CARMEL, Ind., March 15, 2022--(BUSINESS WIRE)--Mayfair Capital Partners ("Mayfair"), a division of Oxford Financial Group, Ltd. ("Oxford"), on behalf of its underlying investors, has acquired Tile Redi Holdings, LLC ("Tile Redi" or the "Company"). The investment closed on February 28, 2022 and terms were not disclosed.
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Headquartered in Charlotte, North Carolina, Tile Redi manufactures highly-engineered, patented shower product solutions. The Company is a market leader in one-piece, customizable shower pans that are leak-proof, easy to install and UL certified. Tile Redi pioneered the "ready-to-tile" technology and has spent more than two decades innovating and improving its core product offering and growing to serve multiple end markets – from professional contractors managing large scale hospitality projects to single installation residential do-it-yourself homeowners. Tile Redi products are made in the USA at Company-owned manufacturing operations that allow the Company to focus on quality control and innovation in order to create one of the best performing functional bathroom solutions in the market. Tile Redi’s innovative products can be installed in a fraction of the time relative to its competitors. These superior performance and installation attributes have resulted in Tile Redi winning a series of awards over the past decade. In addition to its primary office in Charlotte, North Carolina, the Company operates manufacturing and fulfillment centers in Elkhart, Indiana.
Oxford’s Mayfair division has a history of investing in high-growth, market-leading companies with the goal of providing growth capital and strategic support in order to enable businesses to broaden their reach and better serve their customers. Tile Redi’s talented management team, led by CEO Sean Boes, and the knowledgeable, skilled employee base has a compelling, shared vision for continued innovation and growth. Ben Ault, Mayfair Managing Director, said, "Oxford’s long history of stability and flexibility puts us in a position to be a great financial partner for high-growth businesses such as Tile Redi. Customers love the products, and we’ll be investing in Sean and the team’s efforts to continuously reach more customers and develop the most highly-engineered, best performing products in the market."
Sean Boes, CEO of Tile Redi, said, "We are thrilled to begin a new chapter in the Tile Redi story. We have spent decades developing innovative solutions and refining our products based on the needs of our primary customers, namely do-it-yourselfers, professional contractors and large-scale developers. We have a tremendous opportunity to expand our reach in all channels given the current skilled labor and supply chain constrained market. Our products are made in the USA and help make the shower waterproofing process faster and easier. We believe Mayfair Capital Partners will be excellent collaborators in achieving our vision of making every shower installation easy and leak-free."
In addition, Joe Cook, the Company’s founder and meaningful shareholder who will continue to be involved in growing the business said, "I’m incredibly proud of this management team and excited by our partnership with Oxford and its Mayfair team. They understand the value and rich engineering legacy of this business and share our vision for growth."
Oxford has a deep history investing in private equity opportunities, which it refers to as "Aspirational Investments." On behalf of its clients, Oxford’s team of experienced and specialized investment professionals sources and underwrites Aspirational Investments across a number of different strategies and structures, including direct investments in companies led by talented management teams such as Tile Redi’s. Through these opportunities, Oxford is able to better serve its own client base and meet the growing demand for direct private equity allocations.
Bo Ramsey, Oxford’s Chief Investment Officer, said, "We are always on the lookout for opportunities for us and our clients to partner with management teams and business owners in order to provide growth capital and strategic support to help management teams capitalize on compelling growth opportunities. Tile Redi’s best-in-class products, compelling, consistent growth and talented management team are a perfect example of the type of company with which we look to partner. We are very excited to work with Sean and the rest of the management team as Tile Redi embarks on its next phase of growth."
Jeff Thomasson, Oxford’s CEO and Managing Director, said, "Offering our qualified clients and partners with the opportunity to participate in hard to access investment opportunities like this one is what sets Oxford apart from other National Registered Investment Advisors. Oxford is one of the largest independent RIA firms in the country with oversight of approximately $27.96 billion in assets under advisement (which includes assets under management)*, 21 Managing Directors in five market offices serving over 700 significant families and prodigious institutional clients in 37 states. Our size affords us access to investment opportunities not available to smaller firms. At the same time, our clients enjoy the direct access of owners working with owners that is not often available at other large firms. This new Mayfair opportunity is just another example of what makes Oxford so unique in the industry."
Fredrikson & Byron provided legal representation to Mayfair Capital Partners in the transaction. Hennepin Partners acted as exclusive financial advisor to Tile Redi in connection with this transaction.
ABOUT MAYFAIR CAPITAL PARTNERS
Mayfair Capital Partners is an extension of the Mayfair direct investment program, which has been an in-house division of Oxford since 2003, historically managing a portfolio of direct investments exclusively for the benefit of Oxford’s 700+ high net worth families and institutional clients. Because of Oxford’s deep client base, Mayfair Capital Partners is a flexible capital solution provider that targets investments between $50-125 million per deal and can pursue control and non-control opportunities. At Mayfair Capital Partners, we seek to partner with exceptional management teams to enhance the inherent strengths of the company’s people and products. We seek to invest in the brand and maximize the long-term value of the business. Mayfair’s independence and sophisticated multi-family office capital base creates certain structural advantages when compared to traditional private equity fund structures. We bring flexibility, patience and a supportive approach. For more information, visit www.mayfaircappartners.com.
ABOUT HENNEPIN PARTNERS
Hennepin Partners is a middle market investment bank that provides M&A advisory services and strategic advice to entrepreneurs, private equity firms and corporations. It serves clients globally across a range of sectors including agriculture, business services, consumer, distribution, healthcare, industrial products and services, retail and technology & software. For more information, visit www.hennepinpartners.com.
ABOUT FREDRIKSON & BYRON
Fredrikson & Byron is a leading Midwest law firm working collaboratively to help businesses achieve their goals regionally, nationally and globally. With a reputation as the firm "where law and business meet," their attorneys bring business acumen and entrepreneurial thinking to work with clients and operate as business advisors and strategic partners as well as legal counselors. The firm’s 330+ attorneys are based in Minneapolis, with offices in Bismarck, Des Moines, Fargo, Mankato, St. Paul, Saltillo, Mexico and Shanghai, China. Learn more at fredlaw.com
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*As of 12.31.20
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Ben Ault, Mayfair Capital PartnersPhone:612.616.3497Email:email@example.com