Industrial Opportunity Partners said Wednesday it has acquired the assets of Coldwater Veneer Inc. and its subsidiary West Point Veneer LLC. Financial terms weren’t announced. Coldwater, of Coldwater, Michigan, makes specialty hardwood veneer for end markets such as building products, furniture, home furnishings and automotive markets. PNC Business Credit and MB Financial provided financing.
Evanston, Ill., September 2, 2015 – Industrial Opportunity Partners (“IOP”), an operations-focused private equity firm based in Evanston, Ill., today announced it has acquired the assets of Coldwater Veneer, Inc. and its subsidiary West Point Veneer, LLC (collectively “Coldwater” or the “Company”) in partnership with the current management team and owners. Terms of the transaction were not disclosed.
Coldwater is a manufacturer of specialty hardwood veneer for the global marketplace including end markets such as building products, furniture, home furnishings and automotive markets. The Company’s products are manufactured to industry specifications using a variety of hardwood species.
The Company is based in Coldwater, Mich. with an additional manufacturing facility in West Point, Va. and a warehousing and distribution facility in Jeffersonville, Ind. Coldwater’s three facilities have more than 300,000 square feet and approximately 235 employees.
IOP is partnering in its investment with Dean Calhoun and Dave Counterman, along with their experienced team of veneer industry veterans. Messrs. Calhoun and Counterman will serve as Chief Executive Officer and President, respectively, following the acquisition. IOP Operating Principal Phil Fioravante has assumed the role of Chairman. Mr. Fioravante is a member of IOP’s Board of Operating Principals, which is comprised of experienced executives who provide leadership to the businesses in which IOP invests.
Ken Tallering, Senior Managing Director of IOP, stated, “On behalf of IOP, we are excited to announce our acquisition of Coldwater and partnership with industry veterans Dean Calhoun and Dave Counterman. IOP believes that Coldwater is a market-leading and well positioned business with a strong reputation for quality products and excellent customer service.”
Phil Fioravante, IOP Operating Principal and Chairman of Coldwater, commented, “I am personally excited to work with Coldwater’s management team and employees to continue to broaden the customer base and to support the Company with further investment and operational resources to continue its impressive growth trajectory.”
Coldwater represents IOP’s eighth platform investment in Industrial Opportunity Partners II, L.P.
League Park Advisors, LLC represented the shareholders of Coldwater. PNC Business Credit and MB Financial provided financing for the acquisition. McDermott Will & Emery LLP provided legal representation to IOP in the transaction.
About Coldwater Veneer, Inc.
Coldwater is a leading manufacturer of specialty hardwood veneer for the global marketplace including end markets such as building products, furniture, home furnishings and automotive markets. For more information, visit Coldwater’s website at www.coldwaterveneer.com.
About Industrial Opportunity Partners (IOP)
IOP, an Evanston, Ill.-based private equity firm with $460 million of committed capital since inception, is dedicated to creating value through investing in manufacturing and value-added distribution businesses with sales between $30 million and $350 million. IOP focuses on businesses with strong product, customer, and market positions, and provides management and operational resources to support sales and earnings growth at its businesses. For more information, visit IOP’s website at www.iopfund.com.