Riverside Bonds With Window Film Manufacturer
Leveraged Buyout Secures New Platform in Commonwealth Laminating & Coating, Inc.
April 19, 2006 | New York; Cleveland; Dallas; San Francisco;
Atlanta; Chicago; Budapest, Hungary; Munich, Germany; Prague, Czech
Republic; Warsaw, Poland - April 19, 2006 - Moving quickly from the
acquisition of a hearth products manufacturer just two weeks ago, The
Riverside Company - the largest private equity firm investing in premier
companies at the smaller end of the middle market - has wrapped up yet
another deal. Today, the firm announced its acquisition of Commonwealth
Laminating & Coating ("CLC"), a designer, manufacturer and marketer of
window film for the automotive, residential and commercial markets.
This deal marks Riverside's seventh acquisition of 2006.
Window film reduces heat and exposure to UV rays, while enhancing
safety and privacy - as most parents of young children will attest.
Manufacturing high-quality window film requires precise production
controls to meet exacting optical and installation requirements. CLC
has established itself as a leading company in this market as a result
of employing state-of-the-art production methods and equipment, a
dealer-direct distribution system, and an experienced senior management
team.
CLC offers approximately 90 SKUs across 17 product families,
which it manufactures and distributes directly to dealers from
centers located in Martinsville, Houston, Phoenix and Dania Beach,
Florida (near Ft. Lauderdale). In addition, the Company accesses the
international market via a network of established distributors. CLC
recently received a patent on a colorization technology that enables
it to produce films with excellent performance attributes over a broad
color spectrum. CLC's brand, SunTek, is widely recognized throughout
the industry.
"With clear benefits to end-users - whether residential homeowners,
commercial property managers and developers, or automobile owners - we
believe the window film industry is an attractive space in which to invest,"
noted Steve Dyke, Riverside Principal who led this transaction. "We are
excited to partner with an outstanding management team that has turned
CLC into one of the industry's most innovative and fastest growing companies."
"We look forward to supporting management's efforts to develop new,
innovative products that offer customers a strong value proposition,"
added Andrew Strauss, Riverside's Managing Partner. "And, as is typical
for all Riverside platform investments, we will seek complementary add-on
acquisitions for CLC."
"Partnering with Riverside will strengthen our company," said Steve
Phillips, President of CLC. "With Riverside as a partner, we'll be in a
much stronger position to support planned future facility expansions,
capital equipment investments, geographic expansion, and future acquisitions
of other companies that will offer value in the future growth of CLC.
It's very good news for CLC and our customers."
Working with Dyke on the acquisition were Matt Dailey, Vice President,
and Adam Friend, Associate. Equity for the transaction was provided by
management and Riverside's 2003 fund, which has made 21 investments in its
life to date. Financing was provided by Freeport Financial.
The Riverside Company
The Riverside Company is the largest private equity firm focused on
the smaller end of the middle market and is one of the industry's most
experienced leveraged buyout investors. Riverside specializes in premier
companies with enterprise values of less than $100 million, and partners
with strong management teams to build companies through acquisitions and
value-added growth. Since 1988, the firm has invested in 128 transactions
with a total value of $2.1 billion, sales of $2.4 billion, EBITDA of $263
million and more than 11,000 employees. Its current portfolio in the U.S.
and Europe numbers 45. Riverside offers SureCloseŽ (the highest certainty
that a transaction will close) and the resources to complete acquisitions
smoothly and in as little as 30 days - thanks to its sizeable pool of capital
under management ($1.4 billion in six funds and growing), large staff in 10
offices (New York, Cleveland, Dallas, San Francisco, Atlanta, Chicago, Budapest,
Munich, Prague, and Warsaw), and long-standing relationships with partner
lenders. The firm has produced top quartile returns for its investors, which
are among the world's leading pension funds, endowments, funds-of-funds,
insurance companies and banks.
Commonwealth Laminating & Coating, Inc.
Commonwealth Laminating & Coating, Inc. (CLC), headquartered in Martinsville,
Virginia, is a rapidly growing designer, manufacturer and distributor of window
film to the automotive, residential and commercial markets. Window film, which
reduces heat, blocks UV rays and cuts glare, is used in applications where
energy efficiency, privacy and/or safety are sought. CLC employs state-of-the-art
manufacturing methods and equipment to produce a broad line of window film
products. The Company distributes its products directly to dealers through
centers in Martinsville, Houston, Phoenix and Dania Beach, Florida. For more
information on the Company's products, please visit www.suntekfilms.com.
For more information, contact:
Christine Croissant
The Riverside Company
216-344-1180
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