Challenge: Partner with an
existing owner to aggressively
grow a business
"I wanted an experienced partner that could help me take the company to the next level. Prairie did everything they promised, including letting me and my management team operate the business."
– Todd Mulvaney, Chairman, Plastimayd
Company Plastimayd is a premium manufacturer and distributor of vinyl pool liners, safety covers and other related products for pool dealers and distributors across the U.S. Plastimayd’s brand names include Plastimayd Precision Crafted Pool Liners, VynAll Custom Pool Liners and Coverlogics.
Situation Plastimayd had grown rapidly from the small business that Todd Mulvaney and another manager had acquired in 2002. Todd recognized that while significant organic growth opportunities remained, there were numerous attractive acquisition candidates available that would provide scale and coast-to-coast manufacturing and distribution capabilities. Todd wanted to participate in the growth available to the company, but was looking to transition out of the day-to-day management within a few years. He needed a strategy to create an incentive plan to motivate and attract quality executives, while capitalizing the business appropriately for the growth opportunities available.
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Attributes Plastimayd was an attractive investment for Prairie due to several unique attributes:
- Strong and committed management team
- Loyal and diverse customer base
- Attractive growth opportunities
- Premium position in the marketplace
- Strong historical operating performance
Results Prairie provided a majority of the junior capital (both equity and mezzanine), which led to an expedited diligence process and efficient closing. Additionally, Prairie provided incremental capital to support a major add-on acquisition. During Prairie’s investment, the company has achieved numerous significant milestones, including (i) successfully sourcing and integrating a strategic acquisition, (ii) deepening and growing the management team, (iii) expanding the product offering, (iv) improving financial and CRM systems, (v) doubling its revenue and employee base and (vi) allowing Todd to transition to the role of Chairman.
Prairie View "Todd Mulvaney had a solid vision for how he wanted to grow his company into a national player. We were thrilled to have the opportunity to partner with him. Our conservative balance sheet put us in a great position to execute on our growth thesis, despite the economic downturn that has bankrupted other large competitors."
– Darren Snyder, Partner |
