M&A Deal Summary

Riverside and Barings Private Equity Acquire Sunrise Windows & Doors

On December 15, 2010, private equity firms Riverside and Barings Private Equity acquired building materials company Sunrise Windows & Doors from FdG Associates and Midwest Mezzanine Funds

Acquisition Highlights
  • This is Riverside’s 7th and Barings Private Equity’s 1st transaction in the Building Materials sector.
  • This is Riverside’s 92nd and Barings Private Equity’s 11th transaction in the United States.
  • This is Riverside’s 3rd and Barings Private Equity’s 1st transaction in Michigan.
Investment Fate
  • Sunrise Windows & Doors was sold to a strategic buyer in 2020.

M&A Deal Summary

Date 2010-12-15
Target Sunrise Windows & Doors
Sector Building Materials
Buyer(s) Riverside
Barings Private Equity
Sellers(s) FdG Associates
Midwest Mezzanine Funds
Deal Type Secondary Buyout
Advisor(s) BB&T Capital Markets (Financial)
Benesch, Friedlander, Coplan & Aronoff (Legal)

Target

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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Buyer(S) 2

Buyer

Riverside

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1988
PE ASSETS 5.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Riverside Company is a global private equity firm that seeks investments in profitable lower middle-market companies valued under $400 million. Riverside looks to invest in growth businesses headquartered in North America, Europe, and Asia (primarily Japan and South Korea), that have been in operation for at least five years. Riverside targets investments in a wide array of industries including distribution, automotive, healthcare, education, manufacturing, software, consumer services, plastics, publishing, food, communications, marine, and business services. Riverside was formed in 1988 and is based in New York City.


DEAL STATS #
Overall 130 of 295
Sector: Building Materials M&A 7 of 9
Type: Secondary Buyout M&A Deals 15 of 49
State: Michigan M&A 3 of 10
Country: United States M&A 92 of 203
Year: 2010 M&A 10 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-15 G&H Orthodontics

Franklin, Indiana, United States

G&H Orthodontics is a manufacturer, distributor of orthodontic products. G&H Orthodontics manufactures 'ortho force' products that make teeth move, primarily orthodontic archwires and elastics (rubber bands), versus products that anchor teeth in the orthodontic process. G&H Orthodontics was founded in 1981 and is based in Franklin, Indiana.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-16 Gti Diagnostics

Waukesha, Wisconsin, United States

GTI Diagnostics develops, manufactures and markets specialty test kits for the in vitro diagnostics industry. Its advanced proprietary products fulfill niche testing needs and are used in over 400 laboratories. GTI is an ISO-certified company and registered with the FDA as an In Vitro Diagnostic Manufacturer.

Sell $53M
Buyer

Barings Private Equity

Investor Investor


Category Private Equity Firm
Founded 1991
PE ASSETS 5.7B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Barings Private Equity is the private equity arm of global asset management firm Barings. The Group looks to invest in mezzanine, distressed, and other private equity transactions including secondaries and funds. Sectors of interest include manufacturing, business services, distribution, consumer products, consumer services, food products, packaging, and healthcare. Barings Private Equity was originally established in 1991 and is based in Charlotte, North Carolina.


DEAL STATS #
Overall 11 of 56
Sector: Building Materials M&A 1 of 1
Type: Secondary Buyout M&A Deals 2 of 21
State: Michigan M&A 1 of 3
Country: United States M&A 11 of 50
Year: 2010 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-11-15 Greenleaf Power

Sacramento, California, United States

Greenleaf Power acquires, develops, owns, and operates power projects that utilize residual biomass as fuel. Greenleaf Power currently owns and operates more than 145 megawatts of biomass-generating assets in North America. Greenleaf Power was founded in 2010 and is based in Sacramento, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-11-15 Handi Quilter

North Salt Lake, Utah, United States

Handi Quilter develops and manufactures branded and OEM quilting machines, frames, tables, computerized quilting systems, and quilting accessories. The company's products are primarily used in the home by dedicated quilting enthusiasts as well as by quilters with home-based businesses. Handi Quilter was founded in 1998 and is based in North Salt Lake, Utah.

Buy -

Seller(S) 2

SELLER

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 STATS #
Overall 10 of 13
Sector: Building Materials M&A 1 of 1
Type: Secondary Buyout M&A Deals 4 of 5
State: Michigan M&A 1 of 1
Country: United States M&A 10 of 13
Year: 2010 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-11-15 Vintage Nurseries

Wasco, California, United States

Vintage Nurseries is a producer of grafted grapevine rootstocks for the wine grape, table grape and raisin markets. Vintage Nurseries is recognized throughout the grapevine nursery industry as the high-quality, low-cost producer of dormant and greenhouse-grown benchgrafts and other vineyard-related products, with a reputation for strong customer service and for product quality and manufacturing innovation. Vintage Nurseries is based in Wasco, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-01 Infrastructure and Industrial Constructors USA

Pittsburgh, Pennsylvania, United States

Infrastructure and Industrial Constructors USA LLC (i+iconUSA) is a family of diversified heavy-civil and industrial construction companies recognized for safe and innovative infrastructure solutions. The origins of i+iconUSA date back to 1947 with the founding of Joseph B. Fay Company (Fay) operating primarily in the Mid-Atlantic States. Since that time by pursuing its strategy of creating value for employees, clients, and other stakeholders, i+iconUSA has grown and expanded through acquisition and organic means. i+iconSOUTHEAST, which began operations in 1982, focuses on the geographical region from southern Virginia through Florida and into the Caribbean.

Buy -
SELLER

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 STATS #
Overall 16 of 58
Sector: Building Materials M&A 2 of 3
Type: Secondary Buyout M&A Deals 7 of 25
State: Michigan M&A 3 of 6
Country: United States M&A 15 of 57
Year: 2010 M&A 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-14 Image Point Technologies Pvt.

Bavdhan, India

Image Point Technologies Pvt. Ltd. is a provider of tun key technology solution provider.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-02-28 Thrift Books

Tukwila, Washington, United States

Thrift Books sells used books through online marketplaces. Thrift Books currently sells its books through Thriftbooks.com, a proprietary online platform, and through other third-party platforms, including Amazon.com, Barnesandnoble.com, and Half.com. Thrift Books was founded in 2003 and is based in Tukwila, Washington.

Buy -