Cook & Boardman Adds On

The Cook & Boardman Group, a portfolio company of Blue Point Capital Partners, has acquired SBS Commercial Door & Hardware, a distributor of commercial doors, door frames, architectural hardware and related accessories. No pricing terms were disclosed. RBC Bank provided leveraged financing.

PRESS RELEASE

Blue Point Capital Partners, in conjunction with its portfolio company, The Cook & Boardman Group, LLC (C&B), announced today the acquisition of SBS Commercial Door & Hardware, LLC (CDH), a leading distributor of commercial doors, door frames, architectural hardware and related accessories. Blue Point, together with Cook & Boardman management, provided the equity for the transaction with debt financing provided by RBC Bank.

“With the addition of CDH, Cook & Boardman is now one of the largest distributors of commercial doors and hardware in the Unites States,” said Juli Marley, Blue Point’s Charlotte-based partner.

The CDH transaction represents the first add-on acquisition for C&B, which was acquired by Blue Point as a platform investment in August 2008. Blue Point has a successful track record investing in the architectural door and hardware industry, having previously made a similar investment with the senior management of both C&B and CDH, including Chuck Hummel, Sam Smoak and Chris Robinson.

“This transaction is a tremendous opportunity for Cook & Boardman. CDH, with its strong management team, expansive geographic footprint and complementary product and service offering, is an ideal partner for C&B,” said Hummel, CEO of C&B.

Smoak, C&B’s CFO, added, “The transaction will allow C&B to leverage the combined company’s resources and assets to better serve our customer base.”

Robinson, who previously worked with Hummel and Smoak in another commercial door and hardware operation, said, “I’m excited to once again partner with my former colleagues and with Blue Point, and I look forward to the opportunities that this transaction will create.” Robinson, the former Director of CDH, has joined Cook & Boardman as Executive Vice President and COO.

Formerly a subsidiary of Stock Building Supply, CDH is a value-added distributor of commercial metal and wood doors, hollow metal frames, and architectural hardware, and serves the nonresidential construction market. CDH operates 13 locations through its four divisions including: Architectural Building Supply (based in Salt Lake City, UT), Martin Architectural Products (based in Raleigh, NC), Precision Doors & Hardware (based in Alexandria, VA) and Hollow Metal Specialists (based in Sarasota, FL). The acquisition of CDH by The Cook & Boardman Group will significantly expand its geographic presence to a network of 18 locations in 7 states.

Founded in 1955 and headquartered in Charlotte, NC, Cook & Boardman is an engineering services and value-added distribution company focused on serving commercial and institutional construction contractors and building owners. The Company, led by a collection of the most recognized and capable professionals in the industry, distributes a variety of commercial hollow metal and wood doors, door frames, architectural hardware and related accessories, including electronic access control devices.

Blue Point, with offices in Charlotte, Cleveland, Seattle and Shanghai, is one of the largest and most active resident middle market private equity firms in each of its target markets and focuses principally on investments in manufacturing, distribution and service businesses that primarily address commercial and industrial markets.  Blue Point has extensive experience in identifying, evaluating and successfully completing a variety of private equity investment transactions, including recapitalizations, management buyouts, corporate divestitures and industry consolidations.  The principals of Blue Point have completed over 90 investments with a total transaction value of more than $2 billion.