Blackford Capital Completes Sale of Quality Aluminum Products to Gibraltar Industries
On August 23, 2022, Blackford Capital announced the successful exit from its investment in Quality Aluminum Products (QAP), selling it to Gibraltar Industries, Inc. (NASDAQ: ROCK) for $54 million. QAP, acquired in January 2016, specializes in aluminum and steel products for wholesale markets. Under Blackford's management, QAP achieved a 17% annual revenue CAGR, emphasizing customer service and product quality. Blackford expressed confidence in QAP's continued growth under Gibraltar's residential business, further enhancing its production capabilities and market position.
- Successful exit from QAP with a sale price of $54 million.
- QAP achieved a 17% annual revenue CAGR during Blackford's ownership.
- Strategic investments made to enhance production capabilities.
- None.
GRAND RAPIDS, Mich., Aug. 23, 2022 /PRNewswire/ -- Blackford Capital ("Blackford"), a leading lower middle market private equity firm, today announced the successful exit from its investment in Quality Aluminum Products, ("QAP") through a sale to Gibraltar Industries, Inc. ("Gibraltar") (Nasdaq: ROCK), a publicly-traded leading manufacturer and provider of products and services for the renewable energy, residential, agtech and infrastructure markets.
Acquired by Blackford Capital in January 2016, QAP manufactures aluminum and steel products including soffit, fascia, trim coil, rain carrying products and aluminum siding, and serves wholesale markets in the Midwest, Northeast and South.
During its time as a Blackford Capital portfolio company, QAP grew its market position organically through a relentless focus on customer service, strategic customer growth, product quality, and supply availability, all leading to consistent, year-over-year revenue growth and enhanced margin performance. QAP made consistent capital expenditures in the business to keep it on the front of technology and developed an expanded aluminum sourcing capability. Under Blackford's ownership the family stakeholders retained a significant equity position. The family legacy and leadership, including Bob Clark as CEO, remained intact.
"QAP grew rapidly and profitably since becoming part of the Blackford Capital family of portfolio companies," said Bob Clark, Quality Aluminum Products CEO. "We see tremendous potential for the business and are confident we will continue our momentum as we transition from Blackford Capital to Gibraltar. We are grateful for Blackford's partnership, and we are excited to enter our next phase of growth as part of Gibraltar's residential business."
"Since our investment in QAP, our team has been honored to partner with the Clark family, QAP's management team, and our esteemed group of limited partners to successfully grow and broaden the company's business model," said Jeff Johnson, managing director of Blackford and former chairman of QAP. "The investments we made to expand its production capabilities position the company to accelerate and achieve its next phase of expansion. We have high confidence in the team's ability to realize their numerous growth initiatives, as evidenced by the
The details of the transaction were also announced through Gibraltar's press release on August 23.
About Quality Aluminum Products
Founded in 1990, Quality Aluminum Products is a manufacturer and distributor of a broad range of exterior aluminum building products. Headquartered in Hastings, Michigan, with a second location in Flat Rock, Michigan, Quality Aluminum offers aluminum siding, soffit, fascia, trim coil, rain carrying systems and other products. To learn more about the company, visit www.qualityaluminum.com.
About Blackford Capital
Founded in 2010, Blackford Capital is a private equity investment firm headquartered in Grand Rapids, Michigan. Blackford acquires, manages, and builds founder and family-owned, lower middle-market companies, with a focus on the manufacturing, industrial and distribution industries. With a reputation for a relentless approach to value creation and a focus on operational excellence, Blackford was named the Private Equity Firm of the Year by M&A Advisor in 2021 and 2018. Several of its portfolio companies have been included on the Inc. 5000. For more information, visit www.blackfordcapital.com.
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SOURCE Blackford Capital
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