United Cabinet Holdings, a portfolio company of Building Industry Partners, has acquired Tru-Wood Cabinet Co. Financial terms weren’t announced. Ashland, Ala.-based Tru-Wood makes stock- and semi-custom kitchen, bath and other home cabinetry. Building Industry Partners, of Fort Worth, Texas, is a growth equity investment firm.
Fort Worth, TX – July 30, 2013 – United Cabinet Holdings LLC („UCH”), a portfolio company of Building Industry Partners, LLC (“BIP”), has acquired Tru-Wood Cabinet Co. (“Tru-Wood”) in partnership with Tru-Wood President David Rush and cabinet industry veterans Michael Arnaud, Butch Reimer and Dan Conner.
Tru-Wood was founded in 1990 and is a highly integrated manufacturer of stock- and semi-custom kitchen, bath and other home cabinetry. The Company was an early leader in the U.S. all-hardwood cabinetry segment. Tru-Wood has manufacturing facilities in Ashland and Lineville, Alabama, with over 370k square feet of combined manufacturing space, and a distribution facility in Longwood, Florida. Tru-Wood employs over 130 people on a full-time basis and sells its products through independent kitchen dealers primarily throughout the Eastern U.S.
The transaction provided growth capital for the business and liquidity for CEO Buddy Sharpe, who retired post-transaction after twenty-three years with the business. Mr. Rush will continue in operational management with Tru-Wood and remains a shareholder.
Butch Reimer (42) joins Tru-Wood as President. Mr. Reimer previously worked for NorCraft Companies L.P., where he served as Senior Vice President of Operations for UltraCraft Cabinetry for over six years. Prior to NorCraft, Mr. Reimer ran operations within MasterBrand Cabinets and Robert Bosch Corporation.
Dan Conner (47) joins UCH as Chief Information Officer. Mr. Conner will lead strategic information technology, systems and process initiatives across UCH portfolio companies. Mr. Conner joins UCH from Associated Materials and was formerly with KraftMaid Cabinetry.
UCH is enthusiastic about the additions of Mssrs. Rush, Reimer and Conner and in building upon Tru- Wood‟s existing manufacturing and service platform to further develop the business‟ product offering and quality, service levels, marketing strategy, systems/processes and dealer programs. Mr. Arnaud, EVP, Sales & Marketing for United Cabinet Holdings, said “The investment in Tru-Wood is an important step in UCH‟s long term strategy of being able to offer a breadth of cabinetry price points to our rep and dealer relationships throughout the U.S.”
Background of United Cabinet Holdings
United Cabinet Holdings LLC (“UCH”) is a holding company in the kitchen and bath (“K&B”) cabinetry manufacturing segment. UCH was formed in February ‟12 by BIP in partnership with cabinet industry veterans including Michael Arnaud (formerly with NorCraft/UltraCraft Cabinetry, RNCC (Cabico, Sunshine, Legacy and Republic), Kitchen Craft and Cuisine Expert). UCH invests in North American regional kitchen & bath cabinetry manufacturers and continues to actively seek investments in businesses that it believes it substantially grow in partnership with management. UCH currently owns Touchstone Fine Cabinetry, a full- and semi-custom cabinetry manufacturer based in Rutherfordton, North Carolina, and Tru-Wood Cabinet Co., a stock- and semi-custom cabinetry manufacturer based in Ashland, AL.
Background of Building Industry Partners
Building Industry Partners, LLC (“BIP”) is a Fort Worth, Texas-based growth equity investment firm specializing in the U.S. middle-market building products industry. BIP is affiliated with Chambers Interests, the investment office of the Chambers family. BIP partners with and provides private growth equity capital to: (1) privately-owned building products companies seeking to grow their long-term equity value via organic and/or “buy-and-build” acquisition growth strategies, (2) companies seeking partial or full liquidity and/or a transition of ownership via a recapitalization or sale and (3) proven management teams seeking to build their own business via management buyout of their current employing company or the acquisition of other established businesses within their niches of expertise. BIP focuses its efforts primarily on investments involving privately-owned building product manufacturers, distributors and dealers as well as niche construction-related service companies, typically with revenues of $25 to $500 million. BIP is led by Matt Ogden, a long-time building products private equity investment professional, and a team of investment professionals and building products operating executives. BIP is a member of the Kitchen Cabinet Manufacturers‟ Association (KCMA).