CenterOak Partners LLC Completes Sale of Cascade Windows to Cornerstone Building Brands, Inc.
Transaction Marks Third CenterOak Fund I Exit in Last Twelve Months
– CenterOak Partners LLC (“CenterOak”), a Dallas-based private equity firm, today announced the completion of the sale of Cascade Windows (“Cascade”), to Cornerstone Building Brands, Inc. for a cash purchase price of $245 million.
Based in Spokane Valley, WA, Cascade is a leading independent manufacturer of energy-efficient single and double hung vinyl windows, sliders, and patio doors serving the residential new construction and repair and remodel markets across the West and Pacific Northwest.
“Our investment in Cascade represented an opportunity to leverage our experience in the building products sector and to utilize our operational focus to drive growth across several key areas, which allowed us to create significant value for our investors,” said Randall Fojtasek, Chief Executive Officer and a Managing Partner of CenterOak. “This recent exit continues CenterOak’s strong momentum across both Fund I & II. The firm has executed three exits, three new platform acquisitions, and 21 add-on transactions over the last twelve months.”
“Together with the Cascade team, we successfully completed several strategic initiatives designed to increase market share, profitability, maximize operational efficiency and improve customer support,” said Lucas Cutler, a Managing Partner with CenterOak. “During our hold we achieved industry leading on-time delivery rates, increased the flexibility and efficiency of distribution routes, added core product manufacturing processes across plants, and expanded repair and remodel exposure with the Amerimax acquisition.”
“Our experience working with CenterOak has been exceptional, and the resources they provided helped us accelerate our growth,” said Geoff Bennett, CEO of Cascade. “We appreciate the support from the CenterOak team that has positioned Cascade to continue its growth trajectory while maintaining our commitment to unparalleled customer service.”
KeyBanc served as the exclusive financial advisor to Cascade in connection with the transaction. Gibson, Dunn & Crutcher LLP served as legal counsel to CenterOak.
About Cascade Windows
Cascade is a leading independent manufacturer of vinyl windows and doors serving the Western U.S. new and retrofit single and multi-family housing market. The company operates six strategically located manufacturing facilities throughout the Western United States. The company goes to market through an extensive network of dealers, builders and distributors in its markets. For more information, please visit www.cascadewindows.com.
About CenterOak Partners LLC
CenterOak Partners LLC is a private equity firm with a focus on making control-oriented investments in middle market companies organized or operating in the United States. The Firm specializes in three key industry sectors: Industrial Growth, Consumer, and Business Services. Based in Dallas, Texas, the CenterOak team has a strong history of creating significant value through operational improvements. CenterOak and its Partners have managed over $2.4 billion of equity capital commitments and have completed more than 100 transactions, representing over $6.9 billion in value. For additional information, please visit www.centeroakpartners.com.