Evanston, Ill., January 18, 2022 – Industrial Opportunity Partners (“IOP”), an operations-focused private equity firm based in Evanston, Ill., today announced that it has supported the combination of portfolio company Brewster Home Fashions LLC (“Brewster”) with York Wall Holding Company (“York”). Terms of the transaction were not disclosed.
York is a designer, distributor, and manufacturer of peel & stick wallpaper, traditional wallpaper, decals, and commercial wallcoverings. Products are sold through U.S. retailers, e-commerce companies, distributors, specialty paint and wallpaper retailers, and luxury showrooms.
Brewster is a designer, distributor, and manufacturer of wallcoverings, flooring, and home décor products for the residential market in the U.S. and internationally.
IOP and Brewster are partnering in the investment with Yukon Partners and members of the management team. The combined company management team will be comprised of a mix of Brewster and York employees. Paul Feinstein, Brewster CEO, noted, “All of us at Brewster welcome the addition of the York team members into our family. York’s long history and tradition are complementary to our existing business and will be instrumental to our collective futures.” Brian Golden, York CEO, commented, “We are pleased to be part of the IOP portfolio of companies. I have tremendous respect for the Brewster organization and leadership team, and feel strongly this combination will fuel our continued growth.”
Alberto Satine, an IOP Operating Principal, will assume the position of Chairman of the combined company. Mr. Satine is a member of IOP’s Board of Operating Principals which is comprised of experienced executives who provide leadership to the businesses in which IOP invests. Mr. Satine commented, “The combination of Brewster with York and the brands associated with these two firms represent a significant value creation opportunity for all stakeholders associated with the companies.”
The transaction’s senior debt financing was provided by JPMorgan Chase Bank, N.A., Associated Bank, N.A., First Midwest Bank, and Stifel Bank & Trust with mezzanine financing provided by Yukon Partners. Winston & Strawn LLP provided legal representation to IOP in the transaction. William Blair & Company acted as exclusive advisor to York on the transaction.
About York
York is a designer, distributor, and manufacturer of peel & stick wallpaper, traditional wallpaper, decals, and commercial wallcoverings. York is headquartered in York, Pa. and operates out of four facilities including two manufacturing facilities in York, Pa., a 3PL warehouse in Mt. Joy, Pa., and another warehouse in Randolph, Mass.
For more information, visit York’s website at at www.yorkwallcoverings.com.
About Brewster
Brewster is a designer, distributor, and manufacturer of wallcoverings, flooring, and home décor products for the residential market in the U.S. and internationally. Brewster’s headquarters and main distribution facility is located in Randolph, Mass., with additional facilities in Statesboro, Ga. and Congleton Cheshire, England. For more
information, visit Brewster’s website at www.brewsterwallcovering.com.
About Industrial Opportunity Partners
IOP, an Evanston, Ill.-based private equity firm with over $910 million of committed capital since inception, is dedicated to creating value through investing in manufacturing and value-added distribution businesses with revenue between $50 million and $500 million. IOP focuses on businesses with strong product, customer, and market positions, and provides management and operational resources to support sales and earnings growth at its businesses. For more information, visit IOP’s website at www.iopfund.com.