Republic Receives Equity Financing from Chase Capital
Chase Capital Corp., a division of JPMorgan Chase & Co., has acquired a minority interest in Republic Windows & Doors LLC. With the equity financing, the Chicago-based manufacturer of vinyl windows and doors plans to invest in equipment and expand its product line.
“We had been looking for a partner that believed in Republic’s potential for growth and valued our longstanding reputation as an innovator in the building products industry,” says Barry Dubin, Republic COO, “We found that partner in Chase Capital.”
The infusion of equity capital, he notes, has allowed Republic to restructure its trade debt while giving the manufacturer the additional capital it requires to continue to improve manufacturing efficiencies and quality through the acquisition of additional production equipment. Additionally, the company plans to extend its portfolio of window products to include windows designed specifically for the distribution market, and pursue strategic partnerships to maximize shareholder value.
“We chose Republic as our first equity investment because it has worked very hard over the past 15 months to reduce its costs and improve its quality, timeliness and productivity, while maintaining its customer base,” says Dave Schabes, co-head of Chase Capital, which began investing in mid-size businesses in January. “We are confident that the company can continue to build on this significant progress.”
Founded in 1965 by William Spielman, Republic was acquired in December 2005 by a management group including Rich Gillman, chairman, president and CEO, and Dubin, who is majority shareholder. A Window & Door Top 100 manufacturer, Republic serves the new construction and replacement markets throughout the United States.