and has made more than 200 acquisitions since its formation. LKQ is headquartered in Chicago and has operations in North America, the United Kingdom, the Netherlands, Belgium, France, Scandinavia, and Taiwan (www.lkqcorp.com). LKQ will finance the buy of PGW with borrowings under an existing revolving credit facility that has approximately $2.2 billion of availability.

Ropes & Gray provided legal counsel to Kohlberg & Company and Pittsburgh Glass Works. The Ropes & Gray team, which was led by private equity partner Christopher Rile and private equity associates Laura Steinke and Catherine Riley (all of New York), also included tax partner Eric Elfman (Boston), executive compensation & employee benefits partner Loretta Richard (Boston), labor & employment partner David Mandel (Boston), real estate & environmental partner Peter Alpert (Boston), and intellectual property transactions partner David McIntosh (Boston).

Jefferies (www.jeffries.com) and Nomura Securities (www.nomura.com) served as financial advisor to Kohlberg & Company and Pittsburgh Glass Works.

© 2016 PEPD • Private Equity’s Leading News Magazine • 2-29-16

Superior Acquires Two Glass Companies, Forms New Platform

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aldora nfSuperior Capital Partners has acquired two businesses in the architectural glass and aluminum industry with the purchases of Aldora Glass Holdings and Coastal Glass Distributors.

The acquisitions of Aldora Glass and Coastal Glass represent the fourteenth and fifteenth acquisitions, and the sixth platform company, from Superior’s inaugural fund. These transactions were brought to Superior by Leon Silverstein who is the owner of Aldora Glass Holdings. Mr. Silverstein, who has spent his entire career in the architectural aluminum and glass industry, will lead the combined company as its CEO.

Aldora Glass and Coastal Glass are fabricators and value-added distributors of architectural glass and aluminum products. The companies customize their products by cutting, tempering, laminating, insulating, or assembling the glass and aluminum based on customer specifications. Both company’s products are used in a range of applications including impact (hurricane resistant) and non-impact storefront and entrance doors and frames, shower doors, table tops, shelves, window systems and curtain wall systems. On a combined basis, Aldora and Coastal serve over 1,250 customers located throughout the Southeast US from North Carolina to southern Florida. Aldora Glass Holdings (www.aldora-architectural.com) is based in Ft. Lauderdale and Coastal Glass Distributors is based in Charleston (www.coastalglassdist.com).

“Leon Silverstein is one of the most experienced and talented executives in the industry. Over a decade ago I had the opportunity to work with Leon directly when he was running his family’s glass fabrication business. This business grew to over $350 million in revenue under Leon’s leadership,” said Scott Hauncher, Superior’s Managing Director. “The strategic fit of Aldora and Coastal was clear from the outset. Both companies were recovering steadily from the building products downturn but lacked the liquidity and scale required to accelerate their growth. The outstanding Coastal management team will remain in place and the combined business now has the product line, capital resources and leadership team to grow rapidly through continued organic and geographic expansion.”

Superior Capital Partners invests in niche manufacturers, value-added distributors and specialty service companies with annual revenues between $10 million and $150 million. Superior will invest up to $15 million of equity per transaction to facilitate management buyouts, corporate spin-offs, recapitalizations, family successions, acquisitions out of bankruptcy and debt purchases. The firm is based in Detroit (www.superiorfund.com).

“My prior experience working with Superior’s team let me know that they would be a great fit for what we needed and a value-added partner to our business. This transaction will merge two complementary glass fabrication businesses that serve adjacent markets and create a top player in the Southeast US,” said Mr. Silverstein. “With the resources now available to the combined business, Aldora and Coastal customers will benefit from the complete line of glass and aluminum products the Company can now provide. In addition, we will be looking aggressively at add-on opportunities in this very fragmented industry.”

© 2013 PEPD • Private Equity’s Leading News Magazine • 8-9-13

Grey Mountain Partners Acquires Shaw Glass Company

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Consolidated Glass Holdings, a portfolio company of Grey Mountain Partners, has acquired the assets of Shaw Glass Company, a designer and manufacturer of architectural glass products.

Shaw Glass Company (dba Solar Seal) is a designer and manufacturer of common and complex fabricated architectural glass products. The company provides its product offering to architects and glazing contractors and has capabilities that include cutting, edging, drilling, fabricating (notching, cut outs, etc.), sandblasting, tempering, insulating, and adding spandrel to glass products. Solar Seal was founded in 1950 and operates out of a 100,000 square foot facility near Boston (www.solarseal.com).

“With its long-standing customer relationships, a state-of-the-art facility, and an extensive product offering Solar Seal has developed a strong reputation for quality and service. As a third-generation family-owned business, we are thrilled to have this outstanding team to bolster CGH’s presence in the New England market and we will work with the Shaw family to continue to grow the business,” said Tom Ryan, CEO of CGH. “We look forward to continuing to expand CGH through additional acquisitions of high-quality assets and businesses and by partnering with strong management teams.”

Consolidated Glass Holdings (CGH) is a fabricator and distributor of impact resistant glass, architectural glass, metals and specialty products for the commercial and residential building maintenance, renovation, and construction markets. The company is headquartered in Denver (no website found).

“The acquisition presents substantial opportunity to continue to grow our presence in the architectural glass market, and we plan to further invest in the future of CGH through strategic acquisitions,” said Beth Lesniak, Vice President of Grey Mountain.

Grey Mountain Partners invests in middle market companies with enterprise values between $30 million and $150 million. The firm is based in Boulder, CO (www.greymountain.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 11-6-12

Grey Mountain Partners Acquires North American Specialty Glass

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Consolidated Glass Holdings (CGH), a portfolio company of Grey Mountain Partners, has acquired the assets of North American Specialty Glass (NASG) out of Chapter 7 Bankruptcy. “With a well-capitalized balance sheet, NASG will be stronger than ever and is poised for tremendous growth. The unique capabilities of NASG will further differentiate and add value to our investments in the glass fabrication space,” said Beth Lesniak, Vice President of Grey Mountain.

North American Specialty Glass is one of the largest safety and security glass producers in the United States, serving customers worldwide in the transportation, architectural, military and other specialty end-use sectors. The company is headquartered in Trumbauersville, PA (www.naspecialtyglass.com).

“With a commitment to customer service and quality products, NASG has a reputation for providing consistently superior laminated glazing systems and components. At CGH, our goal is to bring long-term sustainability to NASG by running a first-class operation and leveraging our other glass fabrication businesses to expand the scope of our offering. We welcome NASG’s talented management team, and we look forward to immediately reopening the business and working with customers to satisfy their needs,” said Tom Ryan, CEO of Consolidated Glass Holdings.

Grey Mountain Partners invests in middle market companies with enterprise values between $30 million and $150 million. The firm is based in Boulder, CO (www.greymountain.com).

“We are thrilled to partner with Grey Mountain and CGH,” said Ted Jenny, President of NASG. “This acquisition and injection of additional capital saved nearly 100 jobs and will allow us to rapidly return to production. We greatly appreciate the continued support of all of our customers through this process. The NASG team is motivated and ready to provide our customers with an even higher level of service and quality products.”

© 2012 PEPD • Private Equity’s Leading News Magazine • 10-18-12

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