The Riverside Co. has invested in Sunrise Windows, a Temperance, Mich.-based maker of energy efficient replacement windows. Financial terms were not announced. US Bank and Babson Capital provided senior and subordinated financing. Riverside is a PE firm.
The Riverside Company has invested in Sunrise Windows of Temperance, Michigan. Sunrise manufactures premium performing, energy efficient replacement windows and distributes them through specialty window dealers in 35 states.
Sunrise traces its start to 1994, and has earned a reputation for its innovative offering of custom sized, custom configured windows and doors, outstanding product quality, and superior customer support.
Despite the downturn in the housing and renovation markets during the past several years, Sunrise has grown steadily and continues to capture an increased share of the overall replacement window market.
Sunrise intends to grow by developing new products, expanding its dealer network and supporting the continued growth of its existing customers. Riverside will support Sunrise’s growth strategy and expects expansion of the replacement window market along with an overall improvement in the housing industry to help fuel its growth.
“Sunrise has grown its sales every year since 1995 and has weathered the housing crisis because it is focused on the replacement market. They are a very strong company with great products,” said Riverside Partner Tim Gosline. “We’re excited about partnering with Gary Delman, Sunrise’s founder and CEO, and his management team, and together, we plan to create a bigger and better company by accessing our operating resources and financial backing.”
Sunrise Windows will be a portfolio company in Riverside Capital Appreciation Fund V. Working with Gosline on the transaction for Riverside were Bill Seelbach, Operating Partner; Erik Holmsen, Vice President; Raj Bhatt, Associate; and Tas Tobias, Analyst. The deal was sourced by Jim Butterfield of Riverside’s Origination group.
US Bank and Babson Capital provided senior and subordinated financing for the transaction, which is Riverside’s 300th and the 20th acquisition for 2010. Jones Day provided legal advice to Riverside.
The Riverside Company (www.riversidecompany.com or www.riversideeurope.com)
The Riverside Company is a global private equity firm focused on acquiring growing enterprises valued at up to $200 million (€200 million in Europe). The firm partners with strong management teams and enhances its investments through acquisitions and organic growth. Since its founding in 1988, Riverside has invested in 243 transactions with a total enterprise value of more than $5.4 billion/€4.4 billion. The firm’s portfolio in North America, Europe and the Asia Pacific region includes 72 companies with roughly 14,000 employees. Riverside completes acquisitions smoothly thanks to $3.4 billion/€2.7 billion in assets under management, more than 195 professionals in 19 offices, and longstanding relationships with partner lenders.