Clad-Rex, a portfolio company of Bounds Equity Partners and Stonehenge Partners, has been acquired by Main Street Capital Corporation (NYSE: MAIN)
Prestwick is pleased to announce the sale of Clad-Rex Steel, LLC to Main Street Capital Corporation (NYSE: MAIN). Prestwick acted as the exclusive advisor to Clad-Rex and its private equity shareholders, Bounds Equity Partners and Stonehenge Partners. The terms of the transaction were not disclosed.
Clad-Rex is a specialty manufacturer of vinyl-clad metal used in a variety of industrial, commercial and consumer applications. Vinyl-clad metal is a coated metal product that provides both decorative and functional utility and offers superior aesthetic appearance, durability and surface performance relative to alternative solutions. Clad-Rex has served the vinyl-clad metal market for over 50 years and maintains a leadership position in several niche markets and a growing presence in building products, industrial and consumer markets.
Bounds Equity Partners (“BEP”) is a Highland Park, Illinois-based private equity investment firm that invests in entrepreneurial-owned businesses with EBITDA in excess of $1 million. Since 1988, the principals of BEP have partnered with entrepreneurs to help management build larger, more successful companies. BEP invests across a variety of industries and has been particularly successful in building materials and services, business services, consumer products, niche distribution and specialty manufacturing.
Stonehenge Partners is a Columbus, Ohio-based private equity group that invests both mezzanine and equity capital to support management buyouts, leveraged acquisitions, recapitalizations, and expansion and growth capital transactions. The firm often invests subordinated debt and equity in the same company offering an integrated solution for all junior capital requirements in a transaction. Stonehenge seeks to invest between $5 million and $35 million in manufacturing, distribution and business services companies.
Main Street Capital Corporation (NYSE: MAIN) is a Houston, Texas-based principal investment firm that provides long-term debt and equity capital to lower middle-market companies. Main Street’s portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides “one stop” financing alternatives within its lower middle-market portfolio. Main Street’s lower middle-market companies generally have annual revenues between $10 million and $150 million.