Jun 24 2015
C.H.I. Overhead Doors, a North American manufacturer of residential and commercial garage doors, announced today that KKR, a leading global investment firm, is acquiring the company from FFL, a San Francisco-based middle-market private equity firm. Terms of the transaction were not disclosed.
Headquartered in Arthur, Illinois, CHI manufactures overhead sectional garage door products for the residential and commercial markets, as well as rolling steel doors for commercial and industrial customers. Founded in 1993, the Company has built a reputation for high quality products and best-in-class customer service while achieving steady, profitable growth. Today, CHI has more than 1,500 dealer / installer customers in North America and roughly 800 employees.
Pete Stavros, Member of KKR and Head of the Industrials investing team, said: "CEO Jim Overholt, President Tim Miller, and the entire team at CHI have built a great business with considerable runway to continue growing and delivering unsurpassed value to customers throughout North America. We’re very proud to be partnering with CHI, and we look forward to working together to continue building this outstanding franchise and making CHI’s loyal and growing customer base of garage door dealers, distributors and installers even more successful."
Tim Miller, President of CHI, stated: “CHI is fundamentally a growth company, and it was important to find a partner who shared our vision to continue profitably expanding CHI while providing unbeatable quality and service to our customers. Like FFL, KKR understands our company and will be able to bring new resources that help us fulfill that vision and advance our franchise in the garage door industry.”
Greg Long, Managing Director of FFL, said: “CHI has been a wonderful investment for our firm and we’re very proud of the successful partnership we forged with Jim and his team. It has been a privilege to work closely with them, and I am confident CHI will continue to excel in partnership with KKR.”
Fully committed financing is being provided by UBS Investment Bank and KKR Capital Markets. Kirkland & Ellis LLP served as legal counsel to KKR. CHI and FFL received financial advice from Barclays and Credit Suisse and legal advice from Willkie Farr & Gallagher LLP.
Source: http://www.kkr.com/