M&A Deal Summary

Clearlake Capital Acquires Springs Window Fashions

On July 28, 2021, private equity firm Clearlake Capital acquired consumer products company Springs Window Fashions from AEA Investors and British Columbia Investment Management

Acquisition Highlights
  • This is Clearlake Capital’s 3rd transaction in the Consumer Products sector.
  • This is Clearlake Capital’s 70th transaction in the United States.
  • This is Clearlake Capital’s 2nd transaction in Wisconsin.

M&A Deal Summary

Date 2021-07-28
Target Springs Window Fashions
Sector Consumer Products
Buyer(s) Clearlake Capital
Sellers(s) AEA Investors
British Columbia Investment Management
Deal Type Secondary Buyout
Advisor(s) Deutsche Bank Corporate & Investment Banking
BofA Securities (Financial)

Target

Springs Window Fashions

Middleton, Wisconsin, 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 Middleton, Wisconsin.

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Buyer(S) 1

Buyer

Clearlake Capital

Santa Monica, California, United States

Category Private Equity Firm
Founded 2006
PE ASSETS 72.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Clearlake Capital Group is a private equity firm that focuses on corporate divestitures, recapitalizations, buyouts, restructurings, rescue financing, growth capital, turnarounds, and other equity investments. Clearlake seeks to partner with strong management teams by providing long-term capital and operational expertise. Areas of interest include technology, industrials, and consumer. Clearlake Capital Group was formed in 2006 and is based in Santa Monica, California.


DEAL STATS #
Overall 73 of 90
Sector (Consumer Products) 3 of 3
Type (Secondary Buyout) 32 of 39
State (Wisconsin) 2 of 2
Country (United States) 70 of 85
Year (2021) 6 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-20 Bakemark

Pico Rivera, California, United States

Bakemark is a specialty distribution platform serving as a critical link between bakery ingredients manufacturers and national and local bakeries. BakeMark is a vertically integrated supply chain partner and specialty distributor to 19,000+ customers across all major bakery channels, providing a broad portfolio of 7,000+ active SKUs and value-added services. Bakemark was founded in 1909 and is based in Pico Rivera, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-05 Cornerstone

Santa Monica, California, United States

Cornerstone is a provider of cloud based comprehensive learning and talent management software solutions. Cornerstone was formed in 1999 and is based in Santa Monica, California.

Buy $5.2B

Seller(S) 2

SELLER

AEA Investors

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1968
PE ASSETS 19.0B 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 67 of 79
Sector (Consumer Products) 6 of 8
Type (Secondary Buyout) 29 of 34
State (Wisconsin) 2 of 2
Country (United States) 63 of 71
Year (2021) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-17 Window Nation

Fulton, Maryland, United States

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.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-02 Traeger

Salt Lake City, Utah, United States

Traeger is a manufacturer of wood pellet-burning barbeque grills and smokers. Traeger uses 100% all-natural hardwood fuel to infuse food with flavorful smoke, making food taste delicious and most of all, memorable. Traeger was founded in 1986 and is based in Salt Lake City, Utah.

Sell -
SELLER

British Columbia Investment Management

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1999
PE ASSETS 21.9B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

British Columbia Investment Management Corp. (BCI) is large asset manager focused on providing investment management services to British Columbia’s public sector. The Firm looks to invest in a range of asset categories and will consider opportunities globally. BCI's private equity practice was established in 1995 and seeks leverage buyout and growth equity opportunities that include market leading companies with tangible downside protection. Portfolio companies have a sustainable competitive advantage, offer value-added products and services, and are led by talented management teams. British Columbia Investment Management Corp. is headquartered in Victoria, British Columbia.


DEAL STATS #
Overall 1 of 4
Sector (Consumer Products) 1 of 1
Type (Secondary Buyout) 1 of 3
State (Wisconsin) 1 of 1
Country (United States) 1 of 2
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-25 PS Logistics

Birmingham, Alabama, United States

PS Logistics is a full-service logistics solution provider with over 2000 flatbed assets, vans, step decks/RGN's, brokerage division, transportation management and 3PL, and dedicated fleet operations. PS Logistics is based in Birmingham, Alabama.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-20 Adams Outdoor

Lansing, Michigan, United States

Adams Outdoor is an outdoor and location-based advertising firm, whose goal is to form marketing partnerships with advertisers providing them with the best media strategies. Adams Outdoor was formed in 1983 and is headquartered in Lansing, Michigan.

Buy -