Private equity firm Riverside has exited its investment in SunTek Holding dba Commonwealth Laminating & Coating.
Commonwealth Laminating & Coating, based in Martinsville, Virginia, is a manufacturer of solar control window films designed to enhance privacy, aesthetics, safety and security in automotive, residential and commercial applications.
Riverside purchased CLC in April 2006 and during its hold period supported management in a number of initiatives that drove organic growth.
Under Riverside’s stewardship, CLC made capital investments that boosted the company’s production capacity and invested in a new dyed film line that improved product quality and strengthened the company’s position.
The company expanded its international presence during Riverside’s ownership period by opening three new international distribution centres and relocating a fourth. CLC also expanded its product line, most notably in flat glass applications in residential and commercial buildings.
The company’s senior management team, led by chief executive Steve Phillips, will remain in place following the acquisition.
This is the fifth exit of 2010 for Riverside.
Stephen Dyke, Riverside partner, says: “CLC was a great company when we invested in it in 2006, and we’re leaving it in an even better position today. Our efforts to increase revenues by investing in growth at CLC have paid off. Today, CLC offers more products to more markets while still retaining its hard-earned reputation for exceptional quality and value. The company is very well positioned to continue its strong growth trajectory for years to come.”
Phillips says: “Riverside played a crucial role in a remarkable expansion at CLC that allowed us to take market share and prepare for the future in the midst of one of the worst economic downturns in modern history. Riverside’s capital, support, and appetite for growth allowed us to expand our production capacity while increasing our number of distribution centres and broadening our manufacturing capabilities. Riverside has been an exceptional partner.”