Clearlake Capital acquiring Springs Window Fashions
Clearlake Capital Group, the investment firm behind multiple industry deals, announced it has signed a definitive agreement to acquire Springs Window Fashions from affiliates of AEA Investors, LP and British Columbia Investment Management Corporationc
Headquartered in Middleton, Wis., Springs manufactures and sells custom window coverings to retail and commercial customers, as well as independent designers, franchisors, and decorators.
The company’s portfolio includes blinds, shades, awnings, shutters, and soft coverings, including the Bali, Graber, Horizons, SWFcontract, Mecho, Mariak, and SunSetter brands.
The financial terms of the transaction were not disclosed.
Clearlake has had a hand in numerous industry transactions including PrimeSource’s recent acquisition of Wolf Home Products and funding for pro dealer American Construction Source, which has since been acquired by US LBM.
“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 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.”
Deutsche Bank Securities Inc. is acting as the lead financial advisor to the Company. BofA Securities is also acting as a 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 expected to close in the third quarter of 2021.
Clearlake Capital Group has approximately $39 billion of assets under management, and its senior investment principals have led or co-led over 300 investments. The firm has offices in Santa Monica, Calif. and Dallas, Texas.