Seven Point Equity Partners Acquires RiteScreenJune 17th, 2014 by Editor
Seven Point Equity Partners LLC, an investment firm with extensive experience in the building materials sector, has completed the acquisition of The RiteScreen Company LLC from J.T. Walker Industries Inc. Seven Point says this creates the largest standalone supplier of fabricated screens for the North American door, window and commercial ventilation markets.
According to Seven Point managing partner Tom Burchill, RiteScreen is an outstanding company that is well-positioned in the industry for long term growth.
“We look for strategically important companies that have a strong focus on quality, reliability and customer responsiveness as a foundation to build future growth,” he says. “RiteScreen certainly meets these criteria. In addition, we are impressed with the passion for manufacturing and high service standards we see throughout the organization. As the building materials market continues its recovery, manufacturers will increasingly look for opportunities to deploy scarce labor and floor space to build their primary products. RiteScreen is particularly well-positioned to support this by supplying assembled screens as and when needed.”
RiteScreen will continue to be headquartered in Elizabethville, Pa., and the entire management team and organization will remain intact. Randy Iles, an operating partner at Seven Point is a veteran of the door and window business. He served as president of Pella Corporation’s entry systems division and CEO of Andersen Corporation’s Silver Line business unit. He has joined RiteScreen as CEO and will serve on the board of directors.
“We are focused on growth and operational excellence,” says Iles. “By building on the company’s current strengths and making significant investments, we plan to become a stronger and more valuable partner to our customer base.”
Jay Poppleton, president of JT Walker, adds, “We knew it was time to turn over the reins of RiteScreen to new ownership to direct the next phases of investment and growth, but there is a lot of emotion for everyone involved with RiteScreen since JT Walker founded the business so many years ago. So we are delighted to have found the Seven Point team. Their resources, long term vision and respect for the RiteScreen people, coupled with the unique industry knowledge and expertise that Randy Iles brings, made them an ideal successor. We really feel JT Walker’s legacy, the RiteScreen team, and RiteScreen’s customers are in the very best of hands.”