Contact:Richard S. Stokes
1001 Brickell Bay Drive
Miami, FL 33131
H.I.G. Capital Announces Investment in Cardell Cabinetry
MIAMI - November 4, 2010 - H.I.G. Capital, LLC, a leading global private equity investment firm, today announced that an affiliate has made a significant investment in Cardell Cabinetry (“Cardell” or the “Company”).
Headquartered in San Antonio, TX, Cardell is a leading designer, manufacturer, marketer and distributor of quality semi-custom kitchen and bath cabinetry. For over 30 years, Cardell has been offering innovative designs, wide breadth of quality products and a compelling value proposition to its customers. Through its state of the art manufacturing facility in San Antonio, Cardell services a distinguished customer base of hundreds of dealers and distributors nationwide. Cardell provides one of the largest product offerings in the industry through its Advantage, Spectrum 360, and Odyssey collections.
Bill Tidwell, who will serve as CEO and significant shareholder, commented, “We are excited about H.I.G. Capital’s investment and look forward to continuing to build the Cardell brand together. Our customers will continue to receive the same innovative designs, quality construction, on-time delivery and strong value they have come to expect over the last 30 years, and we are excited that H.I.G.’s investment will help us capitalize on the growth we expect in the years to come.”
Richard Stokes, Managing Director of H.I.G., commented, “We are pleased to support Bill Tidwell and Cardell in its next period of growth. We have had previous success investing in the cabinet sector, and were well aware of Cardell’s strong reputation as one of the leading dealer-distributor focused suppliers in the U.S. We were impressed with Cardell’s well-earned position as a leading, semi-custom cabinet supplier to hundreds of dealer-distributors nationwide, and believe Cardell will outperform its peers as remodeling activity and new housing construction accelerate in the coming years.”
About Cardell Cabinetry
Founded in 1976 and headquartered in San Antonio, TX, Cardell Cabinetry, is a leading manufacturer of semi-custom kitchen and bath cabinetry. The Company offers a wide range of cabinet solutions through its Advantage, Spectrum 360, and Odyssey collections. With a nationwide network of dealers and distributors and state of the art manufacturing in Texas, the Company can provide a kitchen or bath solution to any home in the United States. For more information, please refer to the Cardell website at www.cardellkitchens.com.
About H.I.G. Capital
H.I.G. Capital is a leading global private equity investment firm with more than $8.5 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, New York, and San Francisco in the U.S., as well as affiliate offices in London, Hamburg and Paris in Europe, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well managed manufacturing or service businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding in 1993, H.I.G. invested in and managed more than 200 companies worldwide. The firm's current portfolio includes more than 50 companies with combined revenues in excess of $8 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.