The DAK Group, a leading investment bank specializing in strategic middle market mergers and acquisitions worldwide, announces the sale of its client Craftmaster Hardware of Northvale, NJ to Capital Resource Partners, a Boston, MA private equity firm. The DAK Group served as the exclusive investment banker and financial advisor to Craftmaster, initiating the transaction and managing the divestiture process.
The transaction capitalizes on Craftmaster’s strong reputation for high-quality security products with significant market share in the correctional, medical, education and government facilities market spaces. The acquisition marks the expansion strategy for Capital Resource Partners, who plan to use Craftmaster as a platform company and launch into the $100 billion Physical Security Market. Northcreek Mezzanine Fund II provided funding for this transaction.
“We have built a niche business in the security hardware industry focused on providing specialty products for very specific market segments along with an extremely knowledgeable team and the value added services that our customers couldn’t find elsewhere,” said Craftmaster President Michael Spingeld. “This transaction will provide the capital and resources to broadly expand this platform. We have found the right partners to permit us to realize both our business and personal goals.”
“We are pleased to have delivered significant value to Craftmaster’s ownership using our unique worldwide, proprietary process to identify the right buyer,” said Michael Richmond, the Managing Director who led the DAK transaction team. “This acquisition is a tremendous opportunity for a deeper penetration of Craftmaster’s products into the marketplace and the ideal fit to serve as the foundation for Capital Resource Partners’ growth strategy.”
The successful sale of Craftmaster Hardware was a result of a highly competitive process initiated by The DAK Group, who identified the ideal fit between these two companies.