Olympia Chimney Supply, a portfolio company of Argosy Private Equity, has acquired Copperfield Chimney Supply, a distributor of hearth and chimney systems, from The Home Depot.
Copperfield serves more than 5,500 customers including chimney professionals, hearth specialty retailers and other distributors. Company-owned brand names include HomeSaver, Woodfield, Gelco, Lock-Top and Lyemance.
Copperfield, founded by industry icon Bob “Sooty” Daniels, is headquartered in Fairfield, IA and has more than 80 employees with five distribution centers located in California, North Carolina, Ohio, Massachusetts, and New Jersey (www.copperfield.com).
The Home Depot acquired Copperfield in July 2015 as part of its purchase of Interline Brands, a distributor of facilities maintenance, repair and operations products, from Goldman Sachs Capital Partners and P2 Capital Partners.
Olympia Chimney, acquired by Argosy in May 2012, is a designer, manufacturer and distributor of stainless steel chimney liners, venting systems for heating appliances, and other accessories to venting professionals and hearth retailers throughout the United States. The company, led by CEO Bryan Yourdon, was founded in 1999 by Will Kozlansky and is headquartered in Scranton, PA with additional distribution centers in North Carolina, Indiana, Oregon and New Hampshire (www.olympiachimney.com).
“Olympia’s acquisition of Copperfield brings together two of the biggest names in the chimney and venting industry. Each company has a unique history but we share a strong passion for high-quality products, innovation and exceptional customer service,” said Mr. Kozlansky.
“Olympia is the perfect fit for us,” said Julie Kobliska, a vice president at Copperfield Chimney. “They manufacture some of the highest-quality products in the industry and are the thought leaders in chimney safety and industry education.”
Argosy Private Equity invests from $5 million to $20 million in lower middle market companies that have revenues of $15 million to $100 million and EBITDA of $3 million to $9 million with EBITDA margins of 10% or greater. Sectors of interest include business services and manufacturing. Argosy Private Equity is a division of Argosy Capital Group, an investment adviser with $1.3 billion of assets under management. The firm was founded in 1990 and is headquartered in the Philadelphia suburb of Wayne, PA (www.argosycapital.com).
Raymond James was the financial advisor to The Home Depot on this transaction.
© 2019 Private Equity Professional | January 7, 2019
