HCI Equity Partners-Backed WF Cabinetry Group Acquires Woodharbor Molding & Millworks, Inc.

ALEXANDER CITY, AL, October 4, 2023 – WF Cabinetry Group (“WF Cabinetry”), a manufacturer of semi-custom wood kitchen and bath cabinetry that is backed by HCI Equity Partners (“HCI”), announced today that it has acquired Woodharbor Molding & Millworks, Inc. (“Woodharbor”). Financial terms of the transaction were not disclosed.

Based in Alexander City, Alabama, with additional operations in Wisconsin, WF Cabinetry is an independent provider of semi-custom cabinets throughout the South, Northeast and Midwest regions, going-to-market under the WF Cabinetry and Countryside Cabinets brands. A family-founded business that began as a manufacturer of cabinets for government housing, WF Cabinetry has since evolved to become a leading manufacturer of cabinetry that meets the design, style and functional needs of professional designers and installers.

Like WF Cabinetry, Woodharbor is a family-founded business that is based in Mason City, Iowa, and specializes in high quality, custom cabinetry and vanities to dealer customers, going-to-market under the Woodharbor and Breeze product lines. Following the acquisition, Curtis Lewerke, founder of Woodharbor, will remain involved with Woodharbor as a shareholder and board member of the broader WF Cabinetry platform.

“Curtis, his management team and the entire Woodharbor organization have built one of the most respected brands in the cabinet industry and we are excited to have them as part of our team,” said Wally Cisowski, CEO of WF Cabinetry. “We look forward to continuing to provide the same exceptional quality cabinets that both WF Cabinetry and Woodharbor customers have come to expect.”

“We are excited to expand the WF Cabinetry team through the company’s acquisition of Woodharbor,” said Scott Gibaratz, Partner at HCI. “We see strong alignment between the two companies’ cultures, family-founded origins and long histories serving customers through high-quality product lines, and are confident that Woodharbor will be a great partner as we achieve the next stage of growth for the WF Cabinetry platform. We look forward to working with Curtis Lewerke and his team at Woodharbor.”

About HCI Equity Partners
HCI Equity Partners is a lower market private equity firm focused on partnering with family and founder-owned distribution, manufacturing and service companies. HCI is headquartered in Washington, DC. For more information, please visit oridiancapital.com/.

About WF Cabinetry
WF Cabinetry is a manufacturer of semi-custom cabinet and vanities with operations in Alexander City, AL and De Pere, WI.  The company goes to market under the WF Cabinetry and Countryside product lines For more information, please visit www.wfcabinetry.com and www.countrysidecabinets.com.

WASHINGTON, DC (August 16, 2023) – HCI Equity Partners, a lower-middle-market private equity firm, today announced that four of their portfolio companies have been featured on Inc. 5000’s 2023 list of fastest growing companies. The recognized platforms include MSI Express, Tech24,  AmerCareRoyal and Consolidated Hospitality Supplies. The Inc. 5000 list provides a data-driven look at the most successful companies within the economy’s most dynamic segment—entrepreneurial businesses. Together, those companies also added more than 1.1 million jobs over the past three years.

MSI Express is a leading contract manufacturer and packager focused on shelf-stable foods. MSI offers one of the broadest service and packaging offerings in the market to include dry mixing and blending, flexible pouches and sachets, liquid blending, and filling, stand cap pouching, canister filling, lidding, cup filling and pet food filling. Through three transformational acquisitions and significant organic growth, MSI’s revenue has increased 547%, while their employment increased 45% from 2019-2022.

Tech24 is a provider of installation, preventative maintenance and repair services for foodservice facilities across the US. The Company specializes in cooking, refrigeration, beverage and specialty foodservice equipment, as well as performs HVAC, electrical and plumbing services. Tech24’s revenue grew 125% from 2019 to 2022 through a combination of acquisitions and organic growth initiatives, while their employment increased 93%.

AmerCareRoyal is a leading supplier of disposable products for the foodservice, janitorial and healthcare markets in North America. With an established national footprint, the Company sells over 6,000 disposable items to a diverse customer base consisting of foodservice distributors, restaurant chains and other retail establishments. AmerCareRoyal’s revenue grew 102% from 2019 to 2022 through a combination of acquisitions and organic growth initiatives, while their employment increased 51%.

