Industrial Opportunity Partners has acquired Coldwater Veneer Inc. from management for undisclosed terms, following up recent deal activity in the building products sector.
Coldwater manufactures hardwood veneer for building products and furniture. Veneer is thin decorative wood that is usually applied to larger wood products such as cabinets, doors and furniture. The target has facilities in West Point, Virginia, Jefferson, Indiana and Coldwater, Michigan, where it is based.
A recovery in the U.S. housing market has triggered a pickup in deal activity in the building products industry. Other deals in 2015 include: Kelso & Co. investing in lumber supplier US LBM Holdings LLC and Quanex (NYSE: NX) buying privately-held cabinets manufacturer Woodcraft Industries for $248.5 million.
League Park Advisors LLC advised Coldwater. McDermott Will & Emery LLP represented Industrial Opportunity. The buyer received financing from PNC Business Credit and MB Financial. Industrial Opportunity typically invests between $5 million to $50 million in targets that have $30 million to $350 million in revenue, according to the firm’s website.
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