windows

Riverside Sells Polar Windows

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The Riverside Company has sold Polar Windows to Henry & Wallace, Morris Capital Management, and members of the company’s senior management team.

Polar Windows manufactures and sells premium window and door systems designed to provide energy efficiency, durability and comfort to residential customers living in climates prone to extreme weather.  The company sells its window and door systems through a network of sales agents. Polar Windows is led by CEO Stephen Segal and is based in Winnipeg (www.polarwindows.com).

Riverside acquired Polar Windows in December 2007. After a challenging four-year period from 2010 to 2013, the company grew substantially and the business returned to profitability after upgrading the management team, enhancing the sales force and streamlining operations to reduce costs.

Henry & Wallace is a management company with a portfolio of products primarily focused on the real estate and building products industries.  The company is based in Knoxville, TN (www.henryandwallace.com).

Morris Capital Management is a private equity firm focused on investing equity capital in turnarounds, non-distressed leveraged buyouts and businesses re-engineering in the middle market.  The firm targets manufacturing and distribution businesses with annual revenues up to $75 million. Morris Capital is based in Chattanooga, TN (www.morriscapitalmanagement.com).

SSG Capital Advisors (www.ssgca.com) was the investment banker to Polar Windows on this transaction.

© 2017 Private Equity Professional | January 26, 2017

Highlander Partners Acquires Custom Window Systems

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Highlander Partners has acquired Custom Window Systems, a designer, manufacturer, and marketer of windows and doors.

Custom Window Systems (CWS) is a designer, manufacturer, and marketer of impact-resistant and non-impact windows and doors, as well as porch enclosure products.  CWS primarily serves the repair and remodeling markets in Florida and other coastal regions that maintain strict building codes due to exposure to high winds, tropical storms, and hurricanes.  The company was founded in 1986 and has 290 employees. CWS is based in Ocala, FL (www.cws.cc).

CWS will continue to operate under its existing name and operating structure.  Greg Schorr, a Senior Advisor for Highlander Partners, will join CWS as the President and Chief Executive Officer.  Mr. Schorr was formerly the President and COO of the parent company of Simonton Windows.   John Cwik, the founder of CWS, President and CEO, will continue to work with the company in a consulting and advisory role.

“I think this is the perfect time to reenter the window and door industry and I am glad to do it in partnership with Highlander.  We see a huge opportunity to capitalize on a rebounding housing market with one of the nation’s leading independent designers and manufacturers of windows and doors,” said Mr. Schorr.

“We are very excited about the opportunity to draw on our collective backgrounds in the window and door industry and leverage our expertise in working with CWS.  John and his team did a great job of managing the business through the downturn, and John’s forward-looking decision to refocus his operations from aluminum to vinyl windows and doors in 2006 positions the company to capitalize on a long-term market transition to vinyl, which has been driven by energy code changes,” said Jeff Hull, Highlander’s Managing Partner and the new Chairman of CWS.  Mr. Hull is the former Chairman, President, and Chief Executive Officer of Atrium Companies Inc., one of the largest window and door manufacturers in the United States.  “We see a rebounding housing market and believe additional acquisition opportunities exist that could further a national window company strategy.”

Highlander Partners makes investments in middle market businesses in targeted industries in which the principals of the firm have significant operating and investing experience. Sectors of interest include healthcare, basic manufacturing, food, and building materials. The firm has over $400 million in capital under management and is based in Dallas, TX (www.highlander-partners.com).

Regions Bank provided senior financing facilities for this acquisition and Raymond James served as the exclusive financial advisor to CWS.

© 2012 PEPD • Private Equity’s Leading News Magazine • 12-12-12