HEARTWOOD PARTNERS SIGNS AGREEMENT TO SELL UW SOLUTIONS
Heartwood Partners has announced the signing of a definitive agreement to sell UW Solutions to Apogee Enterprises, Inc. (Nasdaq: APOG) for $240 million. The transaction is expected to close in the fourth quarter of 2024. UW Solutions, headquartered in Louisville, KY, is a leading manufacturer of advanced surface coated products used in graphics and warehouse mezzanine decking applications.
Under Heartwood Partners' ownership, UW Solutions expanded its management team, invested in infrastructure, and acquired RDC Coatings®, becoming a vertically integrated coatings manufacturer. The sale represents the third exit for Heartwood Partners' Fund III and showcases their lower-leverage, current cash yield model's success in delivering returns for investors.
Heartwood Partners ha annunciato la firma di un accordo definitivo per vendere UW Solutions a Apogee Enterprises, Inc. (Nasdaq: APOG) per 240 milioni di dollari. L'operazione è prevista per chiudere nel quarto trimestre del 2024. UW Solutions, con sede a Louisville, KY, è un produttore leader di prodotti avanzati con rivestimento superficiale utilizzati nelle applicazioni grafiche e nei pavimenti dei soppalchi nei magazzini.
Sotto la proprietà di Heartwood Partners, UW Solutions ha ampliato il proprio team di gestione, investito nelle infrastrutture e acquisito RDC Coatings®, diventando un produttore di rivestimenti integrato verticalmente. La vendita rappresenta la terza uscita per il Fund III di Heartwood Partners e dimostra il successo del modello a basso indebitamento e rendimento in contante attuale nel generare ritorni per gli investitori.
Heartwood Partners ha anunciado la firma de un acuerdo definitivo para vender UW Solutions a Apogee Enterprises, Inc. (Nasdaq: APOG) por 240 millones de dólares. Se espera que la transacción se cierre en el cuarto trimestre de 2024. UW Solutions, con sede en Louisville, KY, es un fabricante líder de productos avanzados recubiertos de superficie utilizados en aplicaciones gráficas y en la construcción de entreplantas para almacenes.
Bajo la propiedad de Heartwood Partners, UW Solutions amplió su equipo de gestión, invirtió en infraestructura y adquirió RDC Coatings®, convirtiéndose en un fabricante de recubrimientos verticalmente integrado. La venta representa la tercera salida para el Fondo III de Heartwood Partners y muestra el éxito de su modelo de bajo apalancamiento y rendimiento de efectivo actual en la generación de retornos para los inversores.
하트우드 파트너스가 UW 솔루션을 Apogee Enterprises, Inc. (Nasdaq: APOG)에 2억 4천만 달러에 판매하기 위한 최종 계약 체결을 발표했습니다. 거래는 2024년 4분기에 마감될 것으로 예상됩니다. 루이빌, KY에 본사를 둔 UW 솔루션은 그래픽 및 창고 메자닌 바닥 응용 분야에 사용되는 첨단 표면 코팅 제품의 주요 제조업체입니다.
하트우드 파트너스의 소유 하에 UW 솔루션은 경영 팀을 확장하고 인프라에 투자하며 RDC 코팅즈®를 인수하여 수직적으로 통합된 코팅 제조업체로 자리 잡았습니다. 이번 매각은 하트우드 파트너스의 펀드 III의 세 번째 출구를 나타내며, 낮은 레버리지와 현재 현금 수익 모델이 투자자에게 수익을 제공하는 데 성공했음을 보여줍니다.
Heartwood Partners a annoncé la signature d'un accord définitif pour vendre UW Solutions à Apogee Enterprises, Inc. (Nasdaq: APOG) pour 240 millions de dollars. La transaction devrait se clôturer au quatrième trimestre 2024. UW Solutions, dont le siège social est situé à Louisville, KY, est un fabricant de premier plan de produits avancés à revêtement de surface utilisés dans les applications graphiques et les planchers de mezzanine d'entrepôt.
Sous la propriété de Heartwood Partners, UW Solutions a élargi son équipe de direction, investi dans l'infrastructure et acquis RDC Coatings®, devenant ainsi un fabricant de revêtements intégré verticalement. La vente représente la troisième sortie pour le Fund III de Heartwood Partners et met en lumière le succès de leur modèle à faible effet de levier et à rendement de liquidités actuel dans la génération de rendements pour les investisseurs.
