Blue Point Capital Partners Acquires Shnier, Canada's Leading Distributor of Floor Covering Solutions
CLEVELAND, Ohio, March 4, 2013-- Blue Point Capital Partners announced today the recapitalization of Shnier-Gesco Limited Partnership (Shnier). Counting 75 years serving the Canadian flooring market, Shnier is the largest full-service distributor of floor coverings in Canada, selling proprietary and branded products and programs spanning all flooring categories through an established base of independent retailers.
Blue Point, with offices in Charlotte, Cleveland, Seattle and Shanghai, is one of the largest resident private equity firms in each of its target markets. Shnier represents the 15th platform company for Blue Point II, a 2006 vintage middle-market buyout fund with $400 million in committed capital. Shnier is a natural fit within the Blue Point portfolio given its financial strength and leading position within a highly fragmented marketplace. The firm's investment in Shnier is focused on leveraging Blue Point's operating resources and experience to optimize the Company's supply chain as well as to embark on an acquisition campaign to further develop the Company's revenue stream.
"Shnier is a demonstrated leader in the Canadian floor covering marketplace with an impeccable reputation for quality," said Ed duDomaine, president and chief executive officer of Shnier. "Blue Point's strategic and operational focus made it the obvious choice and ideal partner to execute this next phase of growth for the Company. We remain focused on serving our customers with high-quality flooring solutions and unsurpassed levels of service. The best is yet to come for Shnier."
"We believe Shnier's proven management team and strong legacy in the flooring market create a dynamic platform with actionable organic and strategic opportunities," said Sean Ward, a partner with Blue Point. "We look forward to a successful and rewarding partnership together."
Founded in 1938, Shnier (www.shnier.ca) sells and services over 4,000 residential and commercial flooring customers, offering value-add products, programs and services. Shnier is headquartered in Brampton, Ontario, and operates 5 state-of-the-art, warehouse, sales office and showroom facilities across Canada.
Blue Point Capital Partners (www.bluepointcapital.com) is an established private equity firm managing over $800 million in committed capital. Leveraging fully staffed offices in Charlotte, Cleveland, Seattle and Shanghai, Blue Point's entrenched regional presence affords it the opportunity to establish relationships on a local and regional basis with entrepreneurs and their trusted advisors, while simultaneously providing the resources of a large, international firm. Blue Point has a 22-year track record of partnering with companies in the lower middle market where it can bring about accelerated growth and transformative change in partnership with its companies, their management teams and Blue Point's network of operating resources. Blue Point is one of only a few middle-market private equity firms with a presence in the economies of both the United States and China, and the firm's experience with cross-border management and value drivers has provided a distinct advantage for its portfolio businesses. Blue Point invests in manufacturing, distribution and service businesses generating $20 million to $200 million in revenue.
For more information, contact:
BLUE POINT CAPITAL PARTNERS
Blue Point Capital Partners, LLC
127 Public Square, Suite 5100
Cleveland, OH 44114
President and CEO
Shnier-Gesco Limited Partnership
50 Kenview Boulevard
Brampton, ON L6T 5S8
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