Olympus buys wood company from Behrman Capital

The transaction means a solid exit for New York-based Behrman, which bought WII Components for $145m in April 2003.

Olympus Partners, a Connecticut-based private equity firm, announced that it has completed its acquisition of WII Components for an enterprise value of $295.5 million (€226.9 million) from Behrman Capital.

Behrman Capital’s third fund originally acquired the common stock of WII Components for $145 million in April 2003. In a SEC filing, WII Components said it issued $120 million in 10 percent senior unsecured notes due 2012 in February 2004 to “pay off the outstanding term loans and revolving line of credit, to pay a [WII Component’s] outstanding common stock, and to pay financing costs of approximately $7.4 million”.

WII Components, the parent company of Woodcraft Industries, is a St. Cloud, Minnesota-headquartered company which outsources manufactured hardwood and engineered wood doors and components to the North American kitchen and bath cabinet market. The company reported revenues of $222 million and net income of $8.3 million for the nine month period ending September 2006.

Olympus manages over $1.7 billion, focusing on middle market management buyouts and later stage venture capital deals. It closed its last fund, Olympus Growth Fund IV, at $757.5 million in July 2003.