Borgman Capital acquires tile and solid surface provider MTS

Borgman will merge MTS with portfolio company K.G. Stevens, a Wisconsin-based countertop fabricator.

  • Borgman Capital has named Jason Gaare as president of K.G. Stevens
  • Borgman Capital acquired K.G. Stevens in October 2022
  • Reinhart Boerner Van Deuren s.c. served as legal counsel on the deal

Borgman Capital has acquired Minnesota Tile and Stone, a tile and solid surface provider. Borgman will merge this company with portfolio company K.G. Stevens, a Wisconsin-based countertop fabricator. No financial terms were disclosed.

Borgman Capital has named Jason Gaare as president of K.G. Stevens. Also, MTS previous owner and president Alan Dale retired effective with the transaction’s completion.

Gaare joins K.G. Stevens from metal fabricator Super Steel where he most recently served as president. He also held various leadership roles with Super Steel since 2005 including chief financial officer, general manager, vice president of sales and materials, and vice president of operations.

“MTS and K.G. Stevens share a standard of high-quality product offerings and best-in-class customer service,” said Sequoya Borgman, founder and CEO of Borgman Capital, in a statement. “These shared values, geographic proximity and immediate benefit to customers of both companies make the acquisition a win-win, as well as opportunities for future innovation. Under Jason’s leadership we have the technical, customer and people management skills to lead this expanded organization into is next successful phase.”

MTS was founded in 1930 in Minneapolis.

Borgman Capital acquired K.G. Stevens in October 2022.

Associated Bank provided senior financing. Reinhart Boerner Van Deuren s.c. served as legal counsel. Accounting diligence and advisory services for the transaction were performed by Sikich.

Borgman Capital invests in lower middle-market businesses with annual revenue between $10 and $100 million.