News
Golden Gate Capital to Acquire Springs Window Fashions
San Francisco, CA, April 22, 2013
Golden Gate Capital, a leading investment firm with
extensive experience in the industrial and building materials sectors, announced today that it has
signed a definitive agreement to acquire Springs Window Fashions ("Springs"), the second
largest provider of custom window covering products in the world, from Heartland Industrial
Partners and interests of the Close Family. Terms of the transaction were not disclosed.
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. The company was founded in 1939 and has
over 4,800 employees located at nine facilities located throughout North America. Springs'
management will remain with the company and will continue to maintain a minority ownership
position.
"Springs represents a terrific opportunity to invest in a market leader with proven competitive
advantages and significant growth potential," said Rajeev Amara, a Managing Director of
Golden Gate Capital. "Our decision to partner with Springs was driven by the strength of the
management team and their long history of delivering world-class products and services. We are
fully committed to further investing in the company to support and accelerate its continued
growth, both organically and through add-on acquisitions."
"We are excited to be working with Golden Gate Capital, which has a demonstrated track record
of building long-term value for its portfolio companies," said Scott Fawcett, President and CEO
of Springs. "With Golden Gate's financial and operational support, we will be able to bolster our
leading market position through our differentiated manufacturing and service models and
enhance our product offering for our customers."
"Springs Window Fashions has proven to be a successful investment for Heartland and the Close
Family," said Daniel P. Tredwell, Managing Partner of Heartland Industrial Partners and
Crandall Close Bowles, the Chairman of Springs Industries. "The company has strengthened its
relationships with retail customers and significantly built its business in the designer channel,
ensuring that it is well-positioned for future growth. We wish the company continued success for
years to come."
The acquisition is subject to customary regulatory approvals and is expected to close by June
2013.
BofA Merrill Lynch served as financial advisor to Golden Gate Capital on this transaction. J.P.
Morgan served as financial advisor to Springs.
About Springs Window Fashions
Headquartered in Middleton, Wisconsin, Springs is the second-largest global manufacturer and
distributor of window coverings. With its highly recognized Bali and Graber brands, the company is a leader in combining interior comfort, energy efficiency, convenience and design.
Through its complex, integrated manufacturing, logistics, and supply-chain processes, Springs
ships thousands of custom products on a daily basis to more than 10,000 unique points of
distribution in North America. For more information, visit www.springswindowfashions.com.
About Golden Gate Capital
Golden Gate Capital is a San Francisco-based private equity investment firm with approximately
$12 billion of capital under management. Golden Gate Capital is dedicated to partnering with
world-class management teams to invest in change-intensive, growth businesses. The firm
targets investments in which there is a demonstrable opportunity to significantly enhance a
company's value. The principals of Golden Gate Capital have a long and successful history of
investing with management partners across a wide range of industries and transaction types.
Other notable Industrials investments sponsored by Golden Gate Capital include U.S. Silica, EP
Minerals, ArrMaz and Atrium. For more information, visit www.goldengatecap.com.
About Heartland Industrial Partners, LP
Heartland Industrial Partners, LP is a Connecticut based private equity firm. Heartland and its
affiliate, CoveView Capital Partners, have extensive experience investing in middle market
manufacturing and consumer products companies. Heartland and CoveView focus on creating
value through active corporate management and supplementing investments with enhanced
operational, strategic, and financial resources.
Media Contacts:
Sard Verbinnen & Co
Nathaniel Garnick, (212) 687-8080
Jenny Gore, (415) 618-8750
