ShoreView sells BBB Industries
ShoreView is pleased to announce the successful sale of BBB Industries to Windjammer Capital Investors. This transaction highlights what has been a very successful relationship between ShoreView and BBB’s founding shareholders and management. ShoreView partnered with BBB through a recapitalization transaction in November 2004.
Between 1999 and 2003, BBB Industries’ revenues increased more than sixfold through organic growth and several acquisitions. In 2004, the owners completed a large acquisition, funded in large part with personal capital. The owners were seeking a financial partner to diversify their personal assets and to support future growth and infrastructure needs. ShoreView structured a transaction that:
- Provided partial liquidity to the shareholders
- Allowed management to retain day-to-day operating control of the business
- Gave the founders a substantial “second bite at the apple” (opportunity for second liquidity event)
ShoreView then worked with BBB to:
Assisted the owners in recruiting additional management executive Upgraded IT and financial reporting infrastructure Completed two add-on acquisitions of companies with complementary distribution The results of this partnership were exceptional. BBB increased its market share, expanded its customer base, and doubled its revenue and cash flow in less than three years.
About BBB Industries
BBB is a leading remanufacturer of aftermarket electrical components (starters and alternators) for automobiles and trucks, both light and heavy duty. The Company’s products are sold through warehouse distributors, independent automotive retailers, and big-box automotive retailers.
About ShoreView Industries
ShoreView Industries, based in Minneapolis, manages $600 million in private equity funds. ShoreView invests in established, middle-market companies with operations in North America, across a wide range of industries. ShoreView structures a variety of acquisition, recapitalization and build-up transactions, typically in businesses with revenues ranging between $20 million and $150 million.