MI Windows and Doors

Investing in infrastructure to support national building products platform

Gratz, PA
Niche Manufacturing

Project & Company Background

In 2012, the management team of MIWD struck a deal to buy the company from its inactive owners. ShoreView provided a minority investment in the company to help facilitate the transaction. In conjunction with ShoreView’s investment, a substantial incentive equity plan was established to provide wealth creation opportunity for the broader management team. During our partnership, we successfully worked with the team to recruit and hire several new management team members, invest in manufacturing infrastructure, and improve operational processes. As a result, revenue grew over 40% and earnings more than tripled before management took full control of the business by purchasing ShoreView’s stake in 2016.

Investment Summary

Management Development

To accommodate planned business growth and facilitate the carve out from MIWD’s corporate parent, ShoreView worked closely with management to recruit several new team members, including a CFO. ShoreView then helped management with improving the company’s leadership development and succession planning practices. ShoreView also established an equity option plan for the senior leadership group to provide a meaningful wealth creation opportunity and further align incentives in the partnership.

Manufacturing Investment

ShoreView helped support an investment in excess of $10 million to consolidate MIWD’s Texas manufacturing operations, which were spread across multiple old and inefficient buildings, into a state of the art new facility with 400,000 square feet under one roof. This improved production efficiency and working conditions in the plant while positioning MIWD to rationalize older products and develop new products for future growth.

Process Improvement

As MIWD’s team looked to accommodate expected growth from the recovery of the housing market, they saw a need to establish long-term sales and operations planning. ShoreView brought external consulting resources to the team. This allowed them to develop a capital planning and budgeting process and drive margin improvement through a continuous operational excellence process throughout the company’s supply chain and manufacturing footprint.

The results

During our time together, MIWD’s revenue grew by over 40% and earnings more than tripled. ShoreView’s flexibility in initially making a minority investment ultimately enabled management to take full control of MIWD when they purchased ShoreView’s stake in a 2016 transaction. MIWD today remains well positioned for continued growth as one of a few truly national platforms in the residential window and door space.

222 South Ninth Street, Suite 3300
Minneapolis, MN 55402