Borgman Capital, a Milwaukee-based private equity firm, has purchased Minnesota Tile and Stone, a tile and solid surface provider based in Minneapolis.
Founded in 1930, MTS offers products including tile, customized fabricated natural stone, quartz and porcelain countertops and brick fireplaces to residential and commercial customers. MTS has five showroom locations throughout the Twin Cities in Lakeville, Minneapolis, Minnetonka, Plymouth and Woodbury, Minn. The company will be merged with Borgman Capital’s portfolio company, K.G. Stevens. The deal looks to expand both companies’ Midwest footprint and diversity their product offerings.
“MTS and K.G. Stevens share a standard of high-quality product offerings and best-in-class customer service,” comments Sequoya Borgman, Borgman Capital’s founder and CEO. “These shared values, geographic proximity and immediate benefit to customers of both companies make the acquisition a win-win, as well as opportunities for innovation.”
Associated Bank provided senior financing. Reinhart Boerner Van Deuren served as legal counsel. Accounting diligence and advisory services for the transaction were performed by Sikich.