Golden Gate Capital to sell Springs Window Fashions to AEA Investors and British Columbia Investment Management Corporation
Posted April 23, 2018
MIDDLETON, Wis. & NEW YORK & VICTORIA, British Columbia – (BUSINESS WIRE) – Springs Window Fashions (“Springs” or “the Company”), the second largest provider of custom window covering products in the world and a portfolio company of Golden Gate Capital, today announced that affiliates of AEA Investors LP (“AEA Investors”) and British Columbia Investment Management Corporation (“BCI”) have entered into a definitive agreement to acquire Springs. Springs’ management team, led by CEO Eric Jungbluth, will continue to lead the Company after the closing of the transaction.
Headquartered in Middleton, Wisconsin, Springs manufactures and sells custom and stock window coverings and drapery hardware to retail and commercial customers, as well as independent designers, franchisors and decorators. Established in 1939, Springs has since grown through a combination of strategic acquisitions and organic investment. Golden Gate Capital partnered with Springs in 2013 to expand in new and existing markets, accelerate investments in sales and marketing resources, and extend Springs’ portfolio of products by acquiring and successfully integrating five independent companies.
Eric Jungbluth, CEO of Springs, said, “We are excited to be working with AEA Investors and BCI after a successful partnership with Golden Gate. Springs has enjoyed many years of growth and expansion into new product areas under Golden Gate’s ownership. We look forward to partnering with AEA Investors and BCI and further building our market presence.” Brian Hoesterey, President of AEA Investors, said, “Springs represents an exciting opportunity to invest in a highly attractive segment of the building products industry. Its market leadership, well-known brands, and strong relationships with key customers and suppliers make us excited to partner with Eric and his team. We look forward to supporting them as they continue to grow their business both organically and through acquisitions.”
“We look forward to working with AEA and Springs’ management team to build on the Company’s successful track record as a leader in window coverings,” said Jim Pittman, Senior Vice President, Private Equity at BCI. “This investment allows our clients to invest in a high quality company with strong growth potential.”
Rajeev Amara, Managing Director at Golden Gate Capital, said, “We have enjoyed a strong and collaborative partnership with the Springs team over the past five years. During that time, the Company has significantly expanded its offerings into highly complementary areas and essentially doubled the size of the business. We wish Eric and the management team well in their next chapter and we’re confident the Company has a bright future ahead.”
The acquisition is subject to customary regulatory approvals and is expected to close in June 2018.