Senneca Holdings Acquired by Kohlberg & Company
MOUNT KISCO, N.Y.--(BUSINESS WIRE)--May 14, 2018--Senneca Holdings, Inc. (“Senneca” or the “Company”), the leading North American manufacturer and distributor of specialty doors and enclosures for commercial and industrial end markets, announced today that it has been acquired by Kohlberg & Company, L.L.C. (“Kohlberg”), a leading private equity firm headquartered in New York, from Audax Private Equity (“Audax”).
Headquartered in Cincinnati, Ohio, Senneca designs and manufactures a broad portfolio of built-to-order specialty doors including traffic doors, flexible strip doors, specialty glass doors, and data center enclosures under industry leading brands such as Chase™, Eliason™, TMI™, Thermoseal™ and SubZero™. Founded in 1932, Senneca offers superior design and engineering processes enabling the Company to support a diverse set of customers across multiple end markets.
Jeffrey Stark, Chief Executive Officer of Senneca Holdings, remarked, “We are enthusiastic to be entering the next chapter of the Company alongside our new partners at Kohlberg. Kohlberg has a three decade track record of successfully investing in industrial manufacturing businesses with a focus toward long-term growth. Kohlberg represents a well-capitalized partner that will accelerate our ability to grow through both organic growth initiatives and strategic add-on acquisitions.”
“Senneca is the clear market leader in specialty doors and enclosure systems, providing its customers a full-suite of high quality, customized enclosure solutions,” commented Benjamin Mao, Partner of Kohlberg. “We see exciting growth opportunities for Senneca, and look forward to partnering with management in the next phase of the Company’s development.”
Robert (Bob) G. Isaman, Operating Partner of Kohlberg, remarked, “Senneca represents a tremendous opportunity to invest in best-in-class manufacturing assets. I look forward to partnering with the Company’s experienced management team to drive further operational efficiencies across the platform and accelerate growth.”
Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Kohlberg. Antares Capital, Golub Capital, Partners Group and Goldman Sachs Asset Management led the debt financing for the transaction.
Founded in 1932, Senneca is a leading manufacturer and distributor of specialty doors for diverse and growing industries headquartered in Cincinnati, Ohio. Senneca’s superior design and breadth of specialty doors allows Senneca to offer its customers custom products in the shortest lead times. Senneca’s family of brands includes Chase™, Chem- Pruf™, Cold Guard™, Curtron™, Door Engineering™, Eliason™, Enershield™, FibRDor™, Rubbair™, Saino™, Simplex Isolation Systems™, Tiger™, Thermoseal™, and TMI™ and are supported by twelve manufacturing facilities and one corporate office. For more information about Senneca, visit www.senneca.com.
Kohlberg & Company, L.L.C. (“Kohlberg”) is a leading private equity firm headquartered in Mount Kisco, New York. Since its inception in 1987, Kohlberg has organized eight private equity funds, through which it has raised $7.5 billion of committed equity capital. Over its 31-year history, Kohlberg has completed 72 platform investments and approximately 170 add-on acquisitions, with an aggregate transaction value in excess of $15 billion. For more information, please visit www.kohlberg.com
View source version on businesswire.com:https://www.businesswire.com/news/home/20180514005616/en/
CONTACT: Finsbury, for Kohlberg
Brooke Flohr, 646-805-2823
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK OHIO
INDUSTRY KEYWORD: BUILDING SYSTEMS MANUFACTURING OTHER MANUFACTURING PROFESSIONAL SERVICES BANKING FINANCE CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
SOURCE: Kohlberg & Company, L.L.C.
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PUB: 05/14/2018 08:05 AM/DISC: 05/14/2018 08:05 AM