DENVER – SLATE Partners (SLATE) announced today that its Principals advised CAPCO Tile & Stone, LLC (CAPCO), a portfolio company of GMB Mezzanine Capital and Greyrock Capital Group, on its sale to Crossville, Inc., a Tennessee-based manufacturer and distributor of premium porcelain tile.
Founded in Colorado in 1977, CAPCO is a value-added importer and distributor of high-end tile, stone, and slab. Through exclusive relationships with key suppliers around the world, the Company supplies over 1,500 products that represent the industry’s leading luxury brands. CAPCO is the largest distributor of its type in Colorado, supplying remodeling and new construction projects in both the residential and commercial markets. The Company sells its products through nine Company operated showrooms – eight in Colorado and one in Las Vegas – and over 400 third-party dealer showrooms.
Todd Osburn, Greyrock Capital Group, commented on the transaction, “One of the primary reasons we hired SLATE Partners to help us sell CAPCO was their expertise in the building products sector, which we correctly assumed would help us identify strategic acquirers like Crossville, who might not have been an obvious acquirer to another investment bank.” Susan Gohman, GMB Mezzanine Capital, added “Crossville is a tile manufacturer and historically has not pursued acquisitions of distributors like CAPCO. Thus when SLATE proposed the idea of reaching out to them our management team was initially skeptical; thankfully we followed SLATE’s advice and found the perfect acquirer for the business.”
Rod Salyer, CAPCO’s President and COO added, “SLATE’s relationships in the industry helped us vet potential partners to find a suitor that was best-aligned for CAPCO’s future growth. The acquisition was a good strategic fit for both Crossville and CAPCO, as we will be able to leverage each other’s resources, relationships, and market knowledge.”
Aaron Bachik, co-founder of SLATE Partners remarked, “Acquisition activity within tile and stone distribution, as with the overall building products and building services sector, has been extremely active in the past year. Both private equity investors and operating companies, like Crossville, are aggressively seeking acquisition opportunities.”
CAPCO received legal counsel from Lohf Shaiman Jacobs Hyman & Feiger PC.
