Golden Gate Capital is to acquire Springs Window Fashions, the second largest provider of custom window covering products in the world, from Heartland Industrial Partners and interests of the Close Family.
Terms of the transaction have not been disclosed.
Headquartered in Middleton, Wisconsin, Springs manufactures and sells custom and stock window coverings and drapery hardware to retail and commercial customers, as well as independent designers, franchisors and decorators. The company was founded in 1939 and has over 4,800 employees located at nine facilities located throughout North America. Springs’ management will remain with the company and will continue to maintain a minority ownership position.
“Springs represents a terrific opportunity to invest in a market leader with proven competitive advantages and significant growth potential,” says Rajeev Amara, a managing director of Golden Gate Capital. “Our decision to partner with Springs was driven by the strength of the management team and their long history of delivering world-class products and services. We are fully committed to further investing in the company to support and accelerate its continued growth, both organically and through add-on acquisitions.”
“We are excited to be working with Golden Gate Capital, which has a demonstrated track record of building long-term value for its portfolio companies,” says Scott Fawcett, president and CEO of Springs. “With Golden Gate’s financial and operational support, we will be able to bolster our leading market position through our differentiated manufacturing and service models and enhance our product offering for our customers.”
“Springs Window Fashions has proven to be a successful investment for Heartland and the Close Family,” say Daniel P Tredwell, managing partner of Heartland Industrial Partners, and Crandall Close Bowles, the chairman of Springs Industries. “The company has strengthened its relationships with retail customers and significantly built its business in the designer channel, ensuring that it is well-positioned for future growth. We wish the company continued success for years to come.”
