BC Partners-backed Keter to acquire Adams Manufacturing

Keter Group, a portfolio company of BC Partners, has agreed to acquire Portersville, Pennsylvania-based Adams Manufacturing, a maker of resin garden furniture. The sellers are William E Adams III and his family. No financial terms were disclosed. Mesirow Financial advised Adams Manufacturing on this transaction while Gordon & Rees LLP was legal adviser.

PRESS RELEASE

London, UK – 17 August 2018 – Funds advised by BC Partners (“BC Partners”), through their participation in Keter Group (“Keter”), have reached an agreement with William E. Adams, III and his family to acquire Adams Manufacturing (“Adams”), a US-based manufacturer of resin garden furniture.

Adams’ shareholders will re-invest a material portion of the transaction proceeds into a stake in Keter. The existing management team of Adams, under the leadership of CEO Tom Lombardo, will continue to independently drive the development of Adams, and there are no plans to combine Adams and Keter in the short to medium term.

Alejandro Pena, Keter CEO, commented: “As a leader in the resin garden furniture category with a trusted and established foundation and stellar reputation, we look forward to adding Adams Manufacturing to the Keter family and our growing portfolio. This strategic partnership is a testament to Keter’s focus on the expanding North American market and will provide long-standing customers of Adams Manufacturing with a wider variety of product lines.”

William E. Adams, III, Founder of Adams Manufacturing, added: “We are grateful for what our wonderful associates have accomplished at Adams over the last 40 years. Partnering with Keter is a unique opportunity for Adams to accelerate its development. Today marks the beginning of a new era in the history of Adams and we are very excited about the prospects for both companies going forward.”

Jean-Baptiste Wautier, Managing Partner at BC Partners, commented: “This acquisition of Adams is of strategic nature and another milestone in the history of the company. This is a commitment to invest and grow the garden furniture category for the benefit of our clients. While both entities will operate independently in the short to medium term, we would expect to leverage our respective strengths, intensify product innovation and enhance our relationships with the most reputable retailers in North America.”

Mesirow Financial, Inc. was the exclusive advisor to Adams Manufacturing on this transaction. Gordon & Rees LLP acted as legal advisor.

About Keter
Keter is one of the world’s leading manufacturers and marketers of resin-based household and garden consumer products, which are sold in 90 countries and found in more than 25,000 retail outlets worldwide. With a focus on innovation driven by consumer insights, Keter provides a wide range of furniture, storage and organization solutions. Our ongoing commitment to simplify and enhance the daily lives of consumers has been key to our global success.

About Adams Manufacturing
Founded in 1976 by William E. Adams, III, Adams is a leading manufacturer and distributor of consumer resin products in North America. Over the past 40 years, Adams has established itself as a reputable brand recognized for its quality products and trustworthy customer service. The company has built solid relationships with blue-chip retailers across the United States. The company employs approximately 250 people and operates from its base in Western Pennsylvania.

About BC Partners
BC Partners is a leading international investment firm with over €17 billion of assets under management in private equity and private credit. Established in 1986, BC Partners has played an active role in developing the European buy-out market for three decades. Today, BC Partners executives operate across markets as an integrated team through the firm’s offices in North America and Europe.

Since inception, BC Partners has completed more than 100 private equity investments in companies with a total enterprise value of circa €130 billion and is currently investing its tenth private equity fund. For more information, please visit www.bcpartners.com