Corinthian Capital has acquired Eastern Wholesale Fence Co., a manufacturer and distributor of residential and commercial fence products.
Eastern Wholesale Fence (EWF) supplies a full line of wood, vinyl, and chain-link fences; aluminum and steel ornamental products; welded mesh, guide rail, and post and rail fences. Company owned brand names include EverStrong, Grand Illusions, System21, Eastern White Cedar, Eastern Ornamental, and Eastern Chain-Link. EWF was founded in 1971 by Peter Williams, Sr. and is headquartered on Long Island in Medford, NY (www.easternfence.com). Post-closing, Peter Williams, Jr. remains as Eastern’s CEO and he has a meaningful ownership stake in the business. Peter Williams, Sr. has retired from the day-to-day operations of the company.
“We are excited to be backing a strong, well-established management team at Eastern Fence, led by long-time CEO Peter Williams, Jr.,” said C. Kenneth Clay, Executive Managing Director of Corinthian Capital.
Corinthian Capital targets investments in North America-based niche market leaders in the manufacturing, distribution, service and consumer products segments that have revenues between $50 million and $250 million and EBITDA between $10 million and $30 million. The firm was founded in 2005 and is based in New York with an additional office in Boston (www.corinthiancap.com).
The DAK Group was the exclusive investment banker and financial advisor to EWF, initiating and managing the transaction. The DAK Group team included President Alan Scharfstein, Managing Director Steve Raymond, and Director Ari Fuchs. “With this transaction Eastern Wholesale Fence’s founders have been able to monetize the exceptional business that they have built, while gaining a strategic partner to help them accelerate their industry leadership position,” said Mr. Scharfstein. The DAK Group is headquartered in Rochelle Park, NJ with additional offices in New York and Philadelphia (www.dakgroup.com).
© 2017 Private Equity Professional | April 27, 2017