Superior Capital Partners Completes Two Investments To Form A New Platform In The Architectural Glass And Aluminum Industry

DETROIT, Aug. 8, 2013 /PRNewswire/ -- Superior Capital Partners LLC, a Detroit-based private equity firm, announced today that it has recapitalized two businesses in the architectural glass and aluminum industry. The deal was brought to Superior by industry veteran Leon Silverstein and included the acquisition of two businesses: Mr. Silverstein's company Aldora Glass Holdings (based in Ft. Lauderdale, FL) and Coastal Glass Distributors, Inc. (based in Charleston, SC). The combined company will be led by Mr. Silverstein, who has spent his entire career in the architectural aluminum and glass industry. These investments represent the fourteenth and fifteenth acquisitions, and the sixth platform company, from Superior's inaugural fund.

Aldora and Coastal are fabricators and value-added distributors of architectural glass and aluminum products. The companies customize their products by cutting, tempering, laminating, insulating, or assembling the glass and aluminum based on customer specifications. The Company's products are used in a wide range of applications including impact (hurricane resistant) and non-impact storefront and entrance doors and frames, shower doors, table tops, shelves, window systems and curtain wall systems.  Combined, Aldora and Coastal serve over 1,250 customers located throughout the Southeast U.S. from North Carolina to southern Florida.

Scott Hauncher, Superior's Managing Director, commented, "Leon Silverstein is one of the most experienced and talented executives in the industry. Over a decade ago I had the opportunity to work with Leon directly when he was running his family's glass fabrication business. This business grew to over $350 million in revenue under Leon's leadership. The strategic fit of Aldora and Coastal was clear from the outset. Both companies were recovering steadily from the building products downturn but lacked the liquidity and scale required to accelerate their growth.  The outstanding Coastal management team will remain in place and the combined business now has the product line, capital resources and leadership team to grow rapidly through continued organic and geographic expansion."

Leon Silverstein, CEO of the new entity stated, "My prior experience working with Superior's team let me know that they would be a great fit for what we needed and a value-added partner to our business. This transaction will merge two complementary glass fabrication businesses that serve adjacent markets and create a top player in the Southeast U.S. With the resources now available to the combined business, Aldora and Coastal customers will benefit from the complete line of glass and aluminum products the Company can now provide.  In addition, we will be looking aggressively at add-on opportunities in this very fragmented industry." 

As a special situations fund, Superior combines capital, transaction experience and operational improvement expertise with proven management teams who have the vision, capability and commitment to successfully improve and grow their businesses. Superior seeks to acquire or recapitalize niche manufacturers, value-added distributors and specialty service companies. Generally, these companies will have annual revenue of $10 to $150 million, identifiable growth opportunities and the need for capital and resources to implement a growth and recovery plan.

Related websites:
www.superiorfund.com
www.aldora-architectural.com
www.coastalglassdist.com

SOURCE Superior Capital Partners LLC