Company News • 20.05.2014

C.W. Downer Assists Fleetwood Industries With Sale to Grey Mountain Partners

The transaction represents another successful mandate for C.W. Downer in the retail display industry

C.W. Downer Assists Fleetwood Industries With Sale to Grey Mountain Partners...
Source: Fleetwood Industries

C.W. Downer & Co., a leading global middle-market investment bank, is pleased announce that Fleetwood Industries, Inc. has been acquired by Grey Mountain Partners. The deal closed on February 5, 2014 and the financial terms were not disclosed.

Founded in 1968 and headquartered in Leesport, Pennsylvania, Fleetwood is a leading provider of premium retail furnishings and display products and complementary project management services. The company sells its products and services globally to prominent retailers and leading consumer products brands. Fleetwood designs, sources and assembles innovative, highly customized furnishings and display products manufactured from wood, metal, composites and other premium materials.

Over the past five years the company has developed into a provider of integrated services that include design, engineering, project management, global sourcing and logistics support. This integrated approach, coupled with a wellearned reputation for superior quality and exceptional service, allows Fleetwood to offer a compelling value proposition to its customers.

Grey Mountain Partners is a Colorado-based private equity firm that focuses on middle-market transactions across a range of industrial sectors. The Fleetwood transaction was executed through Grey Mountain’s third fund, a $425 million 2013 vintage fund. As part of the transaction, the current management team of Fleetwood will remain in their current roles and will work with Grey Mountain to direct the continued growth of the business.

Over the past decade, C.W. Downer has worked on dozens of assignments in this industry and realized successful outcomes for clients in both Europe and North America. “Fleetwood has built a truly differentiated platform in the retail furnishings and display market and this was a critical factor in the success of our process,” said Wade Aust, Managing Director at C.W. Downer & Co. “The company’s owners and management team deserve enormous credit for consistently exceeding their financial projections and continuing to win new projects throughout our engagement.”

The transaction was also successful as a result of the determined efforts of Grey Mountain Partners to conclude a transaction that met the key objectives of the shareholders. “From the outset, Grey Mountain moved with conviction to acquire Fleetwood and showed tremendous patience and professionalism in addressing the concerns of the shareholders,” said Greg Fanikos, Director at C.W. Downer & Co.

“The sale of any family business is a difficult undertaking, but at the end of this process the shareholders were convinced that they had found the right partner to direct the next phase of the company’s growth and development.”

The C.W. Downer & Co. team assisting Fleetwood with the sale included Mr. Aust (Managing Director & Partner), Ashley Rountree (Managing Director & Partner), Mr. Fanikos (Director) and David Waldstein (Vice President).

Source: C.W. Downer & Co.

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