Manufacturing & Distribution
Shoemaker Manufacturing has been acquired by CSW Industrials
Published December 21, 2021
CLA Meridian Capital Advises Shoemaker Manufacturing in Acquisition by CSW Industrials
CLA Meridian Capital (“CLA Meridian Capital”), a leading Seattle-based middle market investment bank and M&A advisory firm, is pleased to announce the successful acquisition of one of its clients, Shoemaker Manufacturing (“Shoemaker” or the “Company”), by CSW Industrials (“CSWI”) (NASDAQ: CSWI).
Based in Cle Elum, Washington, Shoemaker Manufacturing is a leading manufacturer of grilles, registers, and diffusers (“GRDs”) for commercial, residential, and industrial HVAC applications. Shoemaker’s success is driven by its technical capabilities, broad product offerings, and customized solutions.
This strategic acquisition further expands CSWI’s HVAC/R product offering with customizable GRDs for commercial and residential markets and increases regional exposure to the Northwest.
John Hein, former shareholder and President of Shoemaker, said, “CLA Meridian Capital exceeded all expectations on their commitment to finding us a partner that will honor the Company’s legacy and provide the necessary resources to accelerate our growth trajectory. CLA Meridian Capital’s understanding of our industry was instrumental during the process, as they were able to clearly understand our business model and effectively message our position to the market. I’m extremely excited about our new partnership with CSWI and look forward to capitalizing on the complementary nature of our product lines.”
Claire Nicholls, former shareholder and Vice President of Shoemaker, commented, “As a multi-generational family business with a strong 75-year track record, finding a partner as culturally aligned as CSWI was of prime importance in this transaction. CLA Meridian Capital’s consistent focus on the ultimate goals of our shareholders resulted in an efficient and personalized process that led to a successful outcome for all parties.”
Brian Murphy, President and Managing Director at CLA Meridian Capital, said, “Shoemaker’s broad product landscape, coupled with its unique product customization and assembly capabilities, allows the Company to provide an unmatched product offering to its clients. The Company’s current position in the marketplace and reputation throughout the industry will allow it to see continued growth during its partnership with CSWI. It was an honor to work with John, Claire, and the entire Shoemaker team to steward the legacy of the Company and provide a complementary growth partner.”
This transaction represents continued momentum for CLA Meridian Capital’s Diversified Industrials practice. Other 2021 transactions include:
- Rainer Industries acquisition by LFM Capital
- Weatherhaven’s acquisition by White Wolf Capital
- Pacific Consolidated Industries recapitalization by TJM Capital
CLA Meridian Capital served as the exclusive financial advisor to Shoemaker on the transaction, while Karr Tuttle Campbell provided legal advisory services and Moss Adams provided tax and accounting advisory services.
For more information on CLA Meridian Capital click here.
ABOUT SHOEMAKER MANUFACTURING
Shoemaker Manufacturing has been manufacturing high quality registers, grilles, and diffusers since 1947, in the shadow of the Stuart Range in Cle Elum, Washington. The Shoemaker name is well respected and highly recognized in both the residential and commercial HVAC marketplace for the high-quality products and outstanding customer service. For more information, please visit https://www.shoemakermfg.com/.
For more information, please contact:
Managing Principal of Investment Banking
About CLA Meridian Capital
CLA Meridian Capital is the investment banking division of CliftonLarsonAllen (CLA) Wealth Advisors, LLC, an SEC registered investment advisor and broker dealer, member FINRA/SIPC. With 30+ years of middle-market M&A and financial advisory experience, $22 billion in total transaction value, and deep industry knowledge across the Consumer, Industrials, and Technology sectors, CLA Meridian Capital helps our clients preserve the value they’ve built and the legacies they leave behind.
