Simpsonville, SC—Gridiron Capital, LLC, sold Essential Cabinet Group to Breck Partners LLC, a Dallas-based private equity firm.
Headquartered in Simpsonville, SC, Essential was formed by Gridiron Capital in 2011 after it acquired Executive Cabinetry. It is the parent of Tedd Wood Fine Cabinetry, Mifflintown, PA, acquired in 2013, and Designers Choice Cabinetry, Rockledge, FL, acquired in 2016. Essential Cabinet manufactures custom, semi-custom, and stock-plus kitchen and bathroom cabinetry sold through a growing dealer network of over 650 kitchen and bath dealers across the United States.
Earlier this year, IWF Network News reported that Essential Cabinet Group tapped an $8 million line of credit with Huntington Business Credit. Gridiron says its original investment plan focused on teaming with a proven industry executive to build a leading kitchen and bathroom cabinetry manufacturer with world-class operations and a strong distribution network selling a full cabinet product line.
That range of products is now covered across the three cabinetry brands—Executive Cabinetry, a full-range manufacturer operating in 228,000 sq. ft. in Simpsonville, SC (and headquarters for Essential Cabinet Group); Tedd Wood, a premier custom cabinetry manufacturer; and Designers Choice Cabinetry, a leading stock-plus wood cabinetry business. CEO Mark Kovich came to Essential in 2018 after nine years as VP sales and marketing at American Woodmark and another year in the same role at Canyon Creek Cabinet in Monroe, WA.
“We have experienced great success through our partnership with Gridiron, who has helped us improve operational efficiencies, complete and integrate our acquisitions, bolster our team with additional resources, and help implement a shared culture of Winning Together throughout our organization,” says Kovich.
Breck Partners LLC, founded by Brad Brenneman and Brian Steinbrueck, assembled $115 million in its first fund in July 2020. It says it is targeting investments in industrial markets where a business is performing below its potential, is in an out-of-favor industry, has an incomplete management team, or is undergoing a complex situation such as a carve-out. Breck focuses on platforms with revenues of $50 to $250 million and enterprise values of $25 to $75 million. Holdings include paper companies such as Dunn and Nekoosa, and oil-related pipeline and drum suppliers.
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