Narrow Gauge Capital Acquires Interest in SEI Group

BOSTON--()--Narrow Gauge Capital(“NGC”) today announced that it has acquired a majority stake in SEI Group (“SEI” or the “Company”). SEI is a leading installer of fiberglass insulation, spray foam, cellulose, standing seam metal, gutters, fireplaces, garage doors, door hardware, CBUs, and mailboxes for single and multi-family homes, primarily in the Atlanta metropolitan area.

Eric Cunningham and Matt Hopkins, the existing owners of SEI, will retain their current management positions and a significant ownership stake in the Company. In addition, Joseph Carrington, former CEO of Service Partners and Executive Vice President – Insulation of Masco Services Group Corp., has also acquired an ownership position and will join the Executive Committee of the Company’s Board and play a key role in helping the Company execute its growth strategies. Additional terms of the transaction were not disclosed.

Adam Doctoroff of Narrow Gauge Capital said, “Since founding SEI in 2008, Eric and Matt have built a tremendous installation business in the Atlanta market. SEI's relentless focus on its customer service truly differentiates the Company from its competitors, and has driven impressive growth over the past eight years. We are thrilled to be partnering with Eric, Matt, and their talented team.”

“We are excited to be entering the next phase of SEI's growth and are delighted to join forces with NGC,” said Matt Hopkins, CEO of SEI. “We selected NGC as our partner due to their deep understanding of our market and strong track record of investing alongside owner-operators like us.”

“SEI stands out as a truly impressive and well-managed company among the many I have had the opportunity to evaluate over the course of my career in the insulation industry,” said Joe Carrington. “I believe that SEI has a wonderful opportunity to continue its rapid growth in the Atlanta market, while also expanding its geographic footprint through strategic acquisitions. I am delighted to be partnering with Eric, Matt and my former partners at NGC to help execute this plan.”

Goldman Sachs provided senior debt financing for the transaction. Siguler Guff and Goldman Sachs provided equity co-investment alongside Narrow Gauge Capital.

Croft & Bender acted as exclusive financial advisor to SEI in the transaction. Winston & Strawn LLP served as legal counsel to Narrow Gauge Capital and Taylor English Duma LLP served as legal counsel to SEI. Brad Stewart of The Capital Solutions Group advised NGC on the debt financing for the transaction.

About SEI
The SEI Group is a leading installer of a wide variety of residential building products for builders and general contractors in the single-family and multi-family residential construction markets in the metro Atlanta area. The Company offers a diverse range of products including insulation, gutters, garage doors, fireplaces, housewrap, door hardware and mailboxes. SEI Group was founded in 2008 and has quickly grown to become a highly recognized and trusted partner within the Atlanta building sector. The Company has approximately 200 employees and is headquartered in Doraville, Georgia. (

About Narrow Gauge Capital
Narrow Gauge Capital is a private equity firm formed by a group of professionals who previously invested with Monitor Clipper Partners. It typically invests between $10 million and $50 million of equity in transactions where an existing founder or family retains a meaningful ownership stake and partners with NGC to drive the further development of the business. NGC is currently pursuing transactions in areas where it has specialized expertise and past transaction experience, including health care services, financial services technology, building products, distribution and logistics.

About Siguler Guff
Siguler Guff is a multi-strategy private equity investment firm which, together with its affiliates, has over $10 billion of assets under management across three lines of business: multi-manager funds, direct investment funds and separate accounts. The firm serves over 500 institutional clients and more than 600 high net worth individuals. Siguler Guff is headquartered in New York and has offices in Boston, London, Moscow, Kiev, Shanghai, São Paulo, and a local affiliate office in Mumbai. To learn more about Siguler Guff, please visit


Narrow Gauge Capital
Adam Doctoroff


Narrow Gauge Capital
Adam Doctoroff