New Investors, Buller Buying Norcraft Companies
Eagan, MN Affiliates of Saunders Karp and Megrue (SKM) and Trimaran Capital Partners (TCP), a pair of major investment firms, have entered into a definitive agreement to purchase Norcraft Companies, L.L.C, the Eagan, MN-based manufacturer of kitchen and bath cabinets, officials announced.
Norcraft whose brands include Mid Continent Cabinetry, StarMark, UltraCraft and Fieldstone is being sold by current owners Pfingsten Partners, L.L.C. and Goense, Bounds & Partners, L.L.C.
The total transaction value is about $315 million, officials said.
According to those officials, Norcraft's senior management will continue in their current positions, with Mark Buller joining the company as the new CEO.
SKM and TCP will be investing as partners alongside senior management and Buller, company officials said.
Buller has more than 15 years of management experience in the cabinet industry. He was formerly president of the Winnipeg-based Kitchen Craft which was founded by his father, Herb Buller, in 1971 and was later named CEO of the Omega Group, after Omega purchased Kitchen Craft in 1999. Omega was subsequently sold to Fortune Brands.
"I have been in the cabinet industry my entire career and am extremely excited about the opportunity to join the Norcraft team," Buller stated. "Norcraft's four brands, manufacturing expertise and invaluable dealer network provide a strong foundation to continue our growth."
Through its various divisions, Norcraft's manufactures a product line that includes stock, semi-custom and custom cabinetry in both framed and frameless construction. Norcraft markets each of these brands nationally through a network of dealers and distributors, as well as directly to builders.
"We have been actively looking to invest in the
cabinet industry for a number of years, and we believe that our
partnership with Mark Buller has enabled us to invest in the
premier minister company in the industry, behind a world-class
operator," said SKM partner Chris Reilly. "We are strong believers
in the continued growth in this industry, and feel that Norcraft is
well positioned to continue to take
SKM, a private investment firm headquartered in Stamford, CT, has holdings in several industries aside from building products, including consumer goods, healthcare, specialty retail and restaurants. TCP is a private asset management firm based in New York.