|FOR IMMEDIATE RELEASE
September 13, 2017
Prospect Partners Sells Codel Entry Systems
13, 2017: Prospect
Partners, LLC, a leading private equity firm investing in smaller lower-middle-market companies, today announced that it and other shareholders have sold their interests in Codel Entry Systems, Inc. (Codel), of Tacoma, Wash., to Trimlite Mfg. Inc., a manufacturer and distributor of exterior and interior doors based in Renton, Wash.
Codel fabricates, markets, and distributes exterior door entry systems for the residential housing market principally in the Pacific Northwest and western Canada. Prospect Partners partnered with investment firm Montgomery, Shelton & Company and Codel founder and President Brett Moss to recapitalize the business in 2005. Since that time, Codel, which specializes in custom and pre-hung steel and fiberglass doors, has become a regional leader in residential entry door systems in the new construction and remodeling market segments. Codel's customers include door shops, home improvement retailers, and lumber yards, which in turn service builders, contractors, and developers.
"Codel has been a gratifying investment for Prospect Partners," said Maneesh Chawla, a Principal of Prospect Partners. "Through the leadership of founder Brent Moss, the company has built a tremendous reputation for its quality, short lead times, and superior customer service, and has achieved strong growth by entering major new geographic markets, expanding its product line, and developing new distribution channels and customers. We have enjoyed working with the entire Codel team, and believe the company is well-positioned for continued growth."
Added Mead Montgomery, Managing Partner of Montgomery Shelton: "Codel's persistent customer focus and the management team's drive to excel helped the company weather the storm of the Great Recession and capitalize on the continuing recovery and growth of the housing market. Many good years lie ahead for the company."
"It has truly been a pleasure to work with Prospect Partners and Montgomery Shelton through the years," Moss said. "They are true partners we could count on; a smart, ethical team we all very much respected."
About Prospect Partners
Prospect Partners, LLC
is a leading private equity firm investing in smaller lower-middle-market companies, managing $470 million across three funds. A highly experienced and active investor, Prospect Partners focuses exclusively on management-led leveraged recapitalizations and acquisitions of niche market leaders with revenues typically under $75 million. Since 1998, Prospect Partners has completed over 145 transactions nationwide in the building of nearly 50 platforms in widely diverse niche manufacturing, distribution, and specialty service markets.