Building Products Acquisitions in 2021

Great Day Improvements, a Cleveland-area vertically integrated direct-to-consumer home improvement company, has acquired Champion Windows, a Sharonville, Ohio-based provider of windows, doors, siding, and sunrooms. The acquisition expands Great Day Improvements' national footprint and capabilities in replacement windows and sunrooms, bringing Champion's ~1,100 employees and national presence into Great Day's portfolio.

The AZEK Company (NYSE: AZEK) has acquired StruXure Outdoor, a designer and manufacturer of aluminum pivoting-louver pergolas and cabanas. The deal expands AZEK's outdoor living product portfolio, enabling cross-selling with TimberTech and leveraging AZEK's sourcing, operations and material-science capabilities to drive growth and margin expansion for StruXure.

R/W Specialties, a portfolio company of Strength Capital Partners, completed the purchase of assets and merged operations of America Building Products (ABP). The acquisition expands RW's specialty building-products distribution footprint by adding ABP's millwork, pre-hung door capabilities and product offerings across the Midwest, enabling operational synergies and broader service coverage.

Oldcastle APG, a CRH company, acquired the recycling and mulch operations of South Jersey Agriculture Products (SJAP) in December 2021. The deal expands Oldcastle APG’s manufacturing capacity and market presence in the Mid-Atlantic lawn & garden category by adding recycled-material mulch and soil production capabilities.

UFP Industries’ subsidiary Deckorators, Inc. acquired Ultra Aluminum Manufacturing Inc., a Howell, Michigan manufacturer of ornamental aluminum fencing, gates and railing, for $25.0 million with an additional $2.0 million contingent on performance. The acquisition adds aluminum fencing and railing to Deckorators’ product lineup and preserves existing Ultra leadership while expanding UFP’s building-products offerings.

Indianapolis-based private equity firm CID Capital’s portfolio company, ProSource, LLC, has acquired Marion Davis, Inc., a two-location plumbing, lighting and electrical supplier in Upstate South Carolina. The add-on expands ProSource’s plumbing and lighting capabilities and brings electrical supplies into its product assortment; Marion Davis will be rebranded to ProSource after a transition period.

Incline Equity Partners has acquired Specialty Products and Insulation (SPI), a Charlotte-based value-added distributor and fabricator of insulation and complementary products, from Dunes Point Capital, LP. SPI operates 59 distribution branches and 16 fabrication facilities serving commercial, industrial and residential markets across the U.S. and Canada and will expand Incline's footprint in building-products distribution and specialty fabrication.

CW Industrial Partners, a Cleveland-based industrial private equity firm, has acquired Safe-Way Garage Doors, LLC, a manufacturer and distributor of residential, commercial and industrial overhead garage doors. Safe-Way was a portfolio company of Brixey & Meyer Capital; the transaction will add another building products business to CW Industrial Partners' portfolio and support Safe-Way's continued growth from its Warsaw, Indiana manufacturing operations.

Turning Basin Capital and co-investor Vigeo Investments provided growth equity to National Glazing Solutions (NGS) to fund national expansion and acquisitions. NGS, a Canton, Georgia-based dealer-installer of window film, Riot Glass, printed graphics and signage, will keep its founders James Beale and Patrick Coyle in operating roles while using the capital to scale operations.

Cleveland-based private equity firm CapitalWorks, LLC has acquired Safe-Way Garage Doors, LLC from Brixey & Meyer Capital. Safe-Way, a Warsaw, Indiana–headquartered manufacturer and distributor of residential, commercial and industrial overhead garage doors with distribution centers in Tennessee and Missouri, will become a CapitalWorks platform investment to support continued growth and operational improvements.

Atkore Inc. has acquired Sasco Tubes & Roll Forming Inc., a Toronto-based Canadian manufacturer of metal framing, strut channels and related fittings. The deal (terms undisclosed) expands Atkore’s product portfolio and capabilities in metal framing for the electrical, mechanical, construction and solar markets while Sasco will continue operating at its current Toronto facility.

Ambassador Supply (Fort Wayne, Indiana) acquired Pioneer Industries, LLC (dba Pioneer Truss Company and Pioneer Home Center) of Owensville, Missouri; the transaction closed December 20, 2021. Generational Equity advised the sellers (owners Matthew and Chris Lenauer); Ambassador expands its manufactured building-products footprint and will provide growth capital while retaining existing management and employees.

