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Saw Mill Closes Another Platform

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Saw Mill Capital has acquired Nemo Tile, a designer and distributor of tile, stone, and setting materials.

The buy of Nemo Tile is the eighth investment made by Saw Mill’s most recent private equity fund, Saw Mill Capital Partners II LP, which closed in July 2017 with an above-target $340 million in capital.

Nemo Tile designs and sells its tile and stone products, primarily under its own brand, through the architecture and design, contractor, and retail channels. The company’s products are used in both commercial and residential construction projects.

Nemo Tile, led by CEO Matt Karlin, was founded in 1921 and is headquartered in New York City.

“The unique perspective Saw Mill was able to generate through their industry research and past investment experience in building products and the architecture and design channel allowed them to quickly understand both our market and growth strategy,” said Mr. Karlin. “Having interacted significantly with their team during our partnership discussions, I am confident that this relationship will allow our business to reach its full potential as we pursue new growth opportunities.”

“Nemo Tile’s strong, 100-year-old brand, combined with its advantageous supply chain and rare design capabilities, delivers a compelling value proposition to its customers,” said Scott Rivard, a partner at Saw Mill. “The company’s differentiated focus on the architecture and design channel has resulted in a defensible position in an attractive segment of tile and stone. We are excited to partner with Matt and his team to grow the business and support the company as it continues to execute against its strategic initiatives, which will include both organic and acquisitive growth opportunities.”

Saw Mill’s transaction team was led by Mr. Rivard along with Vice President Daniel Gregg and Associate Samuel Tedesco.

Saw Mill invests in North American-based manufacturing, industrial and commercial services, and specialty distribution businesses with $25 million to $200 million of revenues and $5 million to $25 million of EBITDA. The firm was founded in 1997 and is headquartered north of New York City in Briarcliff Manor, New York.

© 2021 Private Equity Professional | March 18, 2021

Salt Creek Picks Up Rock Ridge Stone

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Salt Creek Capital has acquired Rock Ridge Stone, a manufacturer of thermal bluestone for the building products industry.

Rock Ridge Stone quarries, manufactures and distributes natural stone products used in a variety of outdoor applications.  Thermal bluestone is a natural stone product that is “treated” to create a coarse surface, making it ideal for higher-end outdoor applications for the residential construction, home improvement and commercial real estate markets. Rock Ridge Stone was founded in 1986 and is based in Montrose, PA (no website found).

Upon closing of the transaction, Augie DeLuca, an Executive Partner of Salt Creek Capital since 2014, will become the new CEO of Rock Ridge Stone.  “We are pleased to complete this acquisition and feel confident that Rock Ridge is well-positioned to take advantage of future industry growth. We look forward to our partnership with Mr. DeLuca who will serve as the company’s incoming-CEO, and who played an instrumental role in completing the transaction,” said Jon Beizer, Managing Director of Salt Creek Capital.

Prior to joining Salt Creek, Mr. DeLuca served as Chief Marketing Officer at two private equity portfolio companies within the consumer products industry:  Materne North America, a maker and marketer of fruit-based snacks, and Quickie Manufacturing, a marketer and manufacturer of cleaning tools. Earlier in his career he held various general management, marketing and sales roles at Kraft, Newell Rubbermaid and Clorox having financial responsibility for businesses ranging from $20 million to $450 million.

Salt Creek Capital invests in lower middle-market companies located anywhere in the US that have $3 million to $50 million in revenue. Sectors of interest include business services, distribution, energy services, franchising, logistics and specialty finance. The firm is based in Menlo Park (www.saltcreekcap.com).

© 2015 PEPD • Private Equity’s Leading News Magazine • 6-15-15