Posted March 7, 2015
(MIDDLETON, Wis.) — Springs Window Fashions (“Springs”), the second largest provider of custom window covering products in the world, announced today that it has signed a definitive agreement to acquire MechoSystems, Inc. (“MechoSystems”).
MechoSystems is the most globally recognized brand in commercial solar shades. Like Springs, the company has evolved over the last half-century to meet the changing needs of its customers and the industry. Its superior technical and engineering capabilities, high-quality innovative design engineers, products, industry knowledge, skill and integrity that characterize its management team align well with Springs.
“MechoSystems’ management team and their go-to-market strategies will remain intact as we work together to build both businesses” said Scott Fawcett, President and CEO of Springs. “Joel Berman, Chairman, Jan Berman, President, and Glen Berman, Executive Vice President, will continue to manage the MechoSystems business. We fully intend to leverage the experience and expertise of both companies, and share best practices on products, technologies, business processes, operations and most importantly, our commitments to our customers.”
The acquisition combines the complementary strengths of two leading companies in the commercial and consumer window coverings industry. This new partnership will enable Springs and MechoSystems to provide more complete and better solutions to their customers so they can meet the market’s ever changing and challenging requirements. The combined resources, experience, and breadth of product, complemented by MechoSystems deep intellectual property portfolio, as well as the sales, specification and new product development teams, will enable the combined business to provide more value to their customers and clients.
“We are very excited to team up with a complementary industry leader and leverage their strengths and resources to help drive our company, brand and products to the next level,” said Joel Berman, Chairman of MechoSystems. “This is a perfect opportunity to marry MechoSystems’ technology with Springs’ strengths and resources to offer the market the best technology and the best experience. The industry is more dynamic than ever, with advancing technologies driving automated energy conservation, sustainable building design, material health and transparency, daylighting technology, and building management system communication. This acquisition reinforces the commitment of Springs and MechoSystems to the accelerating pace of innovation driving these trends.
Rajeev Amara, a Springs Board member and Managing Director of Springs’ majority shareholder Golden Gate Capital, added, “We are excited about the business combination and continue to be fully committed to further investing in the Company to support and accelerate its continued growth, both organically and through add-on acquisitions. Together we can accelerate innovation and advance key trends on a global scale.”
The parties expect the transaction to close within the next 30 days.