Graham Partners Wraps One Up
June 4th, 2013
Graham Partners is pleased to announce it has completed the sale of one of its portfolio companies, Mitten Inc. (“Mitten”), to a strategic acquirer, Ply Gem Industries, Inc. Throughout Graham’s ownership, Mitten benefited from Graham Partners’ operational expertise and network of resources in the building products industry. Acquired in 2011, Mitten increased EBITDA over 65% during Graham’s hold period.
Mitten is a Canadian manufacturer and distributor of vinyl siding, vinyl siding accessories, and other exterior building products. The company offers a variety of products in an extensive selection of colors and realistic looking finishes that are easy to install, environmentally friendly, and virtually maintenance-free.
Graham Partners is a private investment firm whose strategy is to acquire industrial businesses benefiting from raw material and technology conversion trends in their industries, where the firm can utilize its extensive operating resources and longstanding industry knowledge to add value. Adam Piatkowski, Managing Principal at Graham Partners notes, “We partnered with Mitten’s strong management team to successfully execute a development plan. We focused on broadening end markets and developing new product categories, while increasing profitability through procurement and operational improvements.”
Graham Partners contributed substantial support to Mitten’s development through its operations team. After acquiring Mitten, Graham Partners worked steadily with the company to improve its cost structure and margins. Lean manufacturing initiatives and operational improvements were implemented in Mitten’s main manufacturing facility, and leveraged procurement initiatives provided additional cost savings.
Additionally, Graham Partners recruited new management talent from within the industry to enhance Mitten’s already strong team. Joe May, Managing Principal at Graham Partners stated, “Within eight months of acquisition, Graham Partners successfully recruited a seasoned CEO, who brought considerable industry expertise to Mitten, in addition to hiring a new CFO, as well as creating several new operational roles.”
Graham Partners and Mitten were advised by BB&T Capital Markets during the sale process.
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