February 8, 2021 | Bill Esler
WILLIAMSTON, MI – A majority stake in Michigan Woodwork of Williamston, MI, has been acquired by two partners, private investors Vikram Bedi and Apur Sheth, from its founder, Matt Gustafson.
Bedi and Sheth, experienced entrepreneurs and lifelong friends, with backgrounds in industrial chemicals, and business development and ownership, say they are excited to take on the challenge of pivoting into the wood products and production cabinetry manufacturing industry.
Gustafson founded Michigan Woodwork in 2012, and had already transitioned partial ownership to operations manager Johnny Barkley, who runs the day-to-day manufacturing activity. Gustafson felt he had accomplished what he intended, and as a serial entrepreneur plants to develop another business venture in the excavating space.
Structuring Transition in Ownership
Bedi and Apur Sheth acquired Gustafson’s majority interest, with Bedi as the new majority owner. Sheth becomes a minority owner alongside Barkley, who will remain the operations manager and a part-owner. Bedi says he intends to leverage his previous business ownership experience as CEO. Sheth will use his business development background to add a sales force and grow Michigan Woodwork’s sales.
“Our team could not be more excited about this acquisition!” says Bedi, who engaged
with Garrett Monroe of Calder Capital, which served as mergers and acquisitions advisor to Michigan Woodwork. “Garrett Monroe was the linchpin, keeping all parties engaged and the process flowing.”
Michigan Woodwork produces kitchen cabinets for multi-family residences, with three brands: Kultur, Unique Cabinetry, and OC Only Cabinetry. It also operates a component manufacturing business, handling panel processing for large-scale projects, providing overflow assistance to other cabinet manufacturers who may need increased machining capacity. On-site inventory management is also offered, with just-in-time manufacturing and project scheduling integration with customers.
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