Santa Monica, CA and Middleton, WI – July 28, 2021 – Clearlake Capital Group, L.P. (together with certain of its affiliates, “Clearlake”) today announced it has signed a definitive agreement to acquire Springs Window Fashions (“Springs”or the “Company”) from affiliates of AEA Investors, LP (“AEA”) and British Columbia Investment Management Corporation (“BCI”). Financial terms of the transaction were not disclosed.
Headquartered in Middleton, Wisconsin, Springs manufactures and sells custom window coverings to retail and commercial customers, as well as independent designers, franchisors, and decorators. With over 90 years of experience, Springs is a recognized leader in the window coverings industry and is known for its quality products, diverse brand recognition, and extensive operational capabilities. The Company’s broad portfolio includes blinds, shades, awnings, shutters, and soft coverings, among many others, all of which are sold through a suite of leading national brands including Bali®, Graber®, Horizons®, SWFcontract™, Mecho™, Mariak™, and SunSetter™. With a veteran management team, proven track record of product innovation, and global scale bolstered by accretive acquisitions, Springs is well positioned to continue its impressive growth trajectory.
“We have long admired Springs and could not be more thrilled to partner with CEO Eric Jungbluth and his talented team to take this company to the next level and help build the clear global leader in the sector,”said José E. Feliciano, Co-Founder and Managing Partner, and Colin Leonard, Partner and Managing Director, at Clearlake. “Springs is an exciting addition to our portfolio given the compelling intersection among Clearlake’s experience in specialty building products, consumer brands, technology solutions, and specialty manufacturing. We are excited to partner with the entire Springs organization and bring all of Clearlake’s available resources to accelerate the Company’s compelling growth plan.
“Today marks an important new chapter for Springs as we look to continue to build on our extensive recent investments behind our market leading brands and become the market leader in the markets and channels we serve,”said Mr. Jungbluth. “Clearlake is the ideal partner for our future given their deep understanding of our core brands, specialty manufacturing footprint, channel investment, and technology offerings, all of which are critical to the Company’s future success.
“Springs has developed a stellar reputation for product innovation, driven by significant recent investments behind its formidable brands,”added Nate Mejías, Vice President at Clearlake. “We look forward to leveraging our extensive network and O.P.S.® value creation playbook to drive accelerated growth at Springs through both organic and acquisition-focused initiatives.”
Deutsche Bank Securities Inc. is acting as lead financial advisor to the Company. BofA Securities is also acting as financial advisor to the Company. J.P. Morgan acted as financial advisor and provided committed debt financing to Clearlake in support of the transaction.
The acquisition is subject to customary regulatory approvals and is expected to close in the third quarter of 2021.