Seven Point Equity Partners LLC, a private investment firm based in Miami, has closed its RS7 Continuation Fund LP, a single-asset continuation fund with approximately $120 million in equity commitments, for the RiteScreen Co. LLC, a North American manufacturer of window and door screens.
The transaction allowed certain investors in the RiteScreen to sell their stakes in the company to the new fund, while others opted to retain their ownership positions in the company. The continuation fund was supported by Seven Point’s existing limited partners and new institutional investors led by Timber Bay Partners. According to Seven Point, RiteScreen’s growth has been fueled by market share gains and the pace of outsourcing by original equipment manufacturers (OEMs). The continuation fund transaction looks to provide RiteScreen with ownership continuity and an expanded investor base with capital resources, aiming to drive organic growth initiatives and mergers and acquisitions opportunities.
“We have built our strong market position organically, strengthened our team at all levels with best-in-class talent, and developed innovative new products to meet the needs of our OEM window and door company partners,” comments Chris Yankowich, CEO of RiteScreen. “We look forward to continuing our relationship with Seven Point and are excited that our new investor base can provide additional capital to execute our growth strategy.”
Nomura Securities International Inc. provided a senior secured debt facility to refinance RiteScreen’s existing credit facility and fund a portion of the capital required to purchase the interests of selling investors. M2O Private Fund Advisors LLC and William Blair & Company LLC served as financial advisors to Seven Point, and Latham & Watkins LLP served as legal counsel. Proskauer Rose LLP served as legal counsel for Timber Bay.