USA Millwork, a portfolio company of Tecum Capital and Ninth Street Capital Partners, has acquired O’Keefe LLC and Cabinets by Design LLC. No financial terms were disclosed. O’Keefe LLC is a creator of custom commercial cabinetry and architectural millwork products and Cabinets by Design is a maker of commercial cabinets for healthcare and government.
Pittsburgh, Pennsylvania – Tecum Capital Partners II, L.P. (“Tecum”) is pleased to announce an additional investment in USA Millwork Holding Co. LLC (“USA Millwork” or the “Company”). Tecum is excited to continue its longstanding partnership with Ninth Street Capital Partners (“Ninth Street”), and the existing management team. The investment provided by Tecum was used to support the add-on acquisitions of O’Keefe, LLC (“O’Keefe”) and Cabinets by Design, LLC (“CBD”). The two additional add-ons combined with the original platform investment in Freelance Enterprises, LLC (“Freelance”) make USA Millwork one of the largest AWI-certified manufacturers of premium custom commercial millwork serving the United States.
The two add-ons will provide significant scale to the USA Millwork platform. In addition to scale, O’Keefe and CBD will also add compelling scope by expanding USA Millwork’s product offering into key additional end markets that have historically been more insulated to changing demand environments than traditional end markets served by the broader industry.
“Since acquiring Freelance in August 2017, the USA Millwork executive team has diligently executed on its strategic plan and continues to put in place resources to allow the business to effectively scale,” noted Tyson Smith, Tecum partner. “We remain excited to support Ninth Street Capital in its current strategy, and believe the acquisition of O’Keefe and CBD are significant steps forward in building a leading national platform.”
“We are thrilled to partner with our friends at Tecum again, and happy to have partners with an ability to quickly understand our investment thesis and provide ample investment to support our strategy,” noted Michael Weiner, Ninth Street managing partner. “We believe the USA Millwork platform will provide meaningful synergies over the long-term, allowing its subsidiaries to share best practices and to differentiate through investment in technology and talent recruitment – two areas critical to future success in the industry,” stated Patrick Dickinson, CEO of USA Millwork.
About Tecum Capital
Tecum Capital is a Pittsburgh-based private investment firm with over $450 million of committed capital under management, providing mezzanine debt, subordinated notes and private equity for middle market businesses. Tecum has invested more than $250 million in over 50 companies over the past 10 years throughout the Midwest, Mid-Atlantic, Northeast, and Southeast. Tecum generally invests amounts ranging from $5 million to $15 million to support business owners and financial sponsors in growth financings, full and partial recapitalizations, generational transitions, and buyouts. For more information, please visit www.tecum.com.
About Ninth Street Capital Partners
Founded in 2009, Ninth Street is a Cleveland-based private equity firm focusing on market leaders in niche industries with EBITDA of $2 to $10 million. Ninth Street seeks opportunities to build companies starting with a platform acquisition and subsequently creating value via operational improvements and acquisitions. For more information, visit Ninth Street’s website at www.ninthstreetcapital.com.