Behrman Capital Acquires Woodcraft Industries, Inc. in $145 Million Transaction.Business Editors/Building/Construction Writers NEW YORK--(BUSINESS WIRE)--April 9, 2003 Behrman Capital, a private equity investment firm based in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , announced today that it has acquired Woodcraft wood·craft n. 1. Skill and experience in matters relating to the woods, as hunting, fishing, or camping. 2. The act, process, or art of carving or fashioning objects from wood. Noun 1. Industries, Inc. ("Woodcraft"), a leading manufacturer of hardwood and engineered wood doors and components for the kitchen cabinet industry, in a transaction valued at $145 million. Woodcraft is one of the largest suppliers of outsourced doors and components to the kitchen cabinet and bath vanity industries. Headquartered in St. Cloud, Minnesota St. Cloud (IPA: /ˌseɪntˈklaʊd/) is a city in the U.S. state of Minnesota and the major population center in the state's central region. As of the 2000 census, the city had a total population of 59,107. , the Company's product line includes assembled solid wood doors and components, face frames, drawer parts, veneer raised panel doors, rigid thermofoil doors, and profile wrapped architectural millwork, all of which are manufactured to customers' specifications. "We are very pleased to make this investment in Woodcraft, and look forward to working with John Fitzpatrick and his team to position the company for its next stage of growth," said Grant G. Behrman, Managing Partner of Behrman Capital. "Woodcraft is a strong market leader with a diverse range of products, significant scale, and a broad geographic reach. The Company is distinguished by both the long-standing relationships it maintains with its customers and the excellent reputation it has built in its industry. In addition, Woodcraft is particularly well placed to take full advantage of the current growth in the home renovation and remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling sectors." John Fitzpatrick, President and Chief Executive Officer of Woodcraft, said, "Behrman Capital has an established record of working with companies to support their growth and expansion. With Behrman's support, we will continue to expand our product development programs with the objective of further increasing our market share and pursuing opportunities for additional growth." Antares Capital led the senior debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay for the transaction. Woodcraft Industries, Inc. is a manufacturer of hardwood and engineered wood components and fully assembled doors for the kitchen cabinet and bath vanity industries. The Company has manufacturing facilities in St. Cloud, Minnesota, Wahpeton, North Dakota Wahpeton is a city in Richland County, North Dakota in the United States. It is the county seat of Richland CountyGR6. The population was 8,586 at the 2000 census. Wahpeton was founded in 1871. Wahpeton's twin city is Breckenridge, Minnesota. , and Molalla, Oregon. Based in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and San Francisco, Behrman Capital was founded in 1992 by Darryl G. and Grant G. Behrman. The firm invests in management buyouts, leveraged buildups and recapitalizations of established growth companies and provides expansion capital to emerging growth companies. The company's investments are focused primarily in four industries: information technology, business services, contract manufacturing and outsourcing. The firm currently has a capital base exceeding $1.8 billion. |
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