M&A Deal Summary

Incline Equity Partners and Citizens Capital Acquire The Faucet Queens

On April 25, 2006, private equity firms Incline Equity Partners and Citizens Capital acquired building materials company The Faucet Queens from Masco

Acquisition Highlights
  • This is Incline Equity Partners’ 1st and Citizens Capital’s 1st transaction in the Building Materials sector.
  • This is Incline Equity Partners’ 13th and Citizens Capital’s 8th transaction in the United States.
  • This is Incline Equity Partners’ 1st and Citizens Capital’s 1st transaction in New Jersey.
Investment Fate
  • The Faucet Queens was sold to a strategic buyer in 2014.

M&A Deal Summary

Date 2006-04-25
Target The Faucet Queens
Sector Building Materials
Buyer(s) Incline Equity Partners
Citizens Capital
Sellers(s) Masco
Deal Type Divestiture

Target

The Faucet Queens

Cranbury, New Jersey, United States
The Faucet Queens, Inc. is a marketer and distributor of convenience-oriented home hardware products to the food and drug retail channel. Company provides the broadest line of home hardware products in the industry with 14 product lines and over 650 SKUs, including hand tools, kitchen and bath items, twine, padlocks, paint supplies, automotive items and sewing related items. Faucet Queen serves as the outsourced supply chain management partners for many of the top grocery and drug retail chains throughout the United States and Canada.

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Buyer(S) 2

Buyer

Incline Equity Partners

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1982
PE ASSETS 5.8B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Incline Equity Partners is a private equity firm focused on lower middle-market growth companies. The Firm targets companies located in the US and Canada with enterprise values ranging from $25 to $750 million. Prospective transaction types include buyouts, minority recapitalizations, and corporate divestitures. Incline Equity Partners was formerly known as PNC Equity Partners. The Firm is based in Pittsburgh.


DEAL STATS #
Overall 13 of 74
Sector: Building Materials M&A 1 of 2
Type: Divestiture M&A Deals 7 of 7
State: New Jersey M&A 1 of 5
Country: United States M&A 13 of 72
Year: 2006 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-10-22 Tangent Rail

Pittsburgh, Pennsylvania, United States

Tangent Rail Corporation provides maintenance of way products and services to Class I railroads, shortline railroads, and owners of industrial truck. Headquartered in Pittsburgh, PA, the company's Wood Products division is a leading manufacturer of treated wood railroad ties, creosote and coal tar products. The company's Rail Services division provides premium rail grinding services, switching and maintenance services, environmentally friendly crosstie disposal services and industrial tie-derived boiler fuel.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-06-14 The F.B. Leopold Co.

Zelienople, Pennsylvania, United States

The F.B. Leopold Co. is a provider of proprietary water filtration products for public water systems in the United States and internationally. The company engineers-to-order, markets and manufactures key components for large public works projects.

Sell -
Buyer

Citizens Capital

Boston, Massachusetts, United States

Category Private Equity Firm
Founded 1997
PE ASSETS 500M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Citizens Capital is the private equity affiliate of Citizens Financial and provides both mezzanine and equity capital to later-stage privately-held companies in the US. Citizens looks to commit $3 to $15 million in subordinated debt transactions and $1 to $3 million for growth equity needs. Target sectors include manufacturing, consumer products, distribution, and service-based industries. The Firm's investment horizon is five to seven years. Citizens Capital is based in Boston, Massachusetts.


DEAL STATS #
Overall 8 of 8
Sector: Building Materials M&A 1 of 1
Type: Divestiture M&A Deals 1 of 1
State: New Jersey M&A 1 of 1
Country: United States M&A 8 of 8
Year: 2006 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-04-03 SSG Precision Optronics

Wilmington, Massachusetts, United States

SSG Precision Optronics, Inc. is a designer and supplier of sophisticated optical systems for prime contractors that provide satellite and tactical systems for the military and government.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-06-16 Sensitech

Beverly, Massachusetts, United States

Sensitech offers a robust portfolio of products and services designed to help you monitor and manage the cold chain of the world’s most temperature-sensitive, perishable products: food, pharmaceuticals, biologics, and industrial chemicals.

Sell -

Seller(S) 1

SELLER

Masco

Livonia, Michigan, United States

Category Company
Founded 1929
Sector Building Materials
Employees18,000
Revenue 7.8B USD (2024)
DESCRIPTION
Entrance to Masco's corporate headquarters in Taylor, Michigan.
Entrance to Masco's corporate headquarters in Taylor, Michigan.

Masco manufactures, distributes and installs home improvement and building products. The Company is among the largest manufacturers in North America of a number of home improvement and building products, including faucets, cabinets, architectural coatings and windows, and Masco is one of the largest installers of insulation for new home construction. The Company provides a broad product offering in a variety of styles and price points and distribute products through multiple channels, including directly to homebuilders and wholesale and retail channels. Masco was formed in 1929 and is based in Livonia, Michigan.


DEAL STATS #
Overall 2 of 12
Sector: Building Materials M&A 1 of 7
Type: Divestiture M&A Deals 2 of 10
State: New Jersey M&A 1 of 2
Country: United States M&A 2 of 9
Year: 2006 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-12-06 Zenith Products

New Castle, Delaware, United States

Zenith Products is a designer and manufacturer of bathroom storage products and accessories for the retail market. Products include shower rods, ready-to-assemble bathroom furniture, medicine cabinets and shower caddies. The company was formerly a division of publicly traded Masco Corporation.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-01 Erickson Construction

Chandler, Arizona, United States

Erickson Construction is a construction services and pre-fabricated building products company. It provides turnkey framing services, framing packages, trusses, and other products to builders and developers. Erickson Construction Co., Inc. was founded in 1975 and is based in Chandler, Arizona.

Buy -