ARLINGTON, Texas, Dec. 21, 2020 /PRNewswire/ -- American Bath Group, LLC ("ABG"), a leading manufacturer of showers, bathtubs, and related accessories and a portfolio company of Centerbridge Partners, today announced the closing of the acquisition of DreamLine ("DreamLine" or the "Company") from affiliates of MPE Partners ("MPE" or "Morgenthaler Private Equity").
DreamLine is a leading provider of branded premium glass shower doors, enclosures, and accessories under the DreamLine and Arizona Shower Door brands. These products are highly complementary with ABG's portfolio and strategy. DreamLine will operate as a division of ABG, and Chris Yankowich will remain as President of DreamLine.
"DreamLine is a market leader in the highly attractive and fast-growing shower door segment, and the Company has built an impressive set of design and marketing capabilities. We look forward to working with our new colleagues at DreamLine," said Rick Stonecipher, CEO of American Bath Group.
"DreamLine is excited to become part of American Bath Group's comprehensive line of bathware products and brands. We look forward to contributing to the rapid growth and continued market leadership at American Bath Group," said Chris Yankowich, CEO of DreamLine.
Joe Machado, Partner at MPE, said, "ABG is an incredible success story in the bathware products category. The DreamLine and Arizona Shower Door brands are highly complementary with ABG and present exciting opportunities for future growth."
Lincoln International LLC served as financial advisor to DreamLine and MPE on the transaction, and Jones Day served as legal counsel to DreamLine and MPE. RBC Capital Markets served as financial advisor to ABG, and Vinson & Elkins LLP served as legal counsel to ABG.
About American Bath Group
American Bath Group is a leading North American bathware manufacturer with a comprehensive product offering including showers, integrated tub / showers, bathtubs, shower bases, jetted whirlpools, and spas through a broad portfolio of well-recognized brands. Learn more at www.americanbathgroup.com.
About Centerbridge Partners
Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines—from private equity to credit and related strategies, and real estate—in an effort to find the most attractive opportunities for our investors and business partners. The Firm was founded in 2005 and as of November 30, 2020 has approximately $28 billion in capital under management with offices in New York and London. Centerbridge is dedicated to partnering with world-class management teams across targeted industry sectors and geographies to help companies achieve their operating and financial objectives. For more information, please visit www.centerbridge.com.
About MPE Partners
MPE Partners ("MPE" or "Morgenthaler Private Equity") seeks to be the preferred partner for entrepreneur- and family-owned companies. Based in Cleveland, OH, and Boston, MA, MPE invests in profitable, lower middle market companies with EBITDA between $5 – $20 million. MPE has two primary target investment areas: high-value manufacturing and commercial & industrial services. For more information, please visit www.mpepartners.com.
SOURCE American Bath Group, LLC