Clearlake Capital Group LP has signed a definitive agreement to acquire Springs Window Fashions from affiliates of AEA Investors LP and British Columbia Investment Management Corp.
Headquartered in Middleton, Wisconsin, Springs manufactures and sells custom window coverings to retail and commercial customers, as well as independent designers, franchisors, and decorators.
“We have long admired Springs and could not be more thrilled to partner with CEO Eric Jungbluth and his talented team to take this company to the next level and help build the clear global leader in the sector,” said José E. Feliciano, co-founder and managing partner, and Colin Leonard, partner and managing director, at Clearlake. “Springs is an exciting addition to our portfolio given the compelling intersection among Clearlake’s experience in specialty building products, consumer brands, technology solutions, and specialty manufacturing. We are excited to partner with the entire Springs organization and bring all of Clearlake’s available resources to accelerate the Company’s compelling growth plan.”
“Today marks an important new chapter for Springs as we look to continue to build on our extensive recent investments behind our market leading brands and become the market leader in the markets and channels we serve,” said Jungbluth. “Clearlake is the ideal partner for our future given their deep understanding of our core brands, specialty manufacturing footprint, channel investment, and technology offerings, all of which are critical to the Company’s future success.”
“Springs has developed a stellar reputation for product innovation, driven by significant recent investments behind its formidable brands,” added Nate Mejías, vice president at Clearlake. “We look forward to leveraging our extensive network and O.P.S. value creation playbook to drive accelerated growth at Springs through both organic and acquisition-focused initiatives.”
Deutsche Bank Securities Inc. is acting as lead financial advisor to the company. BofA Securities is also acting as financial advisor to the company. J.P. Morgan acted as financial advisor and provided committed debt financing to Clearlake in support of the transaction.