Weaver Leather, a portfolio company of Capital Partners since October 2008, has been acquired by River Associates.
Weaver Leather is an enthusiast brand of leather and nylon products sold to the retail and wholesale equine, pet, arborist, and livestock markets. The company’s products include equine tack and accessories, saddle and tack hardware, pet collars and leashes, livestock show products, arborist climbing equipment, leather hides, and leatherworking tools and equipment. The company was founded as the Fryburg Shoe Shop in 1973 by Harry Weaver. Today, the company has more than 200,000 sq. ft. of manufacturing and warehouse space at its headquarters located southwest of Akron in Mt. Hope, OH (www.weaverleather.com).
“In River Associates, we have found a partner who shares our values, respects our culture and provides Weaver with the resources it needs to grow far into the future,” said Paul Weaver, CEO of Weaver. “I am very proud of Weaver’s talented management team and employees, and I expect an excellent partnership with River over the years to come.”
Investment bank Greene Holcomb Fisher (www.ghf.net) initiated the transaction, assisted in negotiations and served as the exclusive financial advisor to Weaver. “Greene Holcomb Fisher was a great partner for us during the whole process,” said Mark Allsteadt, a Managing Director of Capital Partners. “GHF’s industry knowledge and strong execution capabilities were instrumental in helping achieve a great outcome through a well-orchestrated, highly competitive auction process. We could not be happier with the outcome for the company and its management team.”
“On the heels of the Mills Fleet Farm transaction announced two weeks ago, the Weaver transaction represents another successful transaction for GHF’s Consumer team,” said Kent Adams, Managing Director at GHF. “The transaction with River Associates and its debt financing partners – Northstar Capital and Madison Capital Funding – allows Capital Partners to recognize the significant value they have helped build over the past eight years and positions the Weaver management team with a great new partner to capitalize on the company’s leadership and momentum across its multiple niche sectors.”
Capital Partners makes control or minority equity investments in middle-market manufacturing, distribution, services, consumer, and food companies. Target companies will be based in North America and have EBITDA from $4 million to $25 million. Capital Partners is led by its three Managing Directors – Brian Fitzgerald, Mark Allsteadt, Robert Tucker and Edwin Tan. The firm was founded in 1982 and is headquartered in Norwalk, CT (www.capitalpartners.com).
River Associates invests in companies with revenues of $20 million to $100 million and EBITDA of $3 million to $12 million. Sectors of interest include niche manufacturing, high margin distribution and industrial services. The firm was founded in 1989 and to date has completed 76 investments, including platform and add-on acquisitions. River Associates is based in Chattanooga, TN (www.riverassociatesllc.com).
© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 3-17-16
