Building Products Acquisitions in Wisconsin

On Track Partners has acquired Carey's Seamless Gutters & Overhead Doors, a Wisconsin-based provider of seamless gutter systems and garage door installation, service, and repair. The acquisition expands On Track Partners' garage door services platform across the Midwest; Carey's will continue operating under its existing name with its leadership and employees remaining in place.

KI Wall, a division of KI, has acquired Wausau-based glass fabricator Custom Glass Products, LLC–Wisconsin (CGP-WI). The acquisition strengthens KI Wall's fabrication alignment for storefront and glass-intensive wall systems, improving lead times, customization and responsiveness while CGP-WI will continue to operate as a standalone business.

Pella Corporation has acquired Weather Shield Windows & Doors, a premium manufacturer of architectural wood and aluminum windows and doors based in Medford, Wisconsin. The acquisition brings complementary product capabilities and premium design expertise to Pella's portfolio to accelerate growth in the premium window and door market; financial terms were not disclosed and Northborne Partners served as Weather Shield's financial advisor.

White Cap has completed the acquisition of the business of Advanced Fastening Supply (AFS), a Wisconsin-based supplier of fasteners, tools, safety products and related accessories. The AFS business will be integrated into White Cap's suite of brands, branches and value-added services to expand White Cap's product offering and regional footprint.

Madison Air, the indoor-air platform of privately held Madison Industries, has acquired Research Products Corporation (RPC), the maker of AprilAire, driSteem, Anden and RPFilters. The deal brings RPC’s residential and commercial indoor air quality products and expertise into Madison Air’s portfolio to expand capabilities across HVAC, filtration, humidification/dehumidification and air purification markets.

Cobalt Service Partners, a commercial access solutions platform backed by Alpine Investors, acquired Automatic Entrances of Wisconsin (AEW), a leading automatic door installation and service provider based in Waukesha, Wisconsin. Founder Bill Holcomb retired as part of the transaction while long-time partner Jay Walt will remain with the business; the deal is an add-on to Cobalt's platform (its ninth acquisition since December 2023).

US LBM has acquired Automated Products, Inc. (API), a Marshfield, Wisconsin-based manufacturer of roof trusses, floor trusses and prefabricated wall and floor panels. The acquisition expands US LBM’s structural component manufacturing capabilities and strengthens its support for residential and commercial builders across Wisconsin and the upper Midwest; API’s leadership will remain in place.

Nucor Corporation has agreed to acquire Rytec Corporation, a Wisconsin-based manufacturer of high-speed, high-performance commercial doors, in an all-cash transaction valued at $565 million. The acquisition expands Nucor's building products portfolio and creates cross-selling opportunities across its commercial markets; Rytec operates two manufacturing facilities in Wisconsin with over 300 teammates.

Star Equity Holdings, Inc. completed the acquisition of Timber Technologies, LLC (Timber Tech), a Colfax, Wisconsin-based glue-laminated timber (glulam) manufacturer, effective May 17, 2024. The cash-free, debt-free purchase price was $23 million (including upfront cash, deferred cash and an earn-out), with associated real estate to be acquired separately for $3 million; Timber Tech reported 2023 revenue of $18.8 million and Adjusted EBITDA of $5.5 million.

Carlisle Companies (NYSE: CSL) completed the acquisition of MTL Holdings from GreyLion Partners for $410 million in cash. MTL, a Waukesha-based manufacturer of prefabricated perimeter edge metal systems and non-insulated architectural wall panels (brands include Metal-Era, Hickman and Citadel), generated $132 million of revenue for the twelve months ended February 29, 2024; Carlisle expects ~$13 million of cost synergies and ~$0.60 of adjusted EPS accretion in the first full fiscal year.

Horizon Commercial Pools, a portfolio company of permanent-capital investor Northrim Horizon L.P., has acquired Valley Aquatic Solutions, a Wisconsin-based provider of commercial pool chemicals, equipment, service, water-quality management, renovation and finishing. The deal is an add-on to Horizon's existing platform to deepen its Midwest footprint and continues the owners' transition of the business from founders Ken and Karen Walther to Horizon.

Watts Water Technologies, Inc. agreed to acquire Bradley Corporation for $303 million (approximately $268 million net of estimated tax benefits) to expand its water solutions portfolio. The acquisition adds Bradley's front-of-the-wall commercial washroom and emergency safety product lines, increases exposure to commercial and industrial end markets, and is expected to generate cost synergies and be accretive to Adjusted EPS in 2024.

DecksDirect, a Harbour Group company, has acquired DIY Home Center, an online distributor of deck components and exterior building products based in Green Bay, Wisconsin. The add-on expands DecksDirect's outdoor building product assortment and provides access to new customers and distribution channels; terms were not disclosed.

