M&A Deal Summary

Fulton Capital and Merit Capital Partners Acquire Urban Surfaces

On January 1, 2022, private equity firm Fulton Capital and mezzanine finance firm Merit Capital Partners acquired building materials company Urban Surfaces

Acquisition Highlights
  • This is Fulton Capital’s 1st and Merit Capital Partners’ 9th transaction in the Building Materials sector.
  • This is Fulton Capital’s 5th and Merit Capital Partners’ 94th transaction in the United States.
  • This is Fulton Capital’s 1st and Merit Capital Partners’ 4th transaction in California.

M&A Deal Summary
Date 2022-01-01
Target Urban Surfaces
Sector Building Materials
Buyer(s) Fulton Capital
Merit Capital Partners
Deal Type Recapitalization

Target

Urban Surfaces

Corona, California, United States
Urban Surfaces is a provider of flooring to the multi-family and single-family housing markets. Urban Surfaces sells luxury vinyl and stone plastic composite flooring to property management companies, flooring contractors, and retailers. Urban Surfaces is based in Corona, California.

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Buyer(S) 2

Buyer

Fulton Capital

Northbrook, Illinois, United States
Category Private Equity Firm
Founded 2003
Size Small
Type Sector Agnostic
DESCRIPTION

Fulton Capital is a private equity firm small to mid-sized companies with revenues between $10 and $100 million. Prospective companies are profitable with a minimum EBITDA of $2 million and up to $10 million. Fulton looks for control investment situations and prefers opportunities located in the US. Sectors of interest include niche manufacturing, logistics, distribution, and service. Fulton Capital is based in Chicago, Illinois.

DEAL STATS #
Overall 5 of 6
Sector (Building Materials) 1 of 1
Type (Recapitalization) 2 of 2
State (California) 1 of 1
Country (United States) 5 of 6
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-18 Green Creative

Sanford, Florida, United States

Green Creative LLC is a developer and manufacturer of innovative light-emitting diode (“LED”) lighting for the Commercial, Industrial, and Specification markets. The company has served the North American commercial lighting market with an industry-leading product offering of LED lamps and LED luminaires. With its headquarters in Silicon Valley, CA and R&D center in Shanghai, China, the company’s LED lighting solutions have been widely adopted by some of the largest companies in the world. Green Creative was founded in 2010 and is based in Sanford, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-12 RP Lighting + Fans

Albuquerque, New Mexico, United States

RP Lighting + Fans is a distributor of ceiling fans, electrical wiring devices, and lighting fixtures used predominantly in multi-family housing complexes and other related end markets. Royal Pacific was founded in 1990 and is based in Albuquerque, New Mexico.

Sell -
Buyer

Merit Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1993
PE ASSETS 2.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Merit Capital Partners is a private investment firm that targets investments in middle market manufacturing, distribution, and service based businesses. Merit looks for companies generating at least $25 million in sales and at least $4 million in EBITDA. Merit can provide both equity and junior capital financing and looks to commit at least $15 million per transaction. Prospective transaction situations include management buyouts, recapitalizations, growth financings, divestitures, unsponsored transactions, and ESOPs. Merit Capital will not invest in start-ups, turnarounds, real estate, specialty retail, or oil/gas opportunities. Merit Capital was originally known as William Blair Mezzanine Capital and became independent in 2004. Merit was formed in 1993 and is based in Chicago, Illinois.

DEAL STATS #
Overall 95 of 98
Sector (Building Materials) 9 of 9
Type (Recapitalization) 19 of 19
State (California) 4 of 4
Country (United States) 94 of 97
Year (2022) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-15 Propet Footwear

Auburn, Washington, United States

Propet Footwear is a designer, manufacturer, and distributor of comfort footwear for hard-to-fit feet across an extensive range of sizes and widths. The company sells its products through traditional wholesale, retail, and e-commerce channels, through online marketplaces via dropship, and through medical providers. It has demonstrated a track record of profitable growth by offering its customers a diverse product portfolio that features stylish designs with options to alleviate discomfort and address foot-related medical conditions. Propet Footwear was formed in 1985 and is based in Auburn, Washington.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-23 Liberty Group

Houston, Texas, United States

Liberty Group provides temporary staffing, executive search, and employee screening services to clients in the multifamily residential real estate industry. Liberty Group was founded in 1977 and is based in Houston, Texas.

Sell -
Mergr

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