AV Capital said Oct. 24 that it acquired American Insulated Glass LLC (AIG). Financial terms weren’t announced. ORIX Mezzanine & Private Equity also invested. AIG, of Conley, Georgia, fabricates and distributes glass products in the Southeast U.S. Raymond James advised AIG.
AUSTIN, Texas & ATLANTA, Georgia — October 24, 2018 — AV Capital, an Austin, Texas-based private equity firm, announced today that it has acquired American Insulated Glass, LLC (“AIG”) in partnership with the company’s management team. Participating in the equity of the AIG investment with AV Capital was ORIX Mezzanine & Private Equity.
Founded in 1990, AIG is a leading fabricator and distributor of glass products in the Southeast U.S. With manufacturing facilities in Georgia and Florida, AIG specializes in providing insulated, tempered, laminated, and beveled glass to millworkers and glazing contractors serving the residential and commercial end markets. The company also distributes a full line of mirrors and wholesale glass products. The transaction will position AIG for its next stage of growth, including expanding its geographic coverage and service capabilities – both organically and via acquisition.
AIG will continue to be led by its current management team including Chief Executive Officer Billy Blair. Founder Rick Freeman will remain involved in the strategic direction of the company as a significant shareholder and active board member.
Rick Freeman, Founder of AIG, said, “I am very proud of the company and reputation we have built over the past 27 years. Our dedicated employees have been key to establishing AIG’s tradition of providing excellent service to our customers. The AV Capital team shares our relationship-oriented approach to doing business, and has a genuine appreciation for our culture and the values that have driven our success. I am excited for the next phase of AIG’s growth.”
Billy Blair, Chief Executive Officer of AIG, remarked, “AIG was built on a commitment to exceeding the industry standard for our customers. That means ensuring we maintain high product quality with faster lead times and on-time delivery. AV Capital’s experience will help us maintain this commitment while creating new opportunities to grow our business through expanding our product capabilities, plant capacity, and geographic footprint across the Southeast U.S.”
Vernon Bryant, Managing Partner of AV Capital, said, “We are excited to announce this new platform investment for AV Capital. AIG is an impressive company that fits squarely within AV Capital’s strategy of partnering with talented management teams to transition well-run middle market companies to institutional ownership and drive growth.”
Dave Alter, Partner of AV Capital, added, “We are pleased to partner with Chief Executive Officer Billy Blair and Founder Rick Freeman at an important inflection point in the company’s history, and to provide strategic and financial resources in support of management’s vision for expanding AIG across the Southeast U.S.”
Raymond James advised AIG on the transaction.
ABOUT AV CAPITAL
AV Capital is an Austin-based private equity firm that makes control investments in entrepreneur and family-owned middle market companies. AV Capital invests in niche manufacturing, specialty distribution, and business services companies across a variety of end markets. AV Capital’s strategy is to partner with
talented management teams to transition closely-held middle market companies to institutional ownership and accelerate growth. As relationship-oriented investors, AV Capital brings a patient approach and a long term investment perspective to building market leading companies. Business owners have chosen to partner with AV Capital because of its strong values and culture, its extensive investment experience and network of relationships, and its history of success in supporting management teams to grow outstanding middle market companies. For further information about AV Capital, please visit www.av.capital.
ABOUT ORIX MEZZANINE & PRIVATE EQUITY
ORIX Mezzanine & Private Equity offers a variety of junior debt and equity financing options for lower mid- to middle-market companies throughout North America. Typical investments range from $10 million to $30 million, with the capacity to grow. Investments are in a wide variety of industries and transaction types including buyouts and acquisitions, growth financings, recapitalizations and special situations. Investing the firm’s own proprietary capital has allowed for a flexible and long-term approach to investments that is often not afforded by traditional investment firms. ORIX Mezzanine & Private Equity is a business unit of ORIX USA (www.orix.com), a Dallas-based financial services firm that since 1981 has been providing innovative capital solutions that clients need to propel their business to the next level. With more than 900 employees spanning nearly 30 offices across the U.S. and Brazil, ORIX USA and its family of companies hold $8 billion of assets and manage an additional $34 billion, approximately. Its parent company, ORIX Corporation, is a Tokyo-based, publicly owned international financial services company with operations in 36 countries and regions worldwide. ORIX Corporation is listed on the Tokyo (8591) and New York Stock Exchange (IX). For more information on ORIX Mezzanine & Private Equity, visit www.orixmpe.com.