M&A Deal Summary

AEA Investors Acquires Window Nation

On July 17, 2021, private equity firm AEA Investors acquired building materials company Window Nation from Cortec Group, Twin Brook Capital Partners and Adams Street Partners

Acquisition Highlights
  • This is AEA Investors’ 5th transaction in the Building Materials sector.
  • This is AEA Investors’ 90th transaction in the United States.
  • This is AEA Investors’ 2nd transaction in Maryland.

M&A Deal Summary

Date 2021-07-17
Target Window Nation
Sector Building Materials
Buyer(s) AEA Investors
Sellers(s) Cortec Group
Twin Brook Capital Partners
Adams Street Partners
Deal Type Secondary Buyout

Target

Window Nation

Fulton, Maryland, United States
website
Window Nation is a DTC provider of windows and related products for the residential repair and replacement market in the United States. Window Nation was founded in 2006 and is based in Fulton, Maryland.

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Buyer(S) 1

Buyer

AEA Investors

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1968
PE ASSETS 17.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

AEA Investors is a private investment firm focused on investing in and acquiring businesses headquartered primarily in the US, Europe, and China. AEA looks for companies operating in stable to growing industries with a proven ability to generate positive cash-flow. Broad sectors of interest include value-added industrial products/services, specialty chemicals, consumer products, and services. In addition to its primary middle-market private equity fund, AEA maintains additional funds targeted towards mezzanine financing, senior secured debt, and small business buyouts. AEA Investors was formed in 1968 and is based in New York City.


DEAL STATS #
Overall 103 of 114
Sector (Building Materials) 5 of 6
Type (Secondary Buyout) 46 of 53
State (Maryland) 2 of 2
Country (United States) 90 of 99
Year (2021) 5 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-12 Polygon

Stockholm, Sweden

Polygon is a fire and water property damage restoration service provider with global operations serving a range of sectors including insurance, property management, and industrial clients. Polygon is based in Stockholm, Sweden.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-28 Springs Window Fashions

Montgomery, Pennsylvania, United States

Springs Window Fashions is a manufacturer and marketer of custom and stock window coverings and drapery hardware to retail and commercial customers, as well as independent designers, franchisors, and decorators. Springs Window Fashions was founded in 1939 and is based in Montgomery, Pennsylvania.

Sell -

Seller(S) 3

SELLER

Cortec Group

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1984
PE ASSETS 4.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Cortec Group, Inc. is a private equity firm focused on acquiring mid-sized businesses operating in basic industries. Cortec Group is an experienced and knowledgeable investor in healthcare products and services, B2C and B2B products, value-added distribution (including eCommerce), and specialty services companies with revenues of $40-$300 million and EBITDA of $7 to $35+ million. The Cortec Group was formed in 1984 and is based in New York City.


DEAL STATS #
Overall 32 of 35
Sector (Building Materials) 6 of 6
Type (Secondary Buyout) 20 of 22
State (Maryland) 1 of 1
Country (United States) 31 of 34
Year (2021) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-22 Canadian Hospital Specialties

Oakville, Ontario, Canada

Canadian Hospital Specialties manufactures, sells, markets, and distributes disposable medical and surgical products primarily to the Canadian hospital market. Canadian Hospital Specialties is based in Oakville, Ontario.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-01 Little Sleepies

Los Angeles, California, United States

Little Sleepies is a fast-growing direct-to-consumer sleepwear and accessories brand. The Company offers a cohesive portfolio of high-quality, bamboo viscose children's pajamas and accessories in a variety of modern and creative prints, as well as matching adult pajamas and a collection of complementary blankets and crib sheets. Little Sleepies was founded in 2018 and is based in Los Angeles, California.

Buy -
SELLER
DESCRIPTION

Twin Brook Capital Partners is a provider of senior financing to small and mid-sized profitable companies. The Firm looks to offer a variety of credit and equity solutions including revolvers, senior loans, unitranche loans, mezzanine financing, and equity co-investment to US-based companies with $3 to $50 million in EBITDA. Target sectors include industrial, manufacturing, business services, financial services, insurance, aerospace/defense, distribution, healthcare, and software/tech enabled services. Twin Brook Capital Partners is based in Chicago, Illinois.


DEAL STATS #
Overall 1 of 6
Sector (Building Materials) 1 of 1
Type (Secondary Buyout) 1 of 5
State (Maryland) 1 of 1
Country (United States) 1 of 6
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-18 SimiTree Healthcare Consulting

Hamden, Connecticut, United States

SimiTree Healthcare Consulting offers a suite of services, including outsourced billing, coding and revenue cycle management; executive recruiting, interim staffing and other talent solutions; guidance through mergers and acquisitions; sales consulting and education; and data analytics. SimiTree Healthcare Consulting is based in United States.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-16 RQM+

Monroeville, Pennsylvania, United States

RQM+ is a medical device and diagnostics-focused, regulatory, and quality consulting firm. The company delivers transformative solutions by providing unrivaled collective expertise, fueled by a passion for client success. RQM+’s experts are collaborative, laser-focused on client needs, and committed to delivering high-value solutions that exceed expectations. RQM+ is based in Monroeville, Pennsylvania.

Buy -
SELLER

Adams Street Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website


Category Asset Manager
Founded 1972
PE ASSETS 26.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Adams Street Partners is a diversified, global investment firm that targets direct, fund of funds, and secondary investments. Adams' direct investing group covers co-investments in buyout transactions, as well as growth equity and venture capital commitments. The direct buyout and growth equity team looks to commit $5 to $30 million per transaction. For venture related investments, commitments of $5 to $20 million are provided to companies in the technology, life sciences and technology enabled services sectors. Typically, target companies have received prior financing from early stage venture firms and are seeking additional capital to fund product development and commercialization. Adams Street Partners was formed in 1972 and is based in Chicago, Illinois.


DEAL STATS #
Overall 83 of 95
Sector (Building Materials) 1 of 1
Type (Secondary Buyout) 7 of 7
State (Maryland) 1 of 1
Country (United States) 76 of 87
Year (2021) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-16 Iterable

San Francisco, California, United States

Iterable is a cloud-native, omni-channel marketing and customer engagement platform that allows clients to create, execute, and optimize cross-channel campaigns. Iterable was founded in 2013 and is based in San Francisco, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-21 Couchbase

Santa Clara, California, United States

Couchbase provides a non-relational database platform suited to handle the massive volumes of unstructured data created by companies in the digital economy. Couchbase was founded in 2008 and is based in Santa Clara, California.

Sell -