Investors Buy Impact Producer CGI
Capital investing firm Cortec Group Fund IV has purchased the assets of Construction Glass Industries Corp., a Miami, FL-based producer of architectural grade impact-resistant aluminum windows and doors.
CGI services residential single and multifamily, commercial and government markets for new construction, remodeling and replacement applications.
“This is an extremely exciting time for CGI and our employees,” says Flavio Quesada, CEO of CGI. “CGI has significant opportunities to aggressively penetrate new geographic markets through an expanded sales and marketing effort and to enhance its product line to better serve the marketplace.”
Quesada will remain a significant owner in CGI. Other terms of the transaction were not disclosed.
“We’re very optimistic about CGI’s growth prospects and look forward to partnering with management,” says Jeffrey Lipsitz, a partner with Cortec. Cortec Group, based in New York City, targets specialty middle-market manufacturing, distribution and service companies with revenues of $40 to $300 million and proprietary products or services.