Genesis Capital is pleased to announce Coffman Stair Parts (“Coffman” or the “Company”), a portfolio company of Prophet Equity, has been acquired by Broadview Group Holdings, LLC (“Broadview”) in partnership with Hunters Gate Holdings, LLC (“Hunters Gate”). Since its inception in 1874, Coffman continues to be a market leader in the residential stair parts distribution industry within the United States.
The Company serves a highly diversified customer base of lumberyards, professional dealers, stair builders and installers, and home improvement retailers. With three strategically located distribution facilities in Texas, Georgia, and New Jersey, the Company maintains a strong foothold east of the Rocky Mountains, enabling the Company to service customers in many of the largest, fastest growing population centers in the United States.
Ross Gatlin, Managing Partner of Prophet Equity, said, “through their experience and insight, Genesis Capital played a crucial role in identifying the ideal partner for Coffman. Ensuring the outcome not only fit the Company’s long-term needs but also short-term objectives.”
“Working with Genesis Capital was an absolute pleasure,” said Derek Barksdale, Coffman’s President. “The team went above and beyond in helping us find the right partner to ensure that Coffman is poised for continued growth. The team at Genesis was diligent and methodical in their partnership with us to ensure the best outcome for all parties involved.”
“Broadview brings a long track record of investing and operating experience, support, and resources that will enable us to accelerate our growth,” said Derek Barksdale. “Broadview shares our vision to grow Coffman well beyond its current scale through initiatives that create value for our customers and through the execution of strategic acquisitions. Building a premier market leader takes time. Broadview’s permanent capital base and long-term investment approach were clear differentiators as we selected our ideal next partner.”
“Coffman’s leadership team has an exceptional reputation in their markets, and the Company’s market leadership is due in large part to a culture focused on differentiated and highly reliable customer service.” said Clay Hunter, Co-Founder and Chief Executive Officer at Broadview. “We believe the structural undersupply of single-family housing in the U.S. must, over the long-term, correct, providing Coffman a solid foundation from which to build further scale. Our unique structure, permanent capital base, and long-term investment horizon allow us to support outstanding businesses like this when others find it difficult. We are thrilled to welcome Coffman to the Broadview platform and look forward to supporting Coffman as they embark on their next stage of strategic growth.”
Genesis Capital served as financial advisor to Coffman Stair Parts and Jackson Walker LLP served as legal counsel to Coffman and Prophet Equity. Arnall Golden Gregory LLP served as legal counsel to Broadview and Hunters Gate.
About Coffman Stair Parts
Founded in 1874, Coffman Stair Parts is the oldest and one of the largest distributors of residential stair parts in the United States. From its headquarters in Plano, TX and additional facilities in Austell, GA and Edison, NJ, Coffman provides a highly diversified customer base a one stop shop for residential, interior stairway design and construction, supplying a complete collection of wood and iron stair parts and related accessories required to assemble staircase systems. For more information, please visit www.wm-coffman.com.
About Prophet Equity
Prophet Equity is a private equity firm that uses proven, data-driven analytical techniques coupled with over 100 years of investment and management experience to invest in, unlock and realize future value today. Partnering with owners and management teams, Prophet Equity’s team utilizes a toolkit that is Fortune 500 tested and private equity proven to diagnose and drive dramatic value creation. Portfolio company management teams are highly motivated with clear, uncapped incentives based on realized business performance. Over the last 20 plus years, Prophet Equity’s Principals have invested in and managed over $2.5 billion of value creation across entities with over $6 billion in revenue. Prophet Equity’s equity investments focus on strategically strong, lower and middle market businesses with significant value creation potential. These are typically found in partnerships, corporate carve-outs, divestitures, and non-strategic business units of larger companies. For more information, please visit www.prophetequity.com.
About Broadview Group
Broadview Group invests in and partners with successful business owners and growth-oriented leadership teams to help scale and create significant and sustainable value in niche manufacturing, specialty distribution, business services, and B2B food and agriculture businesses. Broadview’s permanent capital base and long-term perspective enable true alignment with its partners and portfolio companies. Broadview Group’s principals have decades of experience leading and scaling businesses and providing strategic insight and other expertise as executives, lead investors and board members in a variety of businesses and industries. For more information, please visit www.broadviewgroup.com.
About Hunters Gate Holdings
Hunters Gate Holdings is a private holding company based in Atlanta that acquires and invests in industrial companies headquartered in the Southeast and Texas. Hunters Gate seeks profitable, well-run companies with a strong market position that are seeking a change in ownership or growth capital. They specialize in companies with cyclical or project-based revenue streams, and employ limited leverage in transactions, allowing portfolio companies to weather cyclical downturns and take advantage of the opportunities they present.