DMC Global has signed a definitive agreement to acquire a 60% controlling interest in Arcadia Inc. for $282.5 million (cash and stock), with an option to acquire the remaining 40% over three years. The acquisition expands DMC's portfolio into architectural building products and will add Arcadia's ~850 employees and ~$246 million in trailing sales to DMC's operations.

Validor Capital, a private investment firm, has made an investment in Fi-Foil Company, Inc., a manufacturer of reflective and radiant insulation products based in Auburndale, Florida. The transaction (closed December 17, 2021) brings Fi-Foil into Validor’s portfolio to support capability expansion and growth through strengthened manufacturing, distribution, and potential acquisitions; terms were not disclosed.

An affiliate of The Riverside Company completed the acquisition of PFB Corporation (TSX: PFB) by way of a court-approved plan of arrangement, with PFB shareholders receiving CAD 24.10 per common share. The transaction closes PFB’s TSX listing and positions Riverside to support PFB’s growth in Canada and the United States across its EPS insulation, structural insulated panels and engineered geotechnical product lines.

Outdoor Living Brands has acquired Superior Fence & Rail, adding the leading national fencing franchise to its portfolio of outdoor living and home services brands. The deal, completed after Outdoor Living Brands joined LYNX Franchising (a MidOcean Partners portfolio company), expands service offerings for franchisees and customers while accelerating Superior Fence & Rail's national growth.

Colony Hardware, a direct-to-jobsite distributor backed by Audax Private Equity, has acquired Jarco Supply, a North Carolina-based distributor of erosion control, geotextile, stormwater, and concrete/masonry products. The acquisition expands Colony's distribution footprint into North Carolina and represents the company's 23rd acquisition overall and ninth since partnering with Audax.

White Cap Supply Holdings, LLC has acquired Diamond Tool & Fastener, Inc., a Philadelphia-based supplier of tools, fasteners and equipment rental and service. The acquisition adds Diamond Tool’s Philadelphia and Edgewater Park locations and a Bristol distribution center to White Cap’s Northeast footprint, expanding its service and product offerings for professional contractors in the region.

CSW Industrials (Nasdaq: CSWI) acquired Shoemaker Manufacturing of Cle Elum, Washington for $41.3 million, expanding CSWI's HVAC/R product offering and adding domestic manufacturing capacity. The acquisition adds Shoemaker's grilles, registers, and diffusers (GRD) portfolio and increases CSWI's regional presence in the Pacific Northwest while expected to be accretive to earnings in the first full year of ownership.

Denver-based William Ohs has acquired Draper DBS, a custom cabinet shop in Bucks County, Pennsylvania. The acquisition combines two luxury cabinetry makers to expand manufacturing capacity, capture operational synergies, and broaden market reach for high-end kitchen and home cabinetry.

First Capital Partners provided subordinated debt and equity financing, in partnership with Lightspring Capital and Tyrian Capital, to support the acquisitions of Champion Insulation and Modern Insulation — manufacturers of the Weather Blanket brand of cellulose fiber insulation. The investment supports consolidation of regional cellulose-insulation manufacturers that have served customers across the Upper Midwest for decades.

H.I.G. Capital, through an affiliate of its European arm, has completed the acquisition of Standard Hidraulica (STH), a Spain‑based manufacturer of plumbing supplies and bathroom/kitchen taps formerly part of Aalberts N.V. H.I.G. said it will support STH’s transition to an independent company and pursue organic and inorganic growth while leading consolidation across STH’s core markets.

LafargeHolcim in the United States, through its Aggregate Industries operations, has acquired Marshall Concrete Products, a longtime Minneapolis/St. Paul concrete producer. Marshall Concrete, founded in 1936 and employing more than 60 people, will join LafargeHolcim’s US portfolio to strengthen its residential and light commercial concrete offerings in the Twin Cities market.

Tenex Capital Management sold AquaCentral, the No. 2 U.S. distributor of pool equipment and supplies, to Heritage Pool Supply Group (a platform within SRS Distribution) in a transaction that closed on December 10, 2021. As part of the deal, Tenex and other AquaCentral shareholders received a minority equity stake in SRS Distribution, which is backed by Leonard Green & Partners and Berkshire Partners; the combined Heritage/AquaCentral footprint now operates multiple brands and dozens of branches across the U.S.