Consolidated Hospitality Supplies (“CHS”) is a multi-brand, shared-services hotel distribution company and a leading provider of operating supplies and equipment. The Company has a diverse product portfolio, offering over 3,600 different SKUs within categories that include bed and bath linens, guest care amenities, housekeeping supplies, in-room accessories, electronics and appliances and foodservice supplies. CHS offers unified distribution through two brands, American Hotel Register and Amtex. CHS’ revenue grew 96%, while their employment increased 104%.

“We are thrilled that over 25% of HCI’s platforms have been recognized by Inc. for achieving these transformational growth metrics,” stated Doug McCormick, Managing Partner and CIO of HCI Equity Partners. “Our team is honored to partner with the management teams of these four companies and the rest of our portfolio to support them in growing through both acquisition and organically. The results validate all of the hard work put in by the employees of these portfolio companies and the effectiveness of HCI’s investment strategy.”

To view the full list of winners and database, visit www.inc.com/inc5000.

First Acquisition by HCI’s Newly Established Roofing Industry Platform

BALDWIN PARK, CA, August 11, 2023 – HCI Equity Partners (“HCI”), a lower middle-market private equity firm, today announced that its newly established platform Highland Commercial Roofing (“Highland”) acquired Skycraft Roofing (“Skycraft”) on August 1, 2023. Financial terms were not disclosed.

Highland, headquartered in Baldwin Park, California, is a commercial roofing contractor that performs roof repair and maintenance services to a diversified mix of commercial, industrial, office and multi-family properties. The Company currently operates in five regions—Southern California, Northern California, Arizona, Nevada and the Pacific Northwest. Highland’s roof repair product offering includes sprayed polyurethane foam, single-ply and a product known as the RainShield® solution. The Company’s core customers are real estate development firms and property management companies who provide Highland with sales opportunities across the Western U.S.

Skycraft, founded in 1958 and based in Buena Park, California, has been family owned and operated by Mark and Phillip Mulligan for over 50 years. The Company has a loyal commercial and industrial customer base in the greater Los Angeles area and specializes in single-ply and built-up roofing systems, coatings, maintenance and repairs. Skycraft will continue to operate as a standalone entity within the Highland group of companies. Highland will benefit from Skycraft’s single-ply capabilities and additional crews, while Skycraft’s customers gain immediate access to Highland’s commercial roofing services in several neighboring states.

Mark Mulligan, Skycraft President, said, “We’re excited to partner with Highland’s team. The companies’ combined history of serving Southern California for nearly a century is a testament to the shared commitment to excellence.”

“This is a great day for Highland and the future of the company,” added Rob Keen, Highland President. “We’re proud of the service levels we’ve already established in Southern California, and excited that working with the Skycraft team will enable us to deepen our service offerings and relationships in the area.”

Scott Gibaratz, Partner at HCI, said, “We are very pleased that Skycraft, with its strong performance and long-term, loyal customers, will be part of the growth of Highland as we take this first step in building out HCI’s commercial roofing platform. We look forward to our continued partnership with Highland, a best-in-class roofing company, as we support its future growth.”

Cruz-Abrams Seigel served as legal counsel to HCI.

Tech24 Completes Eighteenth Add-on Acquisition

GREENVILLE, SC, August 9, 2023—Tech24, backed by HCI Equity Partners, today announced that it acquired Pronto Repairs (“Pronto” or the “Company”) on July 25, 2023. Tech24 is a national provider of repair and maintenance services for foodservice and commercial HVAC equipment, and Pronto is its eighteenth add-on acquisition in the highly fragmented foodservice repair and maintenance market. Financial terms were not disclosed.

Based in Tappan, NY, Pronto is a hot- and cold-side services provider with long term customers at hospitals and medical centers in metropolitan New York City. Its integration with the Tech24 platform will further solidify Tech24’s growing technician coverage in the New York City area, the nation’s largest market by population, and expand the platform’s service to the healthcare segment. Pronto also specializes in responding to disasters such as flooding caused by hurricanes and helping hospitals and other facilities in their recovery.

“Tech24 has been on an exciting trajectory of geographic and technician growth, and we’re thrilled to continue making strides to strengthen our presence both in the New York City area and the healthcare segment,” said Dan Rodstrom, CEO of Tech24. “We welcome Pronto Repairs and look forward to working with Pronto’s President, Brendan Mirque, and his entire team as part of the Tech24 family.”

“We’re very pleased to announce Tech24’s eighteenth acquisition, as part of their national expansion and larger footprint in key Northeastern markets like New York City,” said Doug McCormick, Managing Partner at HCI. “The acquisition of Pronto Repairs is another example of the drive by Tech24 to offer new and enhanced services to their customers.”

