Riverside Sells Commonwealth; CLC/SunTek Partners with Two New OwnersAugust 19th, 2010 by Editor
(Pictured to the left is Steve Phillips, the president/chief executive officer of CLC/SunTek.)
The Riverside Co. in Cleveland, which purchased SunTek Holding Co. (Commonwealth Laminating & Coating Inc. [CLC]) in 2006, has sold its interest in the company. Jennifer Phillips Shorr, CLC vice president of sales and marketing, told WINDOW FILM magazine that the company has now partnered with two new investors, Transportation Resource Partners, which is associated with the Penske Automotive Group, and Fenway Partners.
“These two firms will replace Riverside and put CLC in a financial position to double in size over the next three to five years,” says Shorr. “CLC/SunTek’s current management team, including Steve Phillips our president/chief executive officer, will all remain in place. This is a very exciting time for all employees and we will continue to focus on providing the trade with innovative and competitive products, as well as exceptional customer service.”
“Riverside played a crucial role in a remarkable expansion at CLC that allowed us to take market share and prepare for the future in the midst of one of the worst economic downturns in modern history,” says Steve Phillips. “Riverside’s capital, support and appetite for growth allowed us to expand our production capacity while increasing our number of distribution centers and broadening our manufacturing capabilities. Riverside has been an exceptional partner.”
Shorr adds, “The Riverside Company has been the principle investor in CLC/SunTek for the past four and half years. They have done a terrific job supporting our strong growth and expansion in both North America and other parts of the world.”
Stephen Dyke, Riverside partner, adds, “CLC was a great company when we invested in it in 2006, and we’re leaving it in an even better position today. Our efforts to increase revenues by investing in growth at CLC have paid off. Today, CLC offers more products to more markets while still retaining its hard-earned reputation for exceptional quality and value. The company is very well positioned to continue its strong growth trajectory for years to come.”
The announcement notes that under Riverside’s stewardship, CLC made capital investments that significantly boosted the company’s production capacity and invested in a new dyed film line that improved product quality and strengthened its competitive position. The company expanded its international presence during Riverside’s ownership period by opening three new international distribution centers and relocating a fourth. During this time, CLC also expanded its product line, including flat glass applications in residential and commercial buildings.