IOP-backed Alexandria buys rival wood products manufacturer
Wood products manufacturer Alexandria Moulding Inc. has acquired rival House of Fara. The buyer is backed by Industrial Opportunity Partners.
House of Fara, based in Laporte, Indiana, produces standard and decorative hardwood mouldings. Alexandria also makes mouldings and other hardwood materials for the North American housing market. The two companies had a working partnership for more than a decade. IOP invested in Alexandria in 2016.
“We believe the acquisition of House of Fara will further strengthen Alexandria’s North American manufacturing capabilities and is a unique opportunity to combine two companies that have worked together for many years," says Alexandria chairman and IOP operating principal Dave Mackin. McDermott Will & Emery represented IOP and Alexandria.
IOP is an Evanston, Illinois-based middle market PE firm that invests up to $50 million in businesses that have between $30 million and $350 million in revenue. The firm, which focuses on the construction, automotive and industrial sectors, recently closed its third fund. Earlier in 2017, IOP has made an investment in foam maker Creative Foam Corp.
Maker of home goods are benefiting from trends in the real estate market, including increases in the purchases of new homes. Related deals include: Z Capital Partners’ purchase of fireplace manufacturer Twin-Star International Inc.; Hooker Furniture Corp.’s (Nasdaq: HOFT) acquisition of Home Meridian International Inc.; and Mattress Firm Holding Corp.’s (Nasdaq: MFRM) completed merger for rival Sleepy’s.