Ritescreen Company Completes Debt Refinancing to Capitalize Company for Growth
ELIZABETHVILLE, Penn., September 23, 2019 (Newswire.com) - The RiteScreen Company, LLC, the largest independent manufacturer of window and patio door screens in North America, announced it successfully completed a refinancing and has entered into a new credit facility with U.S. Bank N.A. RiteScreen will use the proceeds, along with operating cash flow, to repay its existing debt, pay a dividend to Seven Point Equity Partners and its investors, invest in new product development, and fund working capital needs. The new credit facility provides an additional $18.0 million in committed, but undrawn, capital to enable the company to continue its growth trajectory and to ensure significant capital availability in the coming years. With the new facility, RiteScreen remains a conservatively capitalized company.
RiteScreen's CEO Tom Himmel commented, "Our partnership with US Bank provides us with the liquidity to execute on our growth strategy of geographic expansion and weather any potential for variable market conditions. It also will allow us to rapidly scale up the production of ShadowTM, our revolutionary, patented, low-profile window screen line."
Seven Point Partner Mark Kammert noted, "RiteScreen received very positive feedback from the lending community, reflecting the management team's progress in adding major new customers, increasing revenues, and improving operating profit margins since its acquisition by Seven Point in 2014. RiteScreen's new capital structure provides a solid balance sheet foundation for its next decade of growth."
FocalPoint Partners LLC and Duff & Phelps, LLC acted as financial advisors, and Benesch, Friedlander, Coplan & Aronoff LLP acted as legal advisor to Seven Point and RiteScreen in this transaction.
About The RiteScreen Company
The RiteScreen Company, LLC, headquartered in Elizabethville, Pennsylvania, is the largest independent manufacturer of window and patio door screens in North America. With seven strategically located facilities across the United States, the company provides logistically intensive solutions for leading window and door original equipment manufacturers requiring just-in-time delivery. For nearly seventy years, RiteScreen has delivered exceptional value and long-term supply reliability to its customers, helping them get to market faster with superior quality products. For more, please visit www.ritescreen.com.
About Seven Point Equity Partners, LLC
Seven Point Equity Partners, LLC, based in Westport, Connecticut, is an operationally-focused, value-oriented private investment firm dedicated to achieving exceptional long-term returns for its investors. Seven Point concentrates on control equity investments in lower middle-market companies in North America. The firm partners with companies that have complex business and capital structure challenges and can benefit from Seven Point's Operating Partners' ability to drive operational improvement. The firm's differentiated funding approach allows Seven Point to back management teams patiently over a long investment horizon as they build great businesses and create fundamental value. For more, please visit www.sevenpointpartners.com.
Media Inquiries:
Tom Burchill
Seven Point Equity Partners, LLC
tomburchill@sevenpointpartners.com
+1 (203) 293-4058
Source: RiteScreen