Heartwood Partners Completes Sale of UW Solutions to Apogee
Heartwood Partners Completes Sale of UW Solutions
Heartwood Partners is excited to announce the definitive agreement reached by its Fund III and affiliated entities regarding the sale of their investment in UW Solutions to Apogee Enterprises, Inc. The transaction, valued at approximately $240 million, is anticipated to finalize in the upcoming months, pending the usual closing conditions.
Transforming UW Solutions
Headquartered in Louisville, UW Solutions is recognized as a leading manufacturer of advanced surface coated products utilized in graphic applications and mezzanine decking. This company has made remarkable strides through rigorous research, innovative development, and has established itself as a leader in various business segments, offering products such as HD printable materials and industrial flooring systems.
Commitment to Excellence
Under the strategic oversight of Heartwood Partners, UW Solutions has expanded significantly. A top-tier management team was assembled, alongside substantial investments in human resources and infrastructure, including a modern manufacturing facility. The company also made a pivotal move by acquiring RDC Coatings, enhancing its status as a vertically integrated manufacturer in the coatings sector.
Executive Insights
UW Solutions' CEO, Devlin Riley, expressed his gratitude towards Heartwood Partners for their commitment to investing in talent and their effective management strategy, emphasizing how this partnership contributed to substantial business growth. He remarked, "The stability provided by Heartwood's lower-debt structure has positioned us as a premier provider of coating solutions. We are looking forward to collaborating with Apogee as we embark on the next phase of our growth journey."
Heartwood Partners' Vision
Demetrios Dounis, Managing Partner at Heartwood, shared his pride in the successful outcome of this venture. This transaction marks the third exit for Fund III, showcasing how Heartwood's unique approach, emphasizing lower leverage and sustainable cash yield, can lead to rewarding outcomes. The dynamic partnership with management at UW Solutions has been instrumental in transforming the business and fostering its ongoing trajectory of growth as part of Apogee.
Legal and Financial Guidance
Legal guidance for this transaction was provided by Finn Dixon & Herling LLP, while Harris Williams served as the financial advisor for UW Solutions and its investors.
About Heartwood Partners
Heartwood Partners, established in 1982, stands out in the private equity realm due to its lower-leverage, cash yield approach designed to build enduring partnerships with management teams. This strategy blends a conservative capital structure with strategic execution to propel growth, encompassing both organic growth and acquisitions in new product areas and markets. Currently, Heartwood manages investments totaling over $1.4 billion, demonstrating a proven track record through more than 100 acquisitions. The firm remains dedicated to investing in businesses across various sectors, including manufacturing, food, and industrial services.
Frequently Asked Questions
What was the value of the transaction between Heartwood and Apogee?
The transaction was valued at approximately $240 million.
Who is the CEO of UW Solutions?
Devlin Riley is the current CEO of UW Solutions.
What key acquisitions did UW Solutions make under Heartwood Partners?
UW Solutions acquired RDC Coatings, which advanced its capabilities as a vertically integrated coatings manufacturer.
What is Heartwood Partners' investment strategy?
Heartwood Partners focuses on a lower-leverage, cash yield strategy aimed at building strong partnerships with management to drive long-term growth.
How much does Heartwood currently manage in investments?
Heartwood Partners manages over $1.4 billion in investments and commitments as of the end of 2023.
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