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The Company is a market-leading, vertically integrated manufacturer of custom window treatments for both commercial and residential. The parent company sells primarily to commercial customers, serving an impressive list of retailers, financial institutions and restaurants plus large architectural projects like hospitals, schools and offices. The East Coast plant sells primarily through a wholesale model to the design trade and the smart home integration market focused on residential. The Company is one of just a few window-covering manufacturers in the U.S. that have the capability to engineer, fabricate, install and service their products.
Management conservatively projects 6% top-line growth in 2019 driven by a 3-year, $3 million contract just signed with a key customer and additional business expected from existing customers. In addition, two new customers ($1.6 million in contract value) were recently acquired, and 2020 will see the launch of several new, advanced technology product offerings.
The Company manufactures contacts used in a broad range of applications and critical assemblies for industries such as automotive, aviation, electronics, military and medical devices. In business for many decades, the Company specializes in micro and nano connectors used by OEMs such as Boeing, Airbus, Teledyne, Amphenol, Plantronics and Delphi/Aptiv. The Company has also made inroads into the medical device industry by supplying electronic parts for remote patient monitoring devices and portable imaging systems. Over the past three years, the Company has served 25-26 accounts annually. Revenues consist of stamping (93%), tool and die (3%) and plating (1%).
For 2019, revenue is projected to grow 15% due to two new projects and planned pricing increases. Adjusted EBITDA is expected to decline in 2018 due to the loss of high-margin plating workflow and a one- time retooling project that reduced profit margins. However, EBITDA is expected to return to historic levels in 2019 and 2020 as the Company increases revenue and improves gross margins.
The Company is a leading niche manufacturer of over 1,000 branded and private-label SKUs such as plastic desk organizers, clip board boxes, clip boards, staplers, hole punches and paper clips used in offices, schools and homes worldwide with new products being rolled out each year. The Company holds 138 patents with one more pending. With two manufacturing facilities, one in the U.S. and one in Asia, in addition distribution centers across the U.S., the Company is positioned for significant expansion in North America and abroad. Customers include stationery stores, mass market retailers, office supply wholesalers, online companies and independent dealers.
The Company maintains an average of 150 accounts, many of which are national or international retailers such as Staples, Office Depot, Walmart and Amazon.com. Stringent quality control, on-going product design and development, and efficient operations allow the Company to offer outstanding products at highly competitive prices. Among the Company’s advantages are production efficiency, high-quality products, timely delivery and long-term customer relationships with Fortune 500 companies.
Offering the most advanced access control systems and technology-enabled, self-service kiosks, the Company serves clients in public and private sectors. The Company’s diversified portfolio of high-tech products enable clients to offer high-level security and enhanced convenience to their customers. The Company also provides on-site or remote integration with existing systems, configuration, installation, monitoring, repair and maintenance on all of its products. The Company has 170-190 active accounts at any given time. Resellers account for 45% of sales, while banking and financial services accounts for 43%. Export markets include Spain, England, China, Saudi Arabia, Qatar, Lebanon, Colombia and Mexico.
For 2019, two new products are ramping up for production with a planned launch in the first quarter. Additionally, several other products are in the design and prototype stages.
The Company designs and manufactures accessories for the automotive, motorcycle and marine aftermarkets. Sales channels include national retail chains, e-commerce sites, mail order retailers, and various specialty and industrial wholesalers. The Company typically serves 220 accounts and has a high rate of repeat business; no single customer represents more than 10% of annual sales. Most products are exclusively designed and branded by the Company, and many high-margin items are patented. Production largely is outsourced to a network of 20 longtime contract manufacturers.
A well-recognized brand and creatively designed packaging make the Company’s products particularly appealing to retailers and their customers. Packaging features QR barcodes that deliver product information and demos online when scanned by any mobile device.