Private Equity Firm Acquiring Hurd
A private equity restructuring firm has received court approval to purchase Hurd Windows & Doors.
Connecticut based Longroad Asset Management LLC expected to close the deal in December, says Rich Latto, managing director with the firm. Financial details of the deal were not disclosed.
“We’re very excited to turn around this company,” Latto says. “It’s a great, well-regarded product.”
“We are truly excited about Longroad becoming our new owners,” says Dominic Truniger, Hurd president. “This is a rebirth, of sorts, for Hurd. Longroad’s investment in our future will provide Hurd with greater financial security and better position us for growth. We have a number of exciting new products planned for 2009, and the infusion of capital will provide us with the resources to support the manufacturing, distribution, sales and marketing of these new products.”
Hurd parent company Monarch Holdings Inc. filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code in late September. Operations at Hurd continued as normal through the reorganization process, the company reports. Hurd was acquired by Monarch Holdings in December 2004.
“This is a very positive time for Hurd,” Truniger adds. “The company has actually grown in recent years under Monarch Holdings’ ownership. In fact, since 2005, Hurd has almost doubled in market share. During that time, we have built our brand recognition domestically, and dramatically increased our international presence. Under Longroad’s new ownership we are confident in our abilities to continue growing at a remarkable pace.”
Hurd reports that the manufacturing operation will stay in Medford and Merrill, Wis.