Private equity firm Superior Capital Partners has recapitalised two businesses in the architectural glass and aluminium industry.
The deal was brought to Superior by industry veteran Leon Silverstein and included the acquisition of two businesses – Silverstein’s company Aldora Glass Holdings (based in Ft. Lauderdale, Florida) and Coastal Glass Distributors (based in Charleston, South Carolina).
The combined company will be led by Silverstein, who has spent his entire career in the architectural aluminium and glass industry. These investments represent the 14th and 15th acquisitions, and the sixth platform company, from Superior’s inaugural fund.
Aldora and Coastal are fabricators and value-added distributors of architectural glass and aluminium products. The companies customise their products by cutting, tempering, laminating, insulating, or assembling the glass and aluminium based on customer specifications. The company’s products are used in a wide range of applications including impact (hurricane resistant) and non-impact storefront and entrance doors and frames, shower doors, table tops, shelves, window systems and curtain wall systems. Combined, Aldora and Coastal serve over 1,250 customers located throughout the Southeast US from North Carolina to southern Florida.
Scott Hauncher, Superior’s managing director, says: "Leon Silverstein is one of the most experienced and talented executives in the industry. Over a decade ago I had the opportunity to work with Leon directly when he was running his family’s glass fabrication business. This business grew to over USD350m in revenue under Leon’s leadership. The strategic fit of Aldora and Coastal was clear from the outset. Both companies were recovering steadily from the building products downturn but lacked the liquidity and scale required to accelerate their growth. The outstanding Coastal management team will remain in place and the combined business now has the product line, capital resources and leadership team to grow rapidly through continued organic and geographic expansion."
Silverstein says: "My prior experience working with Superior’s team let me know that they would be a great fit for what we needed and a value-added partner to our business. This transaction will merge two complementary glass fabrication businesses that serve adjacent markets and create a top player in the Southeast US. With the resources now available to the combined business, Aldora and Coastal customers will benefit from the complete line of glass and aluminium products the company can now provide. In addition, we will be looking aggressively at add-on opportunities in this very fragmented industry."
As a special situations fund, Superior combines capital, transaction experience and operational improvement expertise with proven management teams who have the vision, capability and commitment to successfully improve and grow their businesses. Superior seeks to acquire or recapitalise niche manufacturers, value-added distributors and specialty service companies. Generally, these companies will have annual revenue of USD10m to USD150m, identifiable growth opportunities and the need for capital and resources to implement a growth and recovery plan.
