LongWater sells portfolio companies San Benito Shutter and Lewis Cabinet Specialties
Nov 22, 2021
Dallas, Texas — LongWater Opportunities is pleased to announce the sale of two of its portfolio companies, San Benito Shutter and Lewis Cabinet Specialties, to Monument Microcap Partners.
San Benito Shutter (SBS), founded in 1991 in Hollister CA, is a distributor of premium plantation shutter components sold into the residential and commercial window covering markets. With four distribution centers across the Sunbelt states and its own fleet of delivery vehicles, SBS has grown to become the largest distributor of plantation shutters in the United States.
Lewis Cabinet Specialties (Lewis), founded in 1990 in Tremonton, UT, is a manufacturer of custom cabinet components sold into to residential and commercial cabinet installation markets. Embracing technology and automation has enabled Lewis to offer industry-best lead times and a superior online experience for its customers, which management credits for the rapid growth of the business.
Jordan Bastable, who led the transaction for LongWater said, “We are honored to have partnered with the management teams at both SBS and Lewis, who built their companies to each become formidable players in the building products industry. We wish the best success to all our friends at SBS, Lewis, and the entire Monument organization.”
“LongWater is a true testament of partners aligning with a company’s personnel and culture to enable transformational change. Their steady commitment to our differentiated strategy resulted in double digit annual growth over the three years leading up to our successful exit. I cannot say enough about the respect and appreciation I have for the LongWater team.”
TM Capital served as exclusive financial advisor to LongWater Opportunities in connection with this transaction. Chris Converse with Foley & Lardner LLP served as our exclusive legal advisor.
About LongWater Opportunities
Founded in 2009, LongWater is a private markets investor with offices in Fargo, ND, Dallas, TX and St. Louis, MO. The firm is a premier access point to the lower-middle market because of their deep expertise, relationships, and institutional scale. Their Capital Solutions team offers multi-faceted strategies for achieving proven, repeatable results, including private credit, minority equity and LP commitments. On the Private Equity side, they target majority positions in unique, high-potential lower-middle-market businesses within industrial and geographic spaces they know well. To learn more, visit longwateropportunities.com.