Vancouver-based Tricor Pacific Capital has made an investment in Eden-Valders Stone, partnering with Eden-Valders President Barry Gesell, EXI Investment Partners, and other members of the company's management team. The transaction provides Eden-Valders — a long-established Wisconsin natural stone producer with multiple quarries and processing centers — with capital and strategic support to drive growth and support the next generation of the business.

Specialty Building Products (SBP) has signed a definitive agreement to acquire Amerhart, a third-generation regional distributor of specialty building materials. The acquisition expands SBP’s product offering and Midwest footprint while Amerhart will retain its brand, management team and locations under SBP ownership; the deal is expected to close in Q1 2023.

SiteOne Landscape Supply completed its acquisition of Madison Block & Stone, a wholesale distributor of natural stone, pavers, bulk materials and landscape supplies with one location in Madison, Wisconsin. The deal expands SiteOne's hardscapes presence in the Madison market and is the company's 14th acquisition in 2022 as it grows its national footprint.

Milwaukee-based private equity firm Borgman Capital acquired K.G. Stevens, a Milwaukee countertop fabricator and installer that also provides cabinetry and luxury appliances. Founder Steve Kobliska retains an ownership stake and will remain president and CEO as Borgman partners with the leadership team to grow the business.

North American Specialty Laminations (NASL), a platform of Building Industry Partners (BIP), acquired Midwest Prefinishing, Inc. and Premium Prefinished Products, Inc., combining the two sister prefinishing businesses into NASL's platform to expand prefinishing capabilities across doors, mouldings, stair parts and other building-product components. The deal strengthens NASL's national footprint and technical expertise in color/finishing solutions for windows, doors, cabinets, flooring and specialty millwork, while extending BIP/NASL's people-focused employee ownership approach to the acquired teams.

Italian decorative laminate manufacturer Abet Laminati has acquired Fiberesin Industries, Inc., a U.S.-based maker of solid phenolic panels and laminated products. The deal gives Abet a U.S. manufacturing platform and is expected to enable product cross-selling, shared R&D and complementary sales channels between the businesses.

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.

Clearlake Capital Group has signed a definitive agreement to acquire Springs Window Fashions from affiliates of AEA Investors and British Columbia Investment Management Corporation (BCI). Springs, a Middleton, Wisconsin-based manufacturer of branded custom window coverings and awnings with over 9,000 employees, will serve as a Clearlake platform to accelerate growth through organic initiatives and M&A.

American Construction Source (ACS), a national building materials distribution platform backed by Angeles Equity Partners and Clearlake Capital, acquired Builder's Resource Group (BRG). BRG will operate under the Arrow Building Center brand, marking ACS's eighth add-on acquisition under its private equity sponsors to expand LBM distribution capacity in Wisconsin and the Upper Midwest.

Artisan Design Group (a portfolio company of The Sterling Group) has acquired substantially all assets of Nonn's Flooring Inc., a Middleton, Wisconsin-based installer of flooring, countertops, cabinets and appliances serving single-family homebuilders and multi-family developers. The deal expands ADG's footprint into Wisconsin and provides a beachhead for further Midwest growth while retaining Nonn's management team and employees.

The Bukas Lighting Group, a St. Charles, Illinois–based holding company focused on lighting brands, has acquired SPI Lighting, Inc., a designer and manufacturer of commercial and architectural LED lighting based in Mequon, Wisconsin. The seller was the Doerr family; the acquisition expands BLG's portfolio of architectural lighting brands and preserves SPI's independent brand and manufacturing operations.

Wellborn Forest, a portfolio company of HCI Equity Partners, acquired De Pere Cabinet, Inc. (DCI), a family-owned manufacturer of semi-custom framed cabinetry based in De Pere, Wisconsin. The acquisition expands Wellborn Forest’s geographic footprint into the Upper Midwest, diversifies its customer base, and adds the Countryside Cabinets product line to its offerings; financial terms were not disclosed.

Hultafors Group AB, a subsidiary of Investment AB Latour, has acquired Johnson Level & Tool Mfg. Co., Inc., a Mequon, Wisconsin–based manufacturer of levels, lasers and layout tools. The deal strengthens Hultafors Group's presence in North America by adding Johnson's product portfolio and distribution network; the company was sold by founders/previous owners Bill and Bob Johnson.

OpenGate Capital, a Los Angeles-based private equity firm, has acquired Hufcor, Inc., a Janesville, Wisconsin manufacturer of operable partitions and movable wall systems. The deal was advised by Cleary Gull Inc.; OpenGate plans to accelerate Hufcor's growth and operational improvements globally.