NASL makes a big prefinishing acquisition
American Specialty Laminations (NASL), a platform company of the investment firm
Building Industry Partners (BIP), has acquired both Midwest Prefinishing, Inc. (MWP) and Premium Prefinished Products, Inc.
NASL said that MWP and PPP are “best-in-class providers” of prefinishing services for interior doors, moulding, and stair parts markets. Together the sister companies represent the largest independent prefinishing operation in the United States.
According to NASL, the acquisition strengthens its prefinishing expertise, a critical capability for customers that demand color in building products.
The newly combined company will continue to expand its footprint nationally in pursuit of helping its customers flexibly respond to market pressures around capital investment, labor constraints, and raising transport costs.
MWP and PPP are based in Middleton, Wis. NASL is based in Osseo, Wis. and serves customers in the window, door, flooring, specialty millwork, and cabinet and case-goods markets.
“Our slogan is ‘Simply the Best’ and that commitment to excellence and customer service is shared by the NASL team,” said Mark Larson, president MWP and PPP. “We look forward to working with the NASL team to leverage our expertise nationally.”
With the support of BIP, NASL said it takes a people-focused approach to business and management and looks to partner with leaders that share the belief that aligning interests with employees is the best way to build strong businesses that better serve customers. This includes a commitment to broad-based employee ownership, which both BIP and NASL are excited to extend to the MWP and PPP team.
“Our customers are excited about the capabilities that Mark Larson and his team bring to NASL, and I am personally excited to work alongside such a well-respected technical expert,” said Doug Rende, CEO of NASL.
Zach Wiedenhoeft, COO and president of NASL noted that, “Continued expansion and on-going development and adoption of best practices is critical to our success. I am excited to be taking yet another step in our North American platform by joining forces with the team of highly skilled operators at Midwest Prefinishing.”
NASL said it is actively seeking to invest in companies and leaders with expertise in fabrication and substrate manipulation as the platform expands to meet customer demand in building products.
Pat Mascia, partner at BIP and NASL Board Chair, said, “NASL is committed to meeting its customers where they are physically located, with the capabilities that they need to meet the growing demand for color. Prefinishing is one capability that customers require, and we are excited to combine MWP’S and PPP’s tremendously skilled prefinishing team with our team.”
The financial terms of the acquisition were not disclosed.
Partners involved in the move were Holland & Knight LLP, Fifth Third Bank, Intrinsic LLC, and Siguler Guff. Dewitt Law LLP, Gerald Kerl CPA, and Water Tower Capital, LLC advised the sellers.
Building Industry Partners is a private equity investment firm focused on the U.S. building industry. Founded by Matt Ogden in 2008, BIP is headquartered in Boston, with operating partners and advisors across the nation.
Over the past 14 years, BIP has co-founded or been the first equity sponsor of a number of the fastest-growing businesses in the building industry’s middle market, including U.S. LBM Holdings, Kodiak Building Partners, Homewood Holdings, and U.S. Fence Solutions/Binford Supply.