Heartwood Partners hat die Unterzeichnung eines endgültigen Vertrags für den Verkauf von UW Solutions an Apogee Enterprises, Inc. (Nasdaq: APOG) für 240 Millionen Dollar angekündigt. Die Transaktion soll im vierten Quartal 2024 abgeschlossen werden. UW Solutions, mit Hauptsitz in Louisville, KY, ist ein führender Hersteller von fortschrittlich beschichteten Produkten, die in der Grafik- und Lagerbühnenanwendung eingesetzt werden.
Unter der Eigentümerschaft von Heartwood Partners hat UW Solutions sein Management-Team erweitert, in Infrastruktur investiert und RDC Coatings® akquiriert, wodurch es zu einem vertikal integrierten Beschichtungshersteller wurde. Der Verkauf stellt den dritten Exit für den Fund III von Heartwood Partners dar und zeigt den Erfolg ihres Modells mit niedriger Hebelwirkung und aktuellem Bargeldrendite bei der Bereitstellung von Renditen für Investoren.
- Sale of UW Solutions to Apogee Enterprises for $240 million
- Successful growth and expansion of UW Solutions under Heartwood Partners' ownership
- Acquisition of RDC Coatings® transformed UW into a vertically integrated coatings manufacturer
- Third successful exit for Heartwood Partners' Fund III
- None.
Insights
The acquisition of UW Solutions by Apogee Enterprises for
Key points to consider:
- The deal value represents about
16% of Apogee's current market cap, indicating a substantial investment. - UW Solutions' vertical integration in coatings manufacturing could provide Apogee with cost synergies and enhanced production capabilities.
- The acquisition aligns with Apogee's focus on architectural products and services, potentially opening new revenue streams in printable materials and industrial flooring systems.
Investors should watch for the impact on Apogee's financial statements post-acquisition, particularly in terms of revenue growth and profit margins. The success of this acquisition will depend on Apogee's ability to integrate UW Solutions effectively and leverage its technologies across its existing business lines.
This acquisition signifies a strategic expansion for Apogee into high-value coated products markets. UW Solutions' portfolio, including ChromaLuxe®, Unisub® and ResinDek® brands, could provide Apogee with diversification and growth opportunities in specialty markets.
Market implications:
- The deal may strengthen Apogee's competitive position against other players in the architectural and industrial coatings sector.
- UW Solutions' second manufacturing facility and recent acquisition of RDC Coatings® suggest a growth trajectory that Apogee can further accelerate.
- The transaction aligns with industry trends towards vertical integration and value-added coatings solutions.
Investors should monitor how this acquisition affects Apogee's market share in relevant segments and its ability to cross-sell products to existing customers. The deal's success will also depend on capitalizing on UW Solutions' R&D capabilities to drive innovation in Apogee's product offerings.
Headquartered in
Under Heartwood Partners' ownership, UW built out a top-tier management team and successfully grew the business by investing in people, systems, and a second state-of-the-art manufacturing facility. Additionally, the Company completed the acquisition of RDC Coatings®, which transformed UW into a vertically integrated coatings manufacturer.
UW Solutions CEO, Devlin Riley¹, commented "Heartwood Partners' willingness to invest in people and importantly fully leverage its internal value creation specialist team and playbook led to this outcome. The strength and stability of their unique lower-debt structure has allowed UW to grow into a world-class provider of coating solutions. We are excited to partner with Apogee for the next chapter of UW's growth story."
Demetrios Dounis, Managing Partner at Heartwood Partners stated: "We are proud of our partnership with UW Solutions and the successful outcome that we were able to realize for our investors. This represents the third exit for Fund III and another example of how our current cash-yield and lower leverage model can deliver real wins in any deal market environment. It has been a pleasure partnering with management to transform and grow the business. We look forward to watching the business continue its growth trajectory as part of Apogee."
Finn Dixon & Herling LLP served as legal advisor and Harris Williams served as financial adviser to UW Solutions and its investors.
Heartwood Partners, a middle market private equity firm founded in 1982, is differentiated by a unique lower-leverage, current cash yield approach designed to create partnership with continuing management. Our approach combines a conservative capital structure with strategic execution to support long-term growth, including organic and acquisition-driven expansion into new products, services, and end markets. In addition, we support each management team with our in-house Value Creation Specialists who provide deep, subject-matter expertise in strategic areas such as eCommerce and digital marketing, human capital and organizational design, and IT improvement and acquisition integration. We currently manage over
¹Mr. Devlin Riley is not a client or investor of Heartwood Partners, nor was he compensated for his statements herein.
CONTACT: | Name: Michelle Ryan |
Email: mryan@heartwoodpartners.com | |
Phone: 203-945-0432 |
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SOURCE Heartwood Partners
FAQ
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