Olon Industries, a portfolio company of Huron Capital Partners LLC, has acquired Carolina Drawers. No financial terms were disclosed. Based in Lexington, North Carolina, CDI is a maker of solid wood and plywood drawers for the U.S. kitchen and bath cabinet and furniture industries.
DETROIT, MI, June 9, 2015 – Huron Capital Partners LLC (“Huron”) announced today that its portfolio company, Olon Industries (“Olon”), has acquired Lexington, NC-based Carolina Drawers (“CDI”). This deal marks the 11th add-on investment made by a Huron Capital portfolio company so far in 2015, and the 7th in the past 9 weeks.
Carolina Drawers is a leading manufacturer of solid wood and plywood drawers for the U.S. kitchen & bath cabinet and furniture industries. CDI offers solid wood drawer components sourced from around the world, as well as a complete line of Baltic Birch plywood products. Olon has operations in Indiana, Illinois, and Ontario.
“We are very excited about the strategic fit between CDI and Olon and the synergies we believe we can achieve,” stated Don Hambly, Olon’s President & CEO. “We think CDI’s customer base and product offering are a perfect complement to Olon’s growing business.”
“The acquisition of CDI continues Olon’s strategy to strengthen its U.S. manufacturing presence and expand its product offering,” said Matt Hare, Principal at Huron Capital. “This is consistent with Huron’s buy-and-build strategy, and we’ve been very busy across the portfolio this year.”
About Huron Capital Partners
Based in Detroit, Huron Capital is an operationally-focused private equity firm with a long history of growing lower middle-market companies through its customized ExecFactorSM buy-and-build investment model. Huron prefers complex situations where it can help companies reach their full potential by combining its operational approach, substantial capital base and transaction experience with proven operating executives. Founded in 1999, Huron has raised over $1.1 billion in capital through four committed private equity funds, invested in over 100 companies, and its portfolio companies have employed over 7,500 people throughout North America. The Huron ExecFactorSM buy-and-build investment model includes equity recapitalizations, family succession transactions, market-entry strategies, corporate carve-outs and management buyouts of companies having revenues up to $200 million. Huron’s sector focus includes specialty manufacturing, business services, consumer goods & services, and healthcare. For more information, please visit www.huroncapital.com.
About Olon Industries
Olon Industries is one of North America’s leading single-source manufacturers of quality wood products and custom solutions for the furniture and cabinet making industries. With over 30 years of entrepreneurial spirit and unwavering commitment to supply customers with high-quality, cost saving products and solutions, these values remain the cornerstone and spirit of Olon today. Olon facilities are located in Geneva, IL, Washington, IN, Jeffersonville, IN, Lexington, NC, and Georgetown, ON.