DATE: January 02, 2020
Who is Our Client?
- Carstin Brands, located in Arthur, IL, is a manufacturer and installer of kitchen and bathroom countertops and shower systems serving a network of independent dealers throughout the Midwest since 1988.
- Pulte Capital acquired Carstin in 2011, and has expanded significantly throughout the Midwest both organically and through two acquisitions.
- In 2011, Nolan represented the original owner of Carstin brands in the sale to Pulte.
- Carstin’s products are manufactured-to-order using customer-specified colors, dimensions, patterns and styles and are sold through a diversified base of over 800 kitchen and bath dealers with over 1,000 combined locations.
Why Did Carstin Hire Nolan?
- Pulte engaged Nolan to sell Carstin, having met many of the original investment objectives including growth and profitability, product and systems development and establishing a solid management team.
- Pulte sought an acquirer that would provide opportunities for the Carstin team to continue its growth trajectory and maintain its reputation for quality products and exceptional customer service.
What Value Did Nolan Deliver?
- Nolan’s sale process delivered Wolf Home Products, a provider of branded kitchen and bath products, as well as high-performance outdoor living and specialty building products.
- With more than 175 years of business experience, Wolf provides kitchen and bath, outdoor living and building products as well as marketing, sales, and financial support exclusively to independent dealers.
- Wolf is a portfolio company of Tenex Capital Management, a lower middle-market private equity firm based in New York, NY.
- Wolf was interested in the acquisition because of Carstin’s product offerings and production capabilities, in addition to providing an opportunity to leverage Carstin’s existing dealer footprint to penetrate the Midwest market.
- “Wolf Home Products is very excited about the acquisition of Carstin Kitchen & Bath Surfaces and the synergy that our two brands will bring to the market. This is an initial step to further Wolf’s expansion strategy of our kitchen and bath division”, says Craig Danielson, President and CEO of Wolf Home Products.