NEW YORK, April 9, 2003 — Behrman Capital, a private equity investment firm based in New York and San Francisco, announced today that it has acquired Woodcraft Industries, Inc. (“Woodcraft”), a leading manufacturer of hardwood and engineered wood doors and components for the kitchen cabinet industry, in a transaction valued at $145 million.
Woodcraft is one of the largest suppliers of outsourced doors and components to the kitchen cabinet and bath vanity industries. Headquartered in St. Cloud, Minnesota, the Company’s product line includes assembled solid wood doors and components, face frames, drawer parts, veneer raised panel doors, rigid thermofoil doors, and profile wrapped architectural millwork, all of which are manufactured to customers’ specifications.
“We are very pleased to make this investment in Woodcraft, and look forward to working with John Fitzpatrick and his team to position the company for its next stage of growth,” said Grant G. Behrman, Managing Partner of Behrman Capital. “Woodcraft is a strong market leader with a diverse range of products, significant scale, and a broad geographic reach. The Company is distinguished by both the long-standing relationships it maintains with its customers and the excellent reputation it has built in its industry. In addition, Woodcraft is particularly well placed to take full advantage of the current growth in the home renovation and remodeling sectors.”
John Fitzpatrick, President and Chief Executive Officer of Woodcraft, said, “Behrman Capital has an established record of working with companies to support their growth and expansion. With Behrman’s support, we will continue to expand our product development programs with the objective of further increasing our market share and pursuing opportunities for additional growth.”
Antares Capital led the senior debt financing for the transaction.
Woodcraft Industries, Inc. is a manufacturer of hardwood and engineered wood components and fully assembled doors for the kitchen cabinet and bath vanity industries. The Company has manufacturing facilities in St. Cloud, Minnesota, Wahpeton, North Dakota, and Molalla, Oregon.
Based in New York City and San Francisco, Behrman Capital was founded in 1991 by Darryl G. and Grant G. Behrman. The firm invests in management buyouts, leveraged buildups and recapitalizations of established growth companies and provides expansion capital to emerging growth companies. The company’s investments are focused primarily in four industries: information technology, business services, contract manufacturing and outsourcing. The firm currently has a capital base exceeding $1.8 billion.
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For Behrman Capital:
David Lilly / Michael Freitag
Kekst and Company