Recapitalization • Building Materials

FdG Associates and Midwest Mezzanine Funds Acquire Sunrise Windows & Doors

On April 11, 2005, private equity firm FdG Associates and mezzanine finance firm Midwest Mezzanine Funds acquired building materials company Sunrise Windows & Doors

Acquisition Context
  • This is FdG Associates’ 1st and Midwest Mezzanine Funds’ 1st transaction in the Building Materials sector.
  • This is FdG Associates’ 12th and Midwest Mezzanine Funds’ 16th transaction in the United States.
  • This is FdG Associates’ 2nd and Midwest Mezzanine Funds’ 3rd transaction in Michigan.
Investment Fate
  • Sunrise Windows & Doors was sold to a consortium of financial buyers in 2010.
  • Sunrise Windows & Doors was sold to a strategic buyer in 2020.

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M&A Deal Summary

Date April 11, 2005
Target Sunrise Windows & Doors
Sector Building Materials
Buyer(s) FdG Associates
Midwest Mezzanine Funds
Deal Type Recapitalization

Target Company

Sunrise Windows & Doors

Temperance, Michigan, United States
Sunrise Windows & Doors is a manufacturer and distributor of premium-priced, energy-efficient, custom replacement vinyl windows and patio doors, distributing its products through specialty window dealers, home improvement contractors, and building products distributors. Sunrise Windows & Doors was founded in 1994 and is based in Temperance, Michigan.
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Buyers Overview 2

Buyer

FdG Associates

New York, New York, United States

Investor


Category Private Equity Firm
Founded 1995
PE ASSETS 500M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

FdG Associates is a private equity firm that looks to invest in middle market companies valued between $40 and $150 million. FdG prefers investment candidates located in the US or Canada exhibiting significant growth potential. Sectors of interest include business and financial services, consumer products, consumer services, value-added distribution, light manufacturing, and retail. FdG's target equity investment size is $15 to $50 million. Prospective transaction types include recapitalizations, management buyouts, growth financings, and industry consolidations. FdG Associates was formed in 1995 and is based in New York City with an additional office in Los Angeles.


Deal Context for Buyer #
Overall 12 of 19
Sector: Building Materials 1 of 1
Type: Recapitalization 9 of 12
State: Michigan 2 of 2
Country: United States 12 of 19
Year: 2005 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-10-04 River Ranch Fresh Food

Salinas, California, United States

River Ranch is the fresh produce processor and distributor of private label salads, spinach and fresh-cut vegetables to the retail, club and food service channels in North America.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-05-11 The Hercules Tire & Rubber Co.

Findlay, Ohio, United States

Hercules is a marketer and distributor of Hercules branded tires and other internationally known independent tire brands to retail and wholesale customers across the United States, Canada and in 100 countries around the world.

Buy -
Buyer

Midwest Mezzanine Funds

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1992
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Midwest Mezzanine Funds (MMF) is a provider of junior capital to lower middle-market, US and Canadian companies. MMF looks to invest $4 to $15 million to support buyouts, acquisition financings, recapitalizations, and growth capital needs. Prospective companies generally have consistent profits ($3 million of EBITDA), low capital intensity, and sustainable competitive advantages. Broad areas of interest include manufacturing, value-added distribution, and services. MMF will not invest in high technology, energy, or real estate. Midwest Mezzanine was formed in 1992 and has offices in Chicago and Monroe, Michigan.


Deal Context for Buyer #
Overall 16 of 81
Sector: Building Materials 1 of 3
Type: Recapitalization 2 of 13
State: Michigan 3 of 7
Country: United States 16 of 81
Year: 2005 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-03-01 Ross Education

Flint, Michigan, United States

Ross Education provides post-secondary education, predominately focused on healthcare, in small to medium-sized markets in Alabama, Michigan, Indiana, Iowa, Kentucky, West Virginia, Tennessee and Ohio. Ross offers both on-campus and online education programs.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-05-01 Connecticut Steel

Wallingford, Connecticut, United States

Nucor Steel Connecticut, Inc. is a manufacturer and seller of carbon steel wire rods and welded wire products.

Sell $43M