Clearwater Capital to Acquire Spring Window Fashions

Springs Window Fashions (“Springs”), one of the leading providers of custom window covering products in the world and portfolio company of AEA Investors LP (“AEA”) and British Columbia Investment Management Corporation (“BCI”), announced today that Clearlake Capital Group, L.P. (together with certain of its affiliates “Clearlake”) have entered into a definitive agreement to acquire Springs. Springs’ management team, led by CEO Eric Jungbluth, will continue to lead the company after the closing of the transaction.

Headquartered in Middleton, Wisconsin, Springs is a leading custom window treatments provider in the United States, where its suite of brands including Graber, Horizons, Bali, Mecho and SWFcontract are sold throughout various residential and commercial channels.

AEA and BCI acquired Springs in 2018. Since that time, Springs has achieved significant growth through product innovation, channel expansion, marketing and operational improvements. Additionally, AEA and BCI supported Springs’ global expansion with its acquisition of B&C International, based in The Netherlands, which took place earlier this year.

“We have appreciated the partnership with AEA and BCI during the past three years,” said Jungbluth. “Their support of our growth strategies and willingness to invest has been critical to our success. We look forward to continuing our growth with Clearlake.”

Brian Hoesterey, CEO of AEA Investors, said, “We are very pleased with the growth of Springs, whose success has surpassed the expectations set forth when first partnering with management three years ago. We are confident that the company is well positioned for a very bright future ahead.”

“Eric Jungbluth and the Springs team have delivered strong results for our pension plan and insurance clients by focusing on attractive growth initiatives,” said Jim Pittman, Executive Vice President & Global Head, Private Equity, BCI. “Springs is a great example of the value our investments bring to our clients. We wish them well and ongoing success in the future.”

Deutsche Bank Securities Inc. is acting as lead financial advisor to the company. BofA Securities is also acting as financial advisor to the company. J.P. Morgan provided committed debt financing to Clearlake in support of the transaction.

The acquisition is subject to customary regulatory approvals and is expected to close in the third quarter of 2021.

About Springs Window Fashions

Springs Window Fashions, the Best Experience Company, is a leading global supplier of blinds, shades, specialty treatments and window hardware. Its Bali®, Graber®, Horizons®, SWFcontract™, Mecho™, Mariak™, and SunSetter™ brands are sold through retailers and distributors within North America. In Europe, the company manufactures and sells products through its B&C International division. Based in Middleton, WI, Springs has facilities worldwide and employs more than 9,000 associates. For more information, visit www.springswindowfashions.com.

About AEA

AEA Investors LP was founded in 1968 by the Rockefeller, Mellon and Harriman family interests and S.G. Warburg & Co. as a private investment vehicle for a select group of industrial family offices with substantial assets. AEA has an extraordinary global network built over many years which includes leading industrial families, business executives and leaders; many of whom invest with AEA as active individual investors and/or join its portfolio company boards or act in other advisory roles. Today, AEA’s approximately 100 investment professionals operate globally with offices in New York, Connecticut, San Francisco, London, Munich and Shanghai. The firm manages funds that have over $15 billion of invested and committed capital including the leveraged buyouts of middle market companies and small business companies, growth capital and mezzanine and senior debt investments.

About BCI

With C$199.6 billion of assets under management as of March 31, 2021, British Columbia Investment Management Corporation (BCI) is one of Canada’s largest institutional investors. Based in Victoria, British Columbia, BCI is a long-term investor that invests across a range of asset classes: fixed income; public equities; private equity; infrastructure; renewable resources; real estate; and commercial mortgages. BCI’s clients include public sector pension plans, insurance, and special purpose funds. BCI’s private equity program, with C$20.7 billion of assets under management, has a well-diversified portfolio comprised of direct and fund investments. The team brings industry expertise with more than 40 investment professionals investing across financial and business services, healthcare, industrials, consumer, and TMT sectors. For more information about BCI, please visit www.bci.ca.

About Clearlake Capital

Clearlake Capital Group, L.P. is an investment firm founded in 2006 operating integrated businesses across private equity, credit, and other related strategies. With a sector-focused approach, the firm seeks to partner with world-class management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.® The firm’s core target sectors are industrials, technology, and consumer. Clearlake currently has approximately $39 billion of assets under management, and its senior investment principals have led or co-led over 300 investments. The firm has offices in Santa Monica and Dallas. More information is available at www.clearlake.com and on Twitter @ClearlakeCap.

Contact:

Mary Gendron – Mower Public Relations – mgendron@mower.com – (917) 340-1006

Source: Springs Window Fashions, LLC