Client: Codel, Inc., was a leading fabricator, assembler, and distributor of pre-hung steel and fiberglass residential entry door systems, headquartered in Tacoma, WA. The company had enjoyed rapid growth since its founding by Brent Moss who parlayed his industry knowledge and dedication to customer service into market leadership in this segment.

Challenge: Codel's owner was seeking to bring in additional capital to accelerate growth to meet emerging opportunities and, at the same time, to diversify his substantial personal holdings in the business. The company was experiencing high growth in a cyclical sector. In order to expand the business, significant capital investments were needed to realize growth opportunities outside of Codel's current distribution network, specifically south along the I-5 corridor.

Process: Exvere conducted a comprehensive analysis of Codel's finances, operations, and of the residential door industry. After careful review of strategic alternatives, Exvere prepared marketing materials and conducted a targeted search by accessing its extensive network of private equity investors. Utilizing a disciplined and confidential process, Exvere allowed Codel's owner to benefit from competitive interest and was able to screen and select his new partners from a diverse group of qualified investors.

Outcome: Codel closed on investments from both Montgomery, Shelton & Co. and Prospect Partners of Chicago, IL to recapitalize the company and fund expansion. The new partners demonstrated a proven ability to grow branded products, effective integration of acquired businesses, and compatibility with existing cultures and business philosophies. True to his original goals, our client retained his seat on the board, his role as President overseeing the company, his existing management team, and a significant ownership interest in the company, all while significantly diversifying his investment base. The process resulted in the transaction more than doubling the enterprise value of the original offer received by Codel.