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Union Corrugating Company is the Southeast’s largest supplier of metal roofing systems for the residential, light commercial and agricultural markets. Union produces high-quality, innovative products that are designed for maximum performance. The Company also maintains a strict focus on superior customer service. Union’s customer service excellence is further enabled by its regional manufacturing and distribution network, comprised of eight full-service manufacturing and distribution locations – more than any other competitor in its service territory. Union provides its customers industry-leading delivery times and fill rates, which are highly valued customer service metrics in the metal roofing industry.
Our Role
The CGP team partnered with management to lead a recapitalization of Union, which provided liquidity to selling shareholders and capitalized the business to take advantage of growth opportunities. CGP worked closely with the bank group to structure a credit facility that provided adequate availability to support working capital, acquisitions and other growth initiatives. Additionally, CGP brought added value to the deal with its operational expertise in systems and marketing, which was very appealing to the seller and continuing CEO, Lauri Union. Thomas C. Theobald, Robert D. Blank and W. Edwin McMahan, Jr. all sit on the Board of Directors.
Results
Since the transaction, Union has meaningfully grown its revenue and EBITDA and continues to grow and improve the business.
The Company has upgraded its management team through the addition of a Chief Financial Officer, Vice President of Sales and Director of Quality Control. In April 2004, an eight manufacturing facilityin Dayton, Ohio was opened and a ninth facility in Oklahoma will be open mid-2005. The Company has been awarded additional Lowe’s footage goods business, has been approved to sell special orders in over 700 new Home Depot stores and continues to make tremendous progress in growing the roofing wholesaler channel. Looking ahead, the Company is well positioned to grow with the market and to continue capturing market share by offering high-quality products in conjunction with superior customer service.
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