DENVER – SLATE Partners (SLATE) announced that its Principals advised Kitchen Art of South Florida, LLC (Kitchen Art), a portfolio company of Aeterna Capital Partners and Ridge Road Partners, on its sale to Ferguson Enterprises, Inc. (Ferguson), the largest U.S. distributor of residential and commercial plumbing supplies.
Founded in 1989 and headquartered in Coral Springs, Florida, Kitchen Art designs, distributes, and installs custom cabinets for kitchen, bath, and other home applications throughout Southeast, Southwest, and Central Florida. The Company partners with mid-to-high-end builders that develop master planned communities to offer home buyers customized cabinet upgrade programs. Kitchen Art’s unique and highly successful upgrade program has allowed the Company to develop deeply entrenched relationships with its homebuilder partners, making it a leader in the Florida market.
Patrick McCloskey, Managing Partner of Aeterna, remarked, “When selecting an advisor for Kitchen Art, it was essential to partner with a firm that could run a thorough yet highly confidential process. SLATE’s prior experience and relationships in the sector combined with their deep understanding of the strategic rationale of each buyer, made them an obvious choice. The process resulted in an outcome that exceeded shareholder’s expectations and allows Kitchen Art to continue expanding under its new partnership with Ferguson.”
Aaron Bachik, co-founder of SLATE Partners, commented, “As a merger and acquisition advisor working exclusively with building materials and building services companies, we make it a priority to be in regular contact with the key strategic acquirers in the industry. In a conversation I had with Ferguson in early 2018, they indicated they were exploring options via acquisition to diversify their product offering and enhance their existing relationships with homebuilders. When SLATE Partners was later hired to sell Kitchen Art, I knew immediately it would be the perfect acquisition to fulfill Ferguson’s stated objectives, and it was. The deal was meant to be.”
Kitchen Art received legal representation in the transaction from Hogan Lovells US LLP.
