Minnesota-based leading private equity firm
Minnesota-based leading private equity firm
ShoreView industries is a private equity firm that manages over $900 million in private equity funds. The company invests in North American companies with revenues ranging between $20 million and $300 million. It targets companies in manufacturing, distribution, business services, niche consumer products, and industrial services. These companies must demonstrate a solid history of performance, positive growth prospects, and a strong market position. Since its establishment in 2002, ShoreView’s invested in over 100 companies in North America and the rest of the world. It focuses on 100% buyouts, leveraged recapitalization, industry consolidations, management-led buyouts, and minority investments.
The following information is from ShoreView’s website, as of December 2017.
In 2012, ShoreView Industries entered into an agreement with the management of Mi Windows and Doors (MIWD) to buy out the company from its inactive owners by providing a minority investment for financing the transaction. ShoreView helped in drafting an incentive equity plan to help the executives grow their investment in the company.
Due to the need to revamp the company’s operations, ShoreView assisted in improving the operational process, purchase and installation of manufacturing infrastructure, and in the recruitment of key personnel such as the chief financial officer. The private equity firm helped consolidate Mi Windows and Doors’ manufacturing operations in Texas into a 400,000-square foot state-of-the-art facility worth more than $10 million. MIWD realized a 40% increase in revenues as a result of ShoreView’s capital injection. In 2016, ShoreView sold its minority stake in MIWD to the company’s management team.
Abrasive Products & Equipment (APE) is located in Deer Park, Texas. It is a specialty distribution company that is widely known for sales, services, and rentals of portable air blast and other equipment. The company’s target market includes blast and painting contractors in petrochemical, marine, and oilfield service in the Gulf Coast region.
ShoreView provided the necessary funds to APE to spur aggressive growth, improve the business infrastructure and equip the company’s employees with appropriate skills and knowledge. The capital injection provided the owner-operators with a favorable liquidity event that allowed them to reinvest the proceeds back into the business. ShoreView’s support assisted APE to enter into 12 new markets in the Southeast and Texas through an aggressive expansion program that led to four add-on acquisitions and three greenfield distribution facilities. APE also implemented a new ERP system that provided the executive management with reporting tools for easy analysis and tracking of the expansion program.
Axygen Scientific is a manufacturer of high-end plastic laboratory consumable products that target clients in the life sciences sector. The products are utilized in crime laboratories, academic laboratories, and pharmaceutical development laboratories. Before ShoreView Industries came in, Axygen was working in a 33,000-square foot manufacturing facility.
ShoreView’s investment helped the company expand its international market, move into a larger facility, and complete several add-on acquisitions. Through ShoreView’s support, Axygen managed to expand its global network through two add-on acquisitions in Asia and one add-on acquisition in Poland. Also, Axygen moved from its old manufacturing facility to a modern 100,000-square foot facility that could support all its manufacturing and future expansion plans. During ShoreView’s investment period, Axygen completed five add-on acquisitions that brought new customers, facilities, and proprietary lab products.
Winzer Corp is a Texas-based distributor of fasteners and consumable maintenance supplies. Its clients are engaged in maintenance, repair, and operation activities, and they comprise governments, military, institutions, and industries. Winzer lists more than 70,000 products and 30,000 customers, and the products are sold through a network of more than 275 route-based franchises. It operates a fully-automated warehouse system with a 99% fill rate. ShoreView Industries announced its investment in Winzer Corp in September 2017 for undisclosed financial terms.
In December 2016, ShoreView Industries announced its acquisition of Hi-Rel Group LLC and merging it with Pacific Aerospace & Electronics, Inc. (PA&E) and Litron, Inc. Hi-Rel Group was renamed to Hermetic Solutions Group LLC, with the Chairman and CEO of the Hi-Rel Group being the new Chairman of Hermetic Solutions Group LLC. The CEO of PA&E was appointed CEO of Hermetic Solutions Group while the President of Litron remained in the same position. With the complementary nature of the three companies’ offerings, Hermetic Solutions Group now offers hermetic connectors, space-level interconnect products, hermetic packaging and components, unique board-level packaging, and laser welding services.
Other ShoreView investments include Market Day, Niagara Thermal Products, Twinco Romax, Rohrer, World Wide Packaging, Hamilton Engineering, Spring Corp, Edstrom Holdings, Angelle, Paradigm, Kibbi, and BBB Industries. Previous investments include American De Rosa Lamparts, Tex Tech Industries, G.E.T. Enterprises, and Niagara Thermal Products.
Wakefield co-founded ShoreView Industries alongside Jeffrey Mudge in 2002. He is the current chairman of ShoreView, and he is in charge of the overall running of the company. Previously, Wakefield served as the managing principal at Churchill Capital, Inc. and the vice president of Pacific Corporate Group. The top executive lists more than 25 years of experience in private equity investing, serving on boards across various sectors including niche manufacturing, medical products, consumer goods, industrial services, building products, and plastics. He holds a B.S. degree in Business Administration (Finance) from San Diego State University.
Mudge is the co-founder and managing partner at ShoreView Industries, with over 20 years of experience in private equity investing, commercial lending, and mezzanine debt investing. Before joining ShoreView, Mudge worked at Churchill Capital Inc., where he helped in evaluating and executing the company’s investments in middle market companies. Previously, Jeffrey served on boards across different sectors such as industrial services, laboratory products, media products, plastics, and oil and gas engineering. Jeff received a BBA (Finance) from the University of Texas and an MBA from the University of Minnesota.
Other partners at ShoreView include Thomas D’Ovidio, Scott Gage, and Brett Habstritt.
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