Commercial Metals Company (CMC) has agreed to acquire Tensar Corporation, a global designer and manufacturer of geogrid products and foundation-improvement technologies, from Castle Harlan for $550 million in cash. The transaction — a sale of a Castle Harlan portfolio company (CHP V) — closed following customary regulatory review; Tensar is headquartered in Alpharetta, Georgia and will expand CMC's construction-products and ground-stabilization capabilities.

NewSpring Mezzanine, alongside Spring Capital and Isleworth Capital Partners, made a growth investment in Boston Valley Terra Cotta to fund sales, marketing and capacity expansion. Boston Valley Terra Cotta, a U.S.-based manufacturer of architectural terra cotta and ceramic building products, will use the proceeds to scale production and commercial efforts to meet growing worldwide demand.

Solmax has completed the acquisition of Propex, a North American geosynthetics manufacturer, strengthening Solmax's product portfolio and manufacturing capacity in non-woven geotextiles and erosion-control solutions. The deal expands Solmax's presence in environmental and civil-infrastructure markets and adds Propex's Ringgold, Georgia manufacturing capability and on-site testing facilities to Solmax's global footprint.

The Marwin Company, a portfolio company backed by Validor Capital, has acquired HB&G Building Products, Inc., a Troy, Alabama-based manufacturer of specialty millwork and front porch columns. The acquisition expands Marwin's product offering and channels to market, strengthening its position in exterior building and outdoor living products.

US LBM has acquired Professional Builders Supply, a building materials distributor operating 12 locations across North and South Carolina. The acquisition expands US LBM’s footprint in the Carolinas and brings Professional Builders Supply’s installation and commercial capabilities into US LBM’s national platform; Van Isley will continue to lead PBS’s day-to-day operations.

GMS Inc. (NYSE: GMS) completed the acquisition of AMES Taping Tools LLC for $212.5 million and also acquired Kimco Supply Company in Florida, while opening a new greenfield location in Johnson City, Tennessee. The transactions expand GMS’s product and geographic footprint—adding automatic taping and finishing tools, a large rental fleet and increased density in the Tampa market.

SiteOne Landscape Supply, Inc. (NYSE: SITE) has acquired Seffner Rock & Gravel, a Tampa-based distributor of natural stone, bulk aggregates, mulch and soil, marking SiteOne’s first hardscapes and bulk materials branch in Florida. The deal expands SiteOne’s hardscapes offering in Central Florida and brings a local, single-location business into its national wholesale distribution network.

Latham Group, Inc. acquired Radiant Pools for approximately $90 million to expand its product portfolio into vinyl-lined, aluminum-walled swimming pools. Radiant Pools, headquartered in Albany, New York and generating about $35 million in annual sales, will be integrated into Latham's dealer network with prior owner Tony Sirco remaining on as a partner to oversee integration.

US LBM, a national distributor of specialty building materials, has agreed to acquire Barrons Lumber, a long-established provider of lumber and specialty building products serving professional builders in the Washington, D.C. metropolitan area. Barrons operates two facilities in Gaithersburg, Maryland and Manassas, Virginia; Jim Davis will continue to lead day-to-day operations and The JIAN Group acted as financial advisor to Barrons.

Monument MicroCap Partners has acquired San Benito Shutter (Hollister, CA) and Lewis Cabinet Specialties (Tremonton, UT) from LongWater Opportunities. The deal transfers two building-products businesses — a national shutter distributor and a custom cabinet components manufacturer — to Monument as part of its microcap investment strategy.

Installed Building Products, Inc. (NYSE: IBP) acquired CFI Insulation, Inc., a Knoxville, Tennessee-based installer of fiberglass and spray foam insulation. The acquisition (CFI reported ~ $10 million of annual revenue) expands IBP’s footprint in Tennessee and its presence in residential, multifamily and commercial construction end markets.

NSI Industries, a Huntsville-based electrical products distributor, has acquired Duro Dyne Corp., a Bay Shore, New York sheet metal manufacturer serving the HVAC industry. The acquisition adds the HVAC market and sheet metal accessory manufacturing capabilities to NSI's distribution platform; terms were not disclosed.

Ferguson Enterprises has acquired The Kitchen Showcase, Inc. (TKSI), a Denver-area kitchen and bath design center founded in 1984 and headquartered in Centennial, Colorado. SLATE Partners advised the Pfaff family shareholders on the sale, which will give TKSI access to Ferguson's distribution scale and resources to support continued growth and expanded customer offerings.

