NEW YORK--(BUSINESS WIRE)--
C.H.I. Overhead Doors ("CHI"), a North American manufacturer of
residential and commercial garage doors, announced today that KKR, a
leading global investment firm, is acquiring the company from FFL, a San
Francisco-based middle-market private equity firm. Terms of the
transaction were not disclosed.
Headquartered in Arthur, Illinois, CHI manufactures overhead sectional
garage door products for the residential and commercial markets, as well
as rolling steel doors for commercial and industrial customers. Founded
in 1993, the Company has built a reputation for high quality products
and best-in-class customer service while achieving steady, profitable
growth. Today, CHI has more than 1,500 dealer / installer customers in
North America and roughly 800 employees.
Pete Stavros, Member of KKR and Head of the Industrials investing team,
said: "CEO Jim Overholt, President Tim Miller, and the entire team at
CHI have built a great business with considerable runway to continue
growing and delivering unsurpassed value to customers throughout North
America. We're very proud to be partnering with CHI, and we look forward
to working together to continue building this outstanding franchise and
making CHI's loyal and growing customer base of garage door dealers,
distributors and installers even more successful."
Tim Miller, President of CHI, stated: "CHI is fundamentally a growth
company, and it was important to find a partner who shared our vision to
continue profitably expanding CHI while providing unbeatable quality and
service to our customers. Like FFL, KKR understands our company and will
be able to bring new resources that help us fulfill that vision and
advance our franchise in the garage door industry."
Greg Long, Managing Director of FFL, said: "CHI has been a wonderful
investment for our firm and we're very proud of the successful
partnership we forged with Jim and his team. It has been a privilege to
work closely with them, and I am confident CHI will continue to excel in
partnership with KKR."
Fully committed financing is being provided by UBS Investment Bank and
KKR Capital Markets. Kirkland & Ellis LLP served as legal counsel to
KKR. CHI and FFL received financial advice from Barclays and Credit
Suisse and legal advice from Willkie Farr & Gallagher LLP.
CHI is a leading manufacturer and marketer of overhead garage doors in
North America. The Company manufactures overhead sectional garage door
products for both the residential and commercial markets, as well as
rolling steel doors for commercial and industrial applications. CHI
manufactures all of its products at its headquarters in Arthur,
Illinois. For additional information about CHI, please visit CHI's
website at www.chiohd.com.
KKR is a leading global investment firm that manages investments across
multiple asset classes including private equity, energy, infrastructure,
real estate, credit, and hedge funds. KKR aims to generate attractive
investment returns by following a patient and disciplined investment
approach, employing world-class people and driving growth and value
creation at the asset level. KKR invests its own capital alongside its
partners' capital and brings opportunities to others through its capital
markets business. References to KKR's investments may include the
activities of its sponsored funds. For additional information about KKR
& Co. L.P. (NYSE:KKR), please visit KKR's website at www.kkr.com
or follow KKR on Twitter @KKR_Co.
FFL is a San Francisco-based private equity firm with over $4.5 billion
under management. For over fifteen years, the firm has helped build
industry-leading companies, providing capital and advice to exceptional
management teams to grow businesses and unlock value. FFL has deep
experience in investing and operations, and has brought large-company
best practices and professional networks to smaller companies. Business
growth has provided over 75% of the value created by FFL for its
investors. FFL invests in consumer products and services, financial
services, healthcare services, and business services. For additional
information about FFL, please visit FFL's website at www.fflpartners.com.
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