(December 10, 2004) – Rockwood Equity Partners (“Rockwood”), a private equity investment firm based in New York and Cleveland, announced today that it has recapitalized Staircase & Millwork Company (“SMC”) in partnership with SMC’s senior management team, Eric Trope and Joseph “JW” Williams.
Based in Alpharetta, Ga., SMC is a leading staircase company focused on the direct-to-builder channel, which is increasingly recognized as the most efficient distribution channel in the building products industry. Founded in 1986, SMC has generated consistent growth to become the premier manufacturer and installer of curved, flared and spiral staircases in the southeast. In addition, SMC also supplies a full line of staircase parts and offers a full line of design services to high-end homebuilders. Rockwood and management intend for SMC to serve as a platform company, with which they will pursue an industry consolidation of the highly-fragmented staircase industry.
“We are excited to partner with Eric and JW in SMC’s recapitalization,” said Brett R. Keith, Principal of Rockwood Equity Partners. “Under their leadership in the three years since acquiring SMC, the company has grown considerably and has significantly improved its market position with its homebuilding customers. Given the consolidation of the homebuilder market, these large and growing homebuilders will demand that their supply chain grow with them, something few staircase companies have the management sophistication to do. SMC is a strong fit with Rockwood’s investment philosophy of investing in lower-middle-market companies with excellent management teams having a significant equity stake. We look forward to working with Eric, JW and their team to undertake the consolidation strategy.”
JW Williams, President of SMC, said, “Eric and I are delighted to have Rockwood as an investor in SMC to support our growth and acquisition efforts. The recapitalization was complex, and working with Rockwood’s Principals through the transaction process was a very positive experience. Rockwood’s creativity and flexibility is unique, and the firm worked quickly and efficiently to deliver on its investment commitment on the date to which all parties had agreed. We look forward to the working relationship going forward.”