The Illinois-based private equity firm’s Knape & Vogt, a maker and distributor of functional hardware, storage components and ergonomic products will integrate the Illinois-based John Sterling Corp. into its existing platform. For Wind Point Partners, 2010 has been a busy year of completing add-on deals for existing assets and platforms, including its Ryt-Way Industries and Hearthside Food Solutions.
Chicago, IL, December 21, 2010 – Wind Point Partners is pleased to announce that Knape & Vogt Manufacturing (“KV”), a Wind Point Partners portfolio company, has acquired John Sterling Corporation (“JSC”).
KV, based in Grand Rapids, Mich., is a leading manufacturer of drawer slides, shelving hardware and ergonomic office equipment for residential, commercial and office applications.
JSC, based in Richmond, Ill., is a leading provider of premium home products, supplying consumers with a broad array of high-quality storage, organization and home decor hardware. JSC is KV’s third acquisition. Most recently, in December 2009, KV acquired G-Slide Manufacturing, a designer and manufacturer of precision, high quality, value-added drawer slides for the kitchen, office furniture and computer server markets.
Konrad Salaber, a Wind Point vice president, commented, “Pursuing complementary acquisitions that expand the depth and breadth of KV’s product lines was part of our initial value creation plan. Through the acquisition of John Sterling Corporation, KV expands its product lines, diversifies its customer base and adds a brand with an 80-year history of quality.”
Wind Point acquired KV in July 2006 in partnership with Peter Martin, who joined KV as CEO, and Bill Denton, who joined as Chairman. Peter was previously president and CEO of The Holmes Group, an $800 million manufacturer and marketer of small appliances. Bill has over 35 years of experience in the consumer hard goods industry, most recently as president and CEO of Fiskars, an $800 million publicly traded manufacturer and marketer of branded consumer products.
“The acquisition of John Sterling Corporation will provide KV with a greater presence in our retail and distribution channels,” said Peter Martin. “Our two companies have long standing customer relationships with key retailers in the U.S. and Canada. The combination of our complementary sales organizations and product offerings will provide a strong platform for growth in our retail storage and organization business. John Sterling’s door hardware business also provides a new functional hardware category for KV and access to new commercial and residential hardware distributors. ”
About Wind Point Partners
Wind Point Partners is a private equity investment firm with $2.7 billion of capital commitments in active funds. Wind Point focuses on partnering with top caliber CEOs to acquire middle market businesses with a clear path to value creation. Additional information about Wind Point is available at www.windpointpartners.com.
About Knape & Vogt Manufacturing
Knape & Vogt, based in Grand Rapids, Michigan, brings more than a century of experience to the design, manufacturing and distribution of functional hardware, storage-related components and ergonomic products for original equipment manufacturers, specialty distributors, office products dealers, hardware chains and major home centers throughout the U.S. and Canada. Major product categories include KV® brand drawer slides, wall-attached shelving units and specialty hardware products, kitchen, closet and bath storage products, G-Slide brand drawer slides, and Workrite® brand ergonomic office products. Additional information about KV is available at www.knapeandvogt.com and www.workriteergo.com.
About John Sterling Corporation
John Sterling is a leading manufacturer and marketer of functional and decorative home storage and organization products. Key product lines include closet, shelving and garage organization hardware systems, as well as a broad line of decorative shelving solutions. John Sterling also provides a comprehensive line of sliding door hardware for residential and commercial applications. Additional information about JSC is available at www.johnsterling.com.