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High Road Capital Acquires York Wallcoverings

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york wall nf1High Road Capital Partners has acquired York Wallcoverings, America’s oldest and largest wallpaper manufacturer. High Road’s acquisition of York Wallcoverings closed on March 4, 2015.  This is the fourth platform acquisition completed by the firm’s second fund.

Jeff Goodrich nf1“York Wallcoverings has a strong competitive position, backed by 120 years of operating experience and expertise,” said Jeff Goodrich, High Road Partner. “Prospects are strong for the commercial and residential wallcovering markets, marked by an uptick in remodeling and new construction spending. York has many opportunities for growth, both organic and through acquisition or expansion into related product lines, and we are excited to partner with their management team.”

York Wallcoverings is a manufacturer of wallpaper, borders, murals, and RoomMates peel-and-stick removable and reusable wall decals.  York’s portfolio of proprietary and licensed brands includes Antonina Vella, Ashford House, Candice Olson, Carey Lind, Ronald Redding Designs, Waverly, and York.   York’s products are sold through a network of interior design firms and domestic and international distributors, and in online, specialty and big-box retail stores.  The company’s products are sold in more than 85 countries with a market leadership position in North America.  York employs about 385 people at two factories in York, PA which is located about 60 miles north of Baltimore. The company was founded in 1895 (www.yorkwall.com).

dan gaspar nf1“York’s extensive manufacturing capabilities and printing technologies are unmatched in the industry. York uses rare and historic printing presses to achieve unique designs, as well as state-of-the-art presses and digital printing technologies.  These are crucial to delivering high-end, innovative stylings and customizable products to customers,” said High Road Principal Dan Gaspar.

Mr. Goodrich and Mr. Gaspar led the transaction for High Road, assisted by Jerry Anderson and James Karle.  High Road invests in manufacturing, service, or value-added distribution businesses with revenues of $10 million to $100 million and EBITDAs of $3 million to $10 million.  High Road has now completed 35 transactions – 13 platform investments, 18 add-on acquisitions and four exits – since its founding in 2007.  High Road is based in New York (www.highroadcap.com).

U.S. Bank (www.usbank.com) and M&T Bank (www.mtb.com) provided senior debt financing for the transaction.  Babson Capital Management (www.BabsonCapital.com) provided subordinated debt and also invested equity alongside High Road.

“For over a century, York has provided its customers with market-leading design capabilities and exceptional products, reflected in our portfolio of 15,000 wallpapers, with more than 5,000 proprietary designs and well-respected brands;” said Carl Vizzi, President and Chief Executive Officer of York Wallcoverings.  “We look forward to working with High Road and continuing the company’s successful expansion.” Mr. Vizzi will continue to lead the company post-closing. He and other members of York’s senior management team invested in the transaction alongside High Road.

Philadelphia investment bank Mufson Howe Hunter & Company (www.mhhco.com) initiated the transaction and acted as the exclusive financial advisor to York Wallcoverings.

© 2015 PEPD • Private Equity’s Leading News Magazine • 3-9-15

Riverside Exits Thibaut

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thibaut nf1The Riverside Company has sold its stake in Thibaut, a designer and distributor of high-end wallpaper, fabric and furniture.

Thibaut designs upscale wallpaper and fabric, distributing its products through channels such as interior designers, designer showrooms and retail decorating centers. The company uses exclusive artwork created by its in-house design team.  Thibaut was founded in 1886 and is the nation’s oldest continuously operating wallpaper firm.  The company is based in Newark, NJ (www.thibautdesign.com)

Riverside invested in Thibaut in 2006 and supported the company through the Global Financial Crisis and resulting severe downturn in remodeling, and ultimately helped the company increase employment by almost 50%, and grow revenues by more than 50% while more than doubling EBITDA during the hold period.

schlachet nf“Thibaut offered a large catalog of beautiful, premium products and a well-known and respected brand among interior designers,” said Riverside Managing Partner Loren Schlachet. “While we faced unexpected macroeconomic challenges, we worked with a great management team to create a bigger and better company with a broader product offering in the end.”

In addition to supporting the company through a time when many suppliers and competitors struggled or even went out of business, Riverside completed the add-on of London-based Anna French, which diversified core products, and helped Thibaut launch a new product line in Thibaut Fine Furniture, which is growing rapidly and fits Thibaut’s model of designer-driven sales.

nestor nf1“This sale is the culmination of a very successful eight-year partnership with Thibaut CEO Bob Senior and his talented management team,” said Riverside Partner Jack Nestor. “Thibaut is well-positioned for continued growth in the future as one of the most innovative and well-respected designers in the high-end wallpaper and fabric industry.”

Working on the transaction with Mr. Schlachet and Mr. Nestor from Riverside were Global Executive Operating Partner Ron Sansom, Principal Joe Manning, Associate Elaine Ho, and Origination Principal Amy Margolis.

BB&T Capital Markets served as the investment bank and Jones Day and Deloitte advised Riverside on the transaction.

The Riverside Company is focused on the smaller end of the middle market and invests in businesses valued at up to $250 million (€200 million in Europe). Since 1988, the firm has invested in more than 340 transactions with a total enterprise value of more than $6 billion. The firm’s international portfolio includes more than 70 companies.  The Riverside Company is headquartered in New York with additional offices in Atlanta, Chicago, Cleveland, Dallas, Los Angeles, San Francisco, and London (www.riversidecompany.com).

2014 PEPD • Private Equity’s Leading News Magazine • 6-24-14

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