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SALE OF MAD CITY WINDOWS & BATHS

FHIA REMODELING HAS ACQUIRED MAD CITY WINDOWS & BATHS


Birmingham, Michigan – March 3, 2020 – Angle Advisors is pleased to announce that FHIA Holdings, LLC (“FHIA”) has acquired Mad City Windows & Baths, LLC (“Mad City” or the “Company”). Angle Advisors acted as the exclusive investment banking advisor to Mad City in completing this transaction, which adds to the firm’s recent activity in the home remodeling industry, including the sale of 1-800-Hansons as well as Statewide Remodeling.


Founded in 1998, Mad City Windows & Baths provides replacement windows and doors, siding installation, roofing services, bathroom remodeling, and kitchen refacing services. In 2019, the company delivered over $65 million in annual sales, ranking as one of the 25 largest remodelers in the U.S. by Qualified Remodeling Magazine. Mad City’s commitment to outstanding service has earned the company the #1 spot as the top-rated remodeler in Wisconsin for the last eight years. Mad City is a proud partner and official sponsor of the Green Bay Packers.


“Mad City Windows & Baths is a perfect addition to the FHIA platform, as we have targeted companies that are leaders in their respective markets and bring the same legacy of best-in-class customer service that FHIA has always prided itself on. Mad City is the brand name in home improvement in the state of Wisconsin, and we look forward to adding them to our industry-leading portfolio of products, services, and partners,” said Mel Feinberg, Founder and CEO of FHIA.


Backed by affiliates of York Capital Management, a multi-billion dollar investment firm, FHIA is creating a national network of leading remodeling service providers in their respective markets. Through the purchase of Statewide Remodeling, FHIA now has an established presence in Texas, Oklahoma, Arkansas, and a leading market position in Florida. The acquisition of Mad City extends FHIA’s reach into Wisconsin, with plans to expand across the Midwest region. Post-closing, FHIA is expected to have annual sales in excess of $300 million.


“We are incredibly excited for our new partnership with FHIA and York Capital Management and the resources and support that they bring to our organization. We have had tremendous growth over the last 22 years and have expanded our coverage to now include the entire state of Wisconsin. Our new partnership with FHIA will enable us to expand our business outside our home markets and bring our best-in-class product suite and customer service into other attractive markets across the Midwest,” said Nathan Richmond, President and CEO of Mad City Windows & Baths.  Mr. Richmond continued, “Angle Advisors did a fantastic job working with us in navigating the complexities of a sale process and accomplishing a very successful outcome.  They truly understand our business and industry, which made it easy working with them and put us in the position to find the best partner to help accelerate our growth and expansion.”


The companies will retain their current organizational structures and focus on opportunities to provide an even broader portfolio of services to consumers. For more information please visit https://www.fhiaremodeling.com and https://www.madcitywindows.com.


FHIA Remodeling has helped over 42,000 families make their homes safer, more beautiful, and more energy-efficient. The company has more than 1,300 employees, with offices throughout Florida, Texas, Oklahoma and Arkansas. FHIA Remodeling has long-standing relationships with leading home improvement retailers and wholesale clubs, chosen for their expertise and best-in-class service.


Angle Advisors, with offices in the United States, Germany, and China, specializes in mergers and acquisitions and capital raising. The firm’s professionals have completed 220 transactions since 2009 for multinational corporations, privately-held companies, private equity funds, and public sector clients. For additional information, please visit www.angleadvisors.com.

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