Seven Point Equity Partners Acquires RiteScreen
Westport, CT (PRWEB) June 19, 2014 -- Seven Point Equity Partners, LLC, a leading investment firm with extensive experience in the building materials sector, announced today it has successfully completed the acquisition of The RiteScreen Company, LLC, from J.T. Walker Industries, Inc., creating the largest standalone supplier of fabricated screens for North American window, door, and commercial ventilation markets.
Headquartered in Elizabethville, Pennsylvania, RiteScreen manufactures and sells screen solutions to window and door manufacturers on a just in time basis as a cost effective alternative to in-house screen assembly. RiteScreen also provides replacement screens for do -it-yourself retail markets, and sells through distribution partners focused on maintenance and repair for multi-family housing and commercial markets. The company was founded in 1947 and serves customers from its six plant locations across the United States.
According to Seven Point Managing Partner Tom Burchill, RiteScreen is an outstanding company that is well positioned in the industry for long term growth. “We look for strategically important companies that have a strong focus on quality, reliability and customer responsiveness as a foundation to build future growth. RiteScreen certainly meets these criteria. In addition, we are impressed with the passion for manufacturing and high service standards we see throughout the organization. As the building materials market continues its recovery, manufacturers will increasingly look for opportunities to deploy scarce labor and floor space to build their primary products. RiteScreen is particularly well positioned to support this by supplying assembled screens as and when needed.”
RiteScreen will continue to be headquartered in Elizabethville, PA and the entire management team and organization will remain intact. Randy Iles, an Operating Partner at Seven Point and a veteran of the window and door business as President of Pella Corporation’s Entry Systems Division and CEO of Andersen Corporation’s Silver Line business unit, has joined RiteScreen as Chief Executive Officer and will serve on the Board of Directors. Iles noted “We are focused on growth and operational excellence. By building on the company’s current strengths and making significant investments, we plan to become a stronger and more valuable partner to our customer base.”
Jay Poppleton, President of JT Walker, commented “We knew it was time to turn over the reins of RiteScreen to new ownership to direct the next phases of investment and growth, but there is a lot of emotion for everyone involved with RiteScreen since JT Walker founded the business so many years ago. So we are delighted to have found the Seven Point team. Their resources, long term vision and respect for the RiteScreen people, coupled with the unique industry knowledge and expertise that Randy Iles brings, made them an ideal successor. We really feel JT Walker’s legacy, the RiteScreen team, and RIteScreen’s customers are in the very best of hands.”
For more information about Seven Point Equity Partners, LLC, please contact Gina Mello, Vice President, at [email protected]
For more information about RiteScreen, please visit our Website at http://www.ritescreen.com or contact Randy Iles at (717) 362-7483
For more information about JT Walker Industries, Inc., please contact Jay Poppleton at (727) 461-0501 Ext. 1431
Gina Mello, Seven Point Equity Partners, LLC, +1 (203) 807-8173, [email protected]
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