Cortec has recapitalized Fulton, Maryland-based Window Nation, a distributor of replacement windows, doors, roofing, and siding products. No financial terms were disclosed. Houlihan Lokey served as financial adviser to Window Nation with Squire Patton Boggs LLP providing legal advice. And, Paul Hastings LLP served as legal adviser to Cortec. TwinBrook Capital Partners and Adams Street Partners Private Credit provided the senior debt to back the transaction.
(New York, NY) – Cortec Group (“Cortec”), a New York-based private equity firm that specializes in investing with entrepreneur owners of middle market consumer, healthcare, and specialty products, services, and distribution businesses, announced that on January 16, 2018, a group led by its affiliate, Cortec Group Fund VI, L.P. (“Cortec Fund VI”), in partnership with management, recapitalized Window Nation, Inc. (“Window Nation” or the “Company”). Terms of the transaction were not disclosed.
Headquartered in Fulton, Maryland, Window Nation is an industry-leading, value-added distributor of replacement windows, doors, roofing, and siding products, exclusively serving the residential repair and remodeling market, currently across the Mid-Atlantic and Midwest regions of the U.S.
The Company sells directly to homeowners and offers a broad range of products, as well as installation services, that are essential for maximizing window energy efficiency.
Window Nation has built an outstanding track record of providing exceptional service and unparalleled growth under the guidance of co-founders, current business leaders, and brothers, Harley and Aaron Magden. “The Company’s rapid expansion, current momentum, and future prospects are incredibly exciting. We look forward to building on Window Nation’s success and expanding into new markets,” said Michael Najjar, a Managing Partner at Cortec. Jeffrey Lipsitz, also a Managing Partner at Cortec, added, “We are enthusiastic about partnering with Harley and Aaron to expand the organization and support Window Nation’s growth.”
Harley Magden, Window Nation’s Co-Founder and CEO, who will continue to lead the business with his brother Aaron and maintain a significant ownership stake, added, “We wanted to partner with a firm that had relevant knowledge about direct-to-consumer marketing, as well as expertise in the building products and window industry, specifically. We were also looking for a partner that would provide both operational and financial resources to support growth and address challenges that are inherent in any fast-growing business. Cortec brought all of these to the table.” Aaron Magden added, “As owners and operators of Window Nation, Cortec’s successful track record of partnering with entrepreneur-led, high-growth businesses was also important to me and Harley.”
Aaron further stated, “During the transaction process, the Cortec team delivered on their promised terms and time-frame, allowing us to close the recapitalization quickly and get back to managing our business.”
The Window Nation partnership represents Cortec Fund VI’s fifth platform investment. Houlihan Lokey served as financial advisor and Squire Patton Boggs LLP served as legal advisor to Window Nation. Paul Hastings, LLP served as legal advisor to Cortec. Senior debt to support the recapitalization was provided by TwinBrook Capital Partners and Adams Street Partners Private Credit.
About Window Nation
Window Nation is a value-added distributor of replacement windows, doors, roofing and siding products, exclusively for the residential repair and remodeling markets, currently serving the MidAtlantic and Midwest regions of the U.S. The Company sells directly to homeowners and offers a broad range of products, as well as installation services. Since founding the Company in 2006, co-founders and brothers Harley and Aaron Magden have successfully scaled the business, establishing a leading presence across Maryland, Virginia, Ohio, and Pennsylvania, with plans to enter additional markets.
Founded in 1984, Cortec invests in high value-added, middle-market consumer, healthcare, and specialty products, service, and distribution businesses in partnership with owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Additional information about Cortec can be found at www.cortecgroup.com.