PrimeSource Acquiring Wolf Home Products
PrimeSource Brands, a North American provider of specialty branded building products, announced the signing of a definitive agreement to acquire Wolf Home Products, a provider of branded kitchen and bath, outdoor living, and specialty exterior building products for residential applications, from affiliates of Tenex Capital Management.
This is PrimeSource’s third acquisition under Clearlake’s sponsorship.
The financial terms were not disclosed.
The transaction is subject to the expiration of statutory waiting periods and other customary conditions.
Wolf, based in York, Pennsylvania, is a leading designer and supplier of branded cabinetry, vanities, countertops, decking, and railing, as well as other residential building products.
Wolf Home Products serves the pro dealer channel with short lead times by leveraging its distribution network and dealer-direct delivery model.
Wolf has over 175 years of experience and has established itself as a preferred residential building products brand with exceptional quality, delivery speed, and customer engagement.
“We are thrilled to welcome Wolf into the PrimeSource Brands family,” PrimeSource’s CEO, Tom Koos, stated.
“CEO Craig Danielson and his team have created a terrific service model that differentiates Wolf from anyone in their space, and the national footprint and overall scale PrimeSource brings will enable them to expand rapidly. Their leadership in Wolf-branded products, combined with a focus on the high growth markets in and around residential repair and remodel and outdoor living, fits very well with our strategy.”
“Our investment was driven by our thematic-based approach to investing in the building products industry and our experience in specialty distribution. PrimeSource benefits from significant market tailwinds as new residential construction ramps up to meet strong pent-up demand, and we believe the platform can play a unique role as a consolidator in this space,” Clearlake’s José E. Feliciano, Co-Founder, and Managing Partner, and Colin Leonard, the Partner, made the announcement.
“Along with the acquisitions of Dimora Brands and Nationwide Industries, Wolf further strengthens PrimeSource’s branded building products portfolio across interior and exterior residential applications. We are excited to expand our investment in PrimeSource, and we look forward to continuing to deploy our O.P.S. playbook to further enhance the Company’s growth through organic and acquisition initiatives.”
Fidus Partners acted as the lead financial advisor to Wolf and Tenex. Deutsche Bank Securities Inc. provided PrimeSource a fully committed credit facility for the acquisition to supplement a significant new equity investment from Clearlake.
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