Bertram Capital has sold Clarus, a maker of writable glass boards and architectural glass products, to The Riverside Company.
Clarus is a designer and manufacturer of glassboards and other glass writing surfaces that are used in private offices, conference rooms, and collaborative spaces in the corporate, education, healthcare and government sectors. The company’s products are manufactured at the company’s facility in Fort Worth, TX (headquarters) and are sold into the architectural, design, and commercial furniture channels. Clarus was founded in 2009 and is led by CEO Cosmo Santullo (www.clarus.com).
Bertram Capital first invested in Clarus in March 2015 and during the term of its ownership Clarus tripled in revenue and more than doubled its production capacity. “With the closing of the Clarus transaction, we mark the completion of a successful partnership with an exceptional management team and category-defining company,” said Kevin Yamashita, a Partner at Bertram Capital and investment lead for Clarus. “Through the addition of key management and sales and operational resources to the company’s core team, we helped build on what was already a premier operating platform to create an undisputed market leader.”
The glassboard market growing rapidly, partly driven by the many functional and aesthetic advantages that glassboards offer over other writable surfaces. “Clarus has many avenues for continued growth,” said Riverside Partner Hunter Peterson. “With the continued shift towards collaborative workspaces and the conversion away from traditional whiteboards, the glassboard market should continue to grow across various end markets.”
The Riverside Company is a global private equity firm focused on investing in and acquiring growing businesses valued at up to $400 million. Since its founding in 1988, Riverside has invested in more than 530 transactions and its portfolio includes more than 80 companies. The firm is headquartered in New York with 16 additional US and international offices (www.riversidecompany.com).
Bertram invests in middle-market business services, consumer, industrial and manufacturing companies that have revenues from $25 million to $250 million and EBITDA of $5 million to $30 million. To drive growth and create value in its portfolio companies, Bertram uses an investment strategy called “High 5” which focuses on five core operating principles – sales and marketing improvement, management support, supply chain optimization, technology optimization, and add-on acquisitions. The firm is headquartered south of San Francisco in San Mateo, CA (www.bertramcapital.com). The sale of Clarus is Bertram’s ninth exit since the firm’s founding in 2006.
Piper Jaffray was the financial advisor to Clarus and Bertram.
© 2018 Private Equity Professional | May 21, 2018
