
BC-backed Keter buys Adams Manufacturing
BC Partners' Keter Group has acquired Adams Manufacturing, a US-based producer of resin garden furniture, from the company founders, William E Adams III and his family.
[Editor's note: BC Partners is the majority owner of Acuris, the parent company of Unquote]
BC declined to comment on whether any new capital was deployed for the add-on.
Adams' shareholders will reinvest a portion of the transaction's proceeds into a stake in Keter.
Following this acquisition, the companies will be able to leverage their respective strengths, intensify product innovation and enhance their relationships with retailers in North America, according to a statement from Jean-Baptiste Wautier, managing partner at BC.
Founded in 1976 and headquartered in Portersville, Pennsylvania, Adams is a producer and distributor of resin garden furniture in North America. The company employs 250 people and its client base includes several US blue-chip retailers.
According to a statement, the existing management team of Adams, led by CEO Tom Lombardo, will continue to independently drive the development of the business, and there are no plans to operationally merge Adams and Keter in the short to medium term.
Mesirow Financial was the exclusive adviser to Adams on this transaction, while Gordon & Rees acted as legal adviser.
BC, partnering with Canadian pension fund PSP Investments, acquired Keter in July 2016 from the company's founders, the Sagol family, who retained a minority stake and reinvested in the business alongside the buyers.
Headquartered in Israel, Keter designs and manufactures resin-based indoor and outdoor furniture and home accessories, sold globally through a distribution network of 25,000 retail outlets. The company operates 18 factories across nine countries and employs around 4,000 people around the world.
Unquote understands that the GP deployed capital from its BC European Capital IX fund to finance Keter's acquisition. The vehicle, launched in 2010, held a final close on its €6.5bn hard-cap in February 2012.
Currently, BC is investing from its BC European Capital X fund, which held a final close in January on its €7bn target after two years on the road.
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