PSP Capital Partners LLC has acquired hardware company E.B. Bradley Co.
E.B. Bradley, headquartered in Los Angeles, distributes cabinet hardware, laminates, surfacing products, board products, plus edgebanding and woodworking supplies. The company also manufactures laminated panels for the construction and residential renovation markets.
Chicago private equity firm PSP was founded by Penny Pritzker, who currently serves as the U.S. Secretary of Commerce.
Evanston, Ill.-based private equity firm Industrial Opportunity Partners sold the target. The firm had invested in the company in January 2009.
McDermott Will & Emery provided legal advice to Industrial Opportunity on the sale.
The deal follows several other building products transactions, including Clayton Dubilier & Rice’s purchase of a unit of John Deere & Co.(NYSE: DE), and Louisiana-Pacific Corp.’s (NYSE: LPX) deal for Ainsworth Lumber Co. Ltd. In September, Nova Capital completed the purchase of a suite of hardware businesses owned by Newell Rubbermaid Inc. (NYSE: NWL) for $214 million. The deal included five home improvement and hardware brands: Amerock, Ashland, Bulldog, Drapery Hardware and Shur-Line. For more, see: “Private Equity Perspective: Nova Capital Likes Corporate Carve-Outs."