NEW YORK--(BUSINESS WIRE)--Kitchen Art of South Florida (“Kitchen Art”), a Ridge Road Capital Partners (“Ridge Road” or “Ridge Road Partners”) portfolio company, has expanded to the west coast of Florida. Kitchen Art opened a facility in Fort Myers, Florida, in March 2016. The move expands Kitchen Art’s geographic footprint and will allow the company to better serve its homebuilder clients on the west coast of Florida. Kitchen Art, one of the largest kitchen and bathroom cabinet design and installation companies in the U.S., has a leading presence in south Florida and serves several of the largest homebuilding companies in the United States.
Ridge Road Partners’ Adam Jiwan and Michael Mager, along with Aeterna Capital Partners, acquired the company in November 2014 from retiring co-founder Gail Jones. The company had been family-owned since its founding in 1989. Following the acquisition, Ridge Road Partners and Aeterna Capital invested in management talent and geographic expansion to help develop Kitchen Art into a larger and stronger business. This investment, combined with a focus on operational and financial efficiency, led to Kitchen Art achieving record profitability in 2015 and a multi-fold increase in cash flow.
Kitchen Art is among the largest domestic companies in a fragmented space and intends to export its proven model to other parts of Florida and the south-eastern United States, with an objective of becoming a $100mn annual revenue business within the next several years.
Ridge Road Partners’ Michael Mager led the transformation on behalf of Ridge Road. Commenting on Kitchen Art’s successful expansion to the west coast of Florida, Mager said: “Kitchen Art’s expansion outside of south Florida is a milestone for the company. We have learned through experience that the company creates tangible value for its customers, and we believe that we can replicate this experience in all of the geographies where our customers have presence. We are really proud of what the team has accomplished.”
On selling her business of 30 years to Ridge Road and Aeterna Capital Partners, the former sole-owner of Kitchen Art, Gail Jones, said: “The ownership transition went incredibly smoothly. The acquiring team was accommodating and responsive. Since the acquisition, they have strengthened the areas of the Company that I had difficulty with and have maintained the core strengths that made my company successful. I would highly recommend Ridge Road Partners and Aeterna Capital Partners for other business owners looking to sell their companies to experienced owners who will work hard to ensure their company’s future success."
About Ridge Road Capital Partners
Ridge Road is a leading owner-operated investment holding company that buys and builds great businesses. It provides flexible long-term capital as well as financial and operational expertise to companies internationally. Ridge Road’s core investments include traditional buyouts of family businesses, intensive turnarounds/restructurings as principals, highly selective company builds, and opportunistic public investing. Since the formation of the first investment partnership in late 2012 by Adam Jiwan and Brian Norton, the group has made seven successful investments that have spanned North America, Europe and Asia.
For more information, please visit: http://ridgeroadpartners.com/
About Kitchen Art
Founded in 1989, Kitchen Art is among the ten largest, by revenue, kitchen and bathroom cabinet design and installation companies in the United States. Kitchen Art specializes in complete kitchen renovations, kitchen and bathroom cabinetry, wet bars, home offices, closets and media rooms.
The company is led by chief executive officer Doug Haynes, who successfully navigated Kitchen Art through the financial crisis and participated alongside Ridge Road and Aeterna Capital Partners in the acquisition.
For more information, please visit: http://kitchenartdesigncenter.com/