Quarles and Brady served as legal counsel to Tech24.

Marks the Second Investment in HCI’s Lawn Care Treatment Platform

BUTLER, PA, August 2, 2023 — HCI Equity Partners (“HCI”), a lower middle-market private equity firm, today announced that it made a majority investment in Custom Lawn Care, Inc. (“Custom” or the “Company”) on August 1, 2023. This is the second investment in HCI’s thesis-driven strategy to consolidate companies in the large and fragmented market of residential lawn care treatment, tree and shrub services and pest control. Financial terms were not disclosed.

Based in Butler, PA, Custom is a second-generation, family-owned provider of lawn care treatment services to residential and commercial customers in the Pittsburgh metro area. The Company specializes in lawn care, tree and shrub care, tick and pest control, aeration and hydroseeding, and has built a reputation for quality service and customer satisfaction. HCI’s acquisition of Custom provides its lawn care treatment platform with geographic expansion into a second Pennsylvania market, as Grasshopper Lawns, Inc., the first acquisition completed within the platform, is located adjacently in Larksville, PA. Custom is led by brothers Rick and Robb Ritenour, who will remain with the Company after the transaction and continue to run the day-to-day operations.

“We’re very impressed by the Ritenour family and the high standard of service and customer satisfaction that Custom has established among its customers in the Pittsburgh metro area,” said Nate Novak, Principal at HCI. “Growing the platform’s presence in Pennsylvania and the broader Mid-Atlantic is a key priority, and the acquisition of Custom is a positive step in that direction.”

“The HCI team has been great to work with and stuck to their word the whole process,” said Rick Ritenour of Custom. “We are excited to partner together and help HCI build a leading lawn care platform in Pennsylvania and beyond.”

Doug McCormick, Managing Partner at HCI, said “Our vision is to build a leading player in the lawn care industry, and Custom is a strong addition. Custom brings an excellent customer-focused service model and expands the platform to a second market in Pennsylvania. We look forward to partnering with the Ritenour family and entire Custom team.”

Quarles & Brady served as legal counsel to HCI.

 

About Custom Lawn Care, Inc.

Custom Lawn Care is a provider of lawn care treatment services to residential and commercial customers in the Pittsburgh, Pennsylvania metro area. For more information, please visit www.customlawncareinc.com.

WASHINGTON, DC, July 31, 2023 – HCI Equity Partners (“HCI”), a lower middle market private equity firm that focuses on partnering with founder-owned distribution, manufacturing and service companies, today announced the planned transition of Dan Dickinson from Managing Partner to become Executive Chairman. Doug McCormick, Managing Partner and Chief Investment Officer, will lead the firm, and will be joined by Scott Gibaratz, Partner, and Bob Hund, Operating Partner, to lead HCI’s operations, investments and strategic direction.

Mr. Dickinson will continue to assist Mr. McCormick in overseeing HCI’s management company, strategy, continued deployment of its most recent fund and investor relations.  Mr. McCormick will work alongside Mr. Gibaratz, who leads the firm’s transaction processes, and Mr. Hund, who oversees the operations team, to continue deploying HCI’s strategy of portfolio company consolidation, organic growth and extensive operational engagement. Each partner brings deep experience in the U.S. industrial space, having held leadership positions at industrial businesses previously in their careers and, within HCI, have overseen 11 platforms over the last decade that have collectively completed 36 add-on acquisitions.

“It’s been an honor to work with Doug in leading such an outstanding team for the last 22 years,” said Mr. Dickinson. “In the crowded lower middle-market, we’ve successfully found our niche by creating platforms within fragmented sectors of the distribution, manufacturing and service industries and building much stronger leading companies through add-on acquisitions and operational enhancements. I’m very confident that with Doug’s leadership, the HCI team will continue to execute and expand on the strong foundation we’ve achieved together.”

“Dan has played a vital role in driving our transformational growth and we look forward to his continued involvement and guidance as Executive Chairman in our transition to an expanded leadership team,” said Mr. McCormick, Managing Partner at HCI. “I’m confident that HCI will continue to thrive with our deep and experienced team and proven success as we build and grow leading businesses in the middle market.”