BuildDirect.com Technologies Inc. acquired Michigan-based full-service flooring retailer Superb Flooring & Design LLC for USD $10 million, closing on November 17, 2021. The deal adds Superb's established Pro customer base and on-the-ground installation and project management capabilities (Superb reported >$18M revenue and >$2M EBITDA trailing 12 months), enabling BuildDirect to expand its U.S. mid-West Pro market share and leverage its digital and supply-chain platform.

AURELIUS Equity Opportunities SE & Co. KGaA completed a carve-out acquisition of German window and door manufacturer Unilux from Dovista A/S, effective November 17, 2021. Unilux, headquartered in Salmtal, Germany, reported revenues of more than EUR 40 million in 2020 with over 300 employees; AURELIUS intends to streamline operations and pursue growth in wood/wood‑aluminium and PVC product segments.

National Timber Group, a portfolio company of Cairngorm Capital Partners, has acquired Orchard Timber Products Limited, a specialist timber and solid wood flooring distributor headquartered in Forfar, Scotland. The deal expands NTG's footprint in Scotland and adds complementary solid wood flooring capability and stockholding to the Group's product offering; Orchard Timber's owners (Scott McKinlay, Kevin Golder and Stuart Fraser) will remain working in the business.

SiteOne Landscape Supply, Inc. (SITE) has acquired Semco Stone, LLC, a Midwest natural stone distributor with locations in Perryville (MO), Cincinnati (OH), Columbus (OH) and Kansas City (MO). The acquisition expands SiteOne's footprint and product offering in the Midwest natural/building stone and landscape supplies market.

Midland Industries, a portfolio company of Wynnchurch Capital, has acquired Century Brass Products, a Long Island-based distributor of machined brass fittings, valves and related plumbing supplies. The deal expands Midland's product offering and geographic footprint in the plumbing wholesale channel and integrates Century Brass into Midland's manufacturing and distribution platform.

Charlesbank Capital Partners has acquired Empire Today, the largest shop-at-home direct-to-consumer flooring company in the United States, from H.I.G. Capital. H.I.G. will remain a minority investor alongside management; terms were not disclosed.

Cornerstone Building Brands, the largest North American manufacturer of exterior building products, has entered into and completed the acquisition of Union Corrugating Company Holdings, Inc., a metal roofing and components manufacturer headquartered in Fayetteville, North Carolina. The deal—funded with cash on hand—adds UCC's ~700 employees and roughly $250 million in trailing twelve-month sales to Cornerstone and expands the company's offerings into the high-growth residential metal roofing market while delivering manufacturing scale benefits.

West Shore Home, a Pennsylvania-based technology-enabled home improvement company, has acquired Skyline Windows of Richmond, a Richmond, Virginia window replacement business. The acquisition expands West Shore Home’s Virginia footprint and adds Skyline’s $4.5 million in 2020 sales and 24 employees to the platform as an add-on to accelerate geographic growth.

MOTIS Brands, a Rotunda Capital Partners portfolio company, has acquired Pier of d'Nort, a St. Germain, Wisconsin-based manufacturer of patented aluminum pier systems. The add-on expands MOTIS's assortment in the outdoor/marine pier category and bolsters its U.S. manufacturing capabilities.

Private equity funds managed by Blackstone have completed the acquisition of Chamberlain Group from The Duchossois Group. The investment positions Chamberlain Group to scale its hardware and software-based connected access services (myQ) into broader commercial, industrial and automotive markets, while The Duchossois Group retains meaningful equity and board representation.

Oldcastle APG, a subsidiary of CRH plc, has acquired Pebble Technology International (Pebble Tec) from Graycliff Partners LP. Pebble Tec, based in Scottsdale, Arizona, is a leading maker of branded outdoor living products focused on aggregate swimming pool finishes; Graycliff acquired the company in 2018 and grew its supply network and product portfolio prior to the sale.

US LBM has acquired Arrowhead Stairs & Trim, a Dallas–Fort Worth producer and installer of millwork, stairs, doors and related hardware. The acquisition expands US LBM’s specialty millwork and turn-key installation capabilities in the Dallas-Ft. Worth market and strengthens its product and service offering for custom and production homebuilders in Texas.

Artisan Design Group (a portfolio company of The Sterling Group) has acquired Accents & Interiors, a Woodinville, Washington-based provider of flooring and solid-surface products and installation. The acquisition expands ADG's presence in the greater Puget Sound / Western Washington single-family market and adds countertops and window-covering capabilities to ADG's product offering.