Hughes Hubbard & Reed represented TruStile Doors of Denver (TruStile) in its sale to Marvin Windows and Doors of Minnesota (Marvin) for an undisclosed amount. As part of the deal announced on May 4, Marvin will run TruStile as a separate business unit and make no changes to its national dealer network or senior management team, led by Scott Schmid, president and CEO.
"We are very excited about becoming part of The Marvin Companies," Schmid said. "We have long admired Marvin as a company and believe that both companies share similar values and approaches to the market. Combining with Marvin will enable us to accelerate our plans and better achieve our long-term vision. I can't imagine a better partner for TruStile than Marvin."
Founded in 1995, TruStile manufactures made-to-order stile and rail doors for high-end residential and commercial construction projects. It has about 300 employees, including 200 in its Denver headquarters. With more than $40 million in 2013 revenue, TruStile is among Colorado's fastest-growing privately held companies. Before the sale, it was a portfolio company of Hughes Hubbard client Kenner & Co., the New York-based private equity firm.
Owned and operated by third- and fourth-generation family members, Marvin has more than 4,500 employees in manufacturing facilities throughout the U.S. The deal made headlines in the Minneapolis Star Tribune, the Minneapolis/St.Paul Business Journal and other news outlets.
The Hughes Hubbard attorneys who worked on this matter included Chuck Samuelson, Christine Lamsvelt and Justin Cohen.