 

WASHINGTON, DC, July 17, 2023—HCI Equity Partners (“HCI”), a lower middle-market private equity firm, today announced a new partnership with Headlamp, a military veteran transition accelerator, and Sutton Growth Group, a capability-building firm focused on training. Headlamp works directly with the Department of Defense SkillBridge Program to assist transitioning veterans to civilian business roles. This collaboration aims to leverage the unique skills and experiences of military veterans. Headlamp will identify SkillBridge Fellows and place them at HCI portfolio companies, and Sutton Growth will provide business training to the Fellows.

The SkillBridge program by the Department of Defense is designed to provide transitioning service members with valuable civilian work experience and training opportunities. Through this program, military personnel gain private-sector experience, while simultaneously assisting companies in filling critical talent gaps. Headlamp will work closely with HCI to identify and select highly qualified SkillBridge Fellows to begin working at multiple HCI portfolio companies, including Echelon Supply & Service, WF Cabinetry, Tech24, MSI Express and AmerCareRoyal in technical, project management, supervisory leadership, sales and continuous improvement roles.

“Headlamp and Sutton Growth Group are providing critical services to help our veterans transition to successful business careers and HCI is proud to partner with them on this worthy effort,” said HCI Managing Partner, Doug McCormick. “We are committed to supporting transitioning veterans, and believe they bring leadership experience to employers that is unmatched. We are excited to kick off this partnership and look forward to working with these talented veterans in partnership with HCI’s platform companies.”

“Military veterans get the job done, and done right,” said Jim Ettamarna, of Sutton Growth Group.  “We’re very selective about placing SkillBridge Fellows into top-notch organizations with great leaders, and HCI and Doug, with his military background, fit those criteria ideally.”

Headlamp CEO, Steve Chang, commented, “Having served in Special Operations, I learned a critical truth early on that humans are more important than hardware. We’re thrilled for the opportunity to team with HCI, which has a demonstrated commitment to leveraging human capital as a differentiator. And based on the leaders at HCI and the portfolio companies, we feel great about seeing veterans transition into that culture.”

 

About Headlamp

Headlamp was born out of US Special Operations, and is committed to supporting successful service-member transitions. Headlamp is rebuilding the backbone of American business by helping them leverage veteran talent. For more information, please visit: www.myheadlamp.com.

About Sutton Growth Group

Sutton Growth Group is a capability-building firm. Sutton Growth provides select clients with the proven talent, and high-impact learning and development, to build critical capabilities, successfully execute, and drive value creation. For more information, please visit http://www.suttongrowth.com/.

About the Department of Defense SkillBridge Program

The DoD SkillBridge Program is an opportunity for service members to gain valuable civilian work experience through specific industry training, apprenticeships, or internships during the last 180 days of service. SkillBridge connects service members with industry partners in real-world job experiences. For more information, please visit https://skillbridge.osd.mil/.

Marks the First Investment in HCI’s Lawn Care Treatment Platform

LARKSVILLE, PA, July 10, 2023 — HCI Equity Partners (“HCI”), a lower middle-market private equity firm, today announced that it invested in Grasshopper Lawns, Inc. (“Grasshopper” or the “Company”) on June 30, 2023. This is the first acquisition in a thesis-driven strategy to consolidate companies in the highly fragmented market of residential lawn care treatment, tree and shrub services and pest control. Financial terms were not disclosed.

Headquartered in Larksville, PA, Grasshopper is a fourth-generation, family-owned provider of lawn care treatment services to residential customers across Eastern Pennsylvania. The Company has built a strong reputation for delivering a wide range of high-quality services, including lawn treatment and fertilization, aeration, mosquito and pest control and tree and shrub services.

HCI Managing Partner, Doug McCormick, said, “We are excited to welcome the Kravitsky family and the entire Grasshopper team to the HCI portfolio of companies. They have built a market-leading company in Eastern Pennsylvania with consistent organic growth throughout multiple economic cycles, and a loyal and growing customer base.  We look forward to partnering with the Grasshopper team to unlock new opportunities for transformational growth, innovation and geographic expansion.”

“We are excited about this new chapter in the history of Grasshopper”, said Michael Kravitsky, IV, Grasshopper Owner and President. “We’ve enjoyed our time getting to know the HCI team and firmly believe partnering with them will provide us with the resources and support needed to provide increased opportunities to our family of employees, accelerate our growth initiatives, expand our service offerings and ultimately deliver an even better experience to our valued customers.”

Michael Kravitsky IV will remain with Grasshopper in a consulting and board role, and the day-to-day operations will transition to Michael Kravitsky V, which continues a trend of family leadership that has spanned for decades.

