Industrial Opportunity Partners and Robert Bradley, Jr. Acquire E.B. Bradley Co.
Evanston, IL - January 5, 2009 – Industrial Opportunity Partners (“IOP”), a private equity firm based in Evanston, IL, announced that it has partnered with President Robert Bradley, Jr. in acquiring the stock of E.B. Bradley Co. and its subsidiaries (“E.B. Bradley” or the “Company”) from its current shareholders.
E.B. Bradley is a leading West Coast distributor of specialty hardware, surfacing products, flooring and woodworking supplies, and manufacturer of laminated panels, serving the commercial construction and residential renovation markets. Operating from an established network of 10 facilities located in California, Washington and Oregon, E.B. Bradley serves over 14,000 active customers, providing next-day delivery of a broad array of premium branded products.
IOP is partnering in its investment with E.B. Bradley’s current President and shareholder, Robert Bradley, Jr., as well as other members of the Company’s senior management team, all of whom will remain active in continuing to manage and grow the business going forward. Mr. Bradley will remain in his role of President and CEO of E.B. Bradley. In addition, John Colaianne will assume the newly-created position of Chairman of the Company. Mr. Colaianne, who has significant experience with companies serving similar end-markets, is a member of IOP’s Board of Operating Principals, which is comprised of seasoned executives who provide leadership to businesses in which IOP invests.
Kenneth M. Tallering, Senior Managing Director of IOP, stated, “We are very excited to partner with Bob Bradley in acquiring E.B. Bradley Co., a business with an excellent portfolio of premium branded products, outstanding reputation for customer service and strong relationships with high-quality vendors. IOP is excited to work with all of E.B. Bradley’s associates to build on these strengths and continue to grow the Company.”
Mr. Colaianne added, “Since it was founded 80 years ago, and under the leadership of Bob Bradley over the past 24 years, E.B. Bradley has built a reputation with its customers, suppliers and associates based on hard work, unmatched service levels and integrity. I look forward to working closely with Bob, his team and all E.B. Bradley associates in continuing to grow the Company.”
Mr. Bradley commented, “I am thrilled to be partnering with Industrial Opportunity Partners, whose industry experience and strategic support will enhance E.B. Bradley’s continuous effort to reliably and knowledgeably deliver high-quality products and extraordinary service levels to our customers.”
Greif & Co., a Los Angeles based middle market investment bank specializing in mergers and acquisitions, represented E.B. Bradley Co. and its shareholders in this transaction.
Fifth Third Bank (Chicago) and Stonehenge Partners, Inc. provided financing for the acquisition. DLA Piper LLP provided legal representation to IOP in the transaction.
About E.B. Bradley Co.
E.B. Bradley is a leading West-coast distributor of specialty hardware, surfacing products, flooring and woodworking supplies, and manufacturer of laminated panels. The Company operates from 10 facilities located in California, Washington and Oregon. For more information, visit E.B. Bradley’s website at www.ebbradley.com.
About Industrial Opportunity Partners
IOP is an Evanston, IL based private equity firm dedicated to creating value through investing in manufacturing and value-added distribution businesses with sales between $30 million and $350 million. IOP focuses on businesses with strong product, customer and market positions, and provides management and operational resources to support growth in sales and earnings at its businesses. For more information, visit IOP’s website at www.iopfund.com.