Knape & Vogt agrees to buyout
By Furniture Today Staff -- Furniture Today, February 27, 2006
Grand Rapids, Mich. — Knape & Vogt, whose products include drawer slides and kitchen and bath storage units, has agreed to be taken private in a $19-per-share buyout by Wind Point Partners.
Wind Point, a Chicago-based private equity firm, hopes to close the transaction in the second or third quarter. The deal is valued at about $85 million.
"This is the right opportunity for Knape & Vogt," said Chairman and CEO Bill Dutmers. "We have been constrained by our capital structure and the cost burdens of being a publicly traded company, and we view this acquisition as an ideal opportunity to invest in the future of this organization."
The company began exploring strategic alternatives last fall, when it retained investment banker W.Y. Campbell & Co. Wind Point has made investments in more than 80 companies since its founding in 1984.