HCI Principal, Nate Novak, commented, “The investment thesis HCI has developed for the lawn care treatment market is highly favorable. It has a route-based, recurring service model with a growing, resilient customer demand for services, in a large and very fragmented market, making it a strong candidate for aggressive M&A consolidation. We believe Grasshopper is an ideal starting point for us to build a leading player in the industry that offers best-in-class service to customers.”

Quarles & Brady served as legal counsel to HCI.  LR Tullius represented and acted as exclusive financial advisor to Grasshopper Lawns on the transaction. 

 

About Grasshopper Lawns, Inc.

Grasshopper Lawns, Inc. is a provider of comprehensive lawn care services specializing in lawn treatment and fertilization, aeration, mosquito and pest control, and tree and shrub services. With over 50 years of industry expertise, Grasshopper has established itself as a trusted partner for residential clients in Eastern, PA and Lehigh Valley, PA. For more information, please visit www.grasshopperlawns.com.

Tech24 Completes Seventeenth Add-on Acquisition

GREENVILLE, SC, June 29, 2023—Tech24, backed by HCI Equity Partners, today announced that it acquired Harris Warren Commercial Kitchen Service (“Harris Warren” or the “Company”) on June 20, 2023. Tech24 is a national provider of repair and maintenance services for foodservice and commercial HVAC equipment, and Harris Warren is its seventeenth add-on acquisition in the highly fragmented foodservice repair and maintenance market. Financial terms were not disclosed.

Harris Warren, based in West Yarmouth, Massachusetts, is a leading provider of repair services, preventative maintenance and installation for commercial kitchens in the Cape Cod area. The Company specializes in servicing hot and cold side equipment primarily to restaurant and hospitality customers. Harris Warren allows Tech24 to further grow its technician base and diversify its customer mix in a key Northeastern MSA of Boston, MA.

“Adding Harris Warren to the Tech24 family is an exciting next step in growing our well-known services among a broader set of customers in the Northeast,” said Dan Rodstrom, CEO of Tech24. “We look forward to working alongside owner Michael Harris-Warren and his entire team, and welcome them into the larger Tech24 organization.”

“Our team continues to be impressed by Tech24’s ability to partner with great companies that deepen the broader organization’s service areas and diversify the customer base,” said Doug McCormick, Managing Partner at HCI. “The sustained pace of acquisitions is a direct reflection of the talented team we have built at Tech24, and we look forward to continuing to support their M&A strategy.”

Quarles and Brady served as legal counsel to Tech24.

Tech24 Completes Sixteenth Add-on Acquisition

GREENVILLE, S.C., May 31, 2023—Tech24, backed by HCI Equity Partners, today announced that it acquired Total Mechanical Repair Services (“TMR” or the “Company”) on May 24, 2023. Tech24 is a national provider of repair and maintenance services for foodservice and commercial HVAC equipment, and TMR is its sixteenth add-on acquisition in the highly fragmented foodservice repair and maintenance market. Financial terms were not disclosed.

TMR, based in Brookhaven, Mississippi, is a provider of repair services, preventative maintenance and installation for commercial kitchens, serving Southern Mississippi and Louisiana. The Company specializes in servicing hot and cold side equipment and HVAC repair, primarily in restaurants and convenience stores. TMR is a complementary acquisition to TEMCO, a previous add-on acquisition completed by Tech24 based in Jackson, MS. The acquisition allows Tech24 to expand its market reach in Mississippi and provide access to the adjacent and unpenetrated market of Louisiana.

Tech24’s CEO, Dan Rodstrom, said, “The Tech24 family is growing rapidly, and we are excited to continue this momentum with the addition of TMR. The Company brings blue-chip customers and broad capabilities to the underserved market of Louisiana. We look forward to working alongside Brian Johnson, TMR’s owner, and the entire team as part of the larger Tech24 organization.”

“Tech24 continues to be a great example of how HCI’s consolidation and investment strategy works to transform our businesses in fragmented markets, like the foodservice repair and maintenance market” said Doug McCormick, Managing Partner at HCI. “Expanding our presence in the South has been a key goal for Tech24 and we see TMR as a terrific partner to help us achieve this.”

Quarles and Brady served as legal counsel to Tech24.

 

About Tech24

Tech24 provides installation, preventative maintenance, and repair for foodservice facilities across the US. The Company specializes in cooking, refrigeration, beverage, and specialty foodservice equipment, as well as performs HVAC, electrical, and plumbing services. For more information, please visit www.mytech24.com.