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Acquisition
| Investment Date: |
Sep. 1995
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| Revenue: |
$110M
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| Fenway Investment: |
$64M
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(Fund I)
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Value Creation
- Recruited senior leadership team to drive value creation and create service-focused culture
- Overhauled manufacturing operations to create one of the most efficent and highest quality producers in the industry
- Repositioned product line to expand vinyl window offering and vertically integrated into vinyl extrusion
- Instituted metrics and IT systems to drive accountability for results
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Overview |
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| Regional window company based in the southeastern United States. |
Investment Profile
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- Service business: short lead times impose high service requirements
- Favorable demographic growth in the south
- Vinyl windows gaining share
- Well-known regional brand
- Strong and long standing customer relationships
- Good workforce willing to embrace productivity initiatives
- Rapid inventory turns and low capex result in attractive free cash flow
- Margin weakness vs. peer group
- Lack of attention to systems and processes resulting in inefficient operations
- Inadequate focus on new product development
- Complex, bureaucratic management hierarchy
- Date of Exit- February 2003
- Total Enterprise Value- $183M
- Multiple of Capital- 1.8x
- Revenues at Exit- $216M
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Facts at a Glance
