Speyside-backed AccessSMIT sells wholesale unit

Vancouver, British Columbia-based AccessSMT, a portfolio company of Speyside Equity, has sold its wholesale division.

Vancouver, British Columbia-based AccessSMT, a portfolio company of Speyside Equity, has sold its wholesale division. The buyer was not identified. No financial terms were disclosed. AccessSMT is a manufacturer and distributor of doors, frames, finishing hardware, construction specialty products and access control devices.

PRESS RELEASE

ANN ARBOR, Mich., Feb. 5, 2020 /CNW/ — AccessSMT a portfolio company of Speyside Equity Fund I LP, announces the sale of AccessSMT Wholesale Division. The transaction was completed on January 31, 2020.

AccessSMT, founded in 1964, has evolved into a leading manufacturer and value-added distributor of doors, frames, finishing hardware, construction specialty products and access control devices in Western Canada and the US Pacific Northwest. The company primarily serves the mixed-use, multi-family residential market along with the industrial, commercial and institutional (“ICI”) market segment.

The Wholesale Division sold security solutions and door hardware including mechanical security devices, access control, exit hardware, safes and other wholesale products operating across Canada to locksmiths and other industrial and commercial end markets.

Jeffrey Stone, Managing Director Speyside Equity, commented “The Wholesale Division was non-core to the primary AccessSMT platform and selling it was a strategic move to streamline the company and focus solely on the project management side of the business supplying doors, hardware and other Division 10 products for larger construction projects.”

About Speyside Equity
Formed in 2005, Speyside Equity employs an operationally intensive approach to investing in specialty chemicals/minerals, metal forming and fabrication, plastics, building products, food ingredients, and other industrial businesses. Speyside targets companies with a history of strong revenue, a defensible position in their respective markets, and a core group of managers that can move the business forward. Speyside prefers situations where there are opportunities to leverage its operating expertise to improve financial performance and create sustainable long-term value.

Since closing Speyside Equity Fund I LP in 2016, Speyside has closed 18 acquisitions across the United States, Canada, and Western Europe. Speyside’s portfolio companies generate total revenues of over $1.0 billion while employing over 3,000 people. The transactions have included diverse situations including corporate carve-outs, public to private conversions, private sales, and purchases of distressed debt and assets out of bankruptcy.