November 27, 2008
Optimism high about new Hurd owners
by Brian Wilson
A Connecticut-based investment firm with a reputation of putting troubled, but sound companies back on their feet, will be the new owners of Hurd Windows and Doors of Medford.
Longroad Asset Management, LLC., a private equity firm based in Stamford, Conn., has signed a Definitive Purchase Agreement, which was approved by the court on November 20. According to Hurd President Dominic Truniger, the shift in ownership is expected to be completed before the end of the year.
“We are truly excited about Longroad becoming our new owners,” Truniger said. “This is a rebirth, of sorts, for Hurd. Longroad’s investment in our future will provide Hurd with greater financial security and better position us for growth. We have a number of exciting new products planned for 2009, and the infusion of capital will provide us with the resources to support the manufacturing, distribution, sales and marketing of these new products.”
“We are pleased Longroad purchased Hurd and they are making an investment in both Hurd and our community and look forward to renewed strength in the company, which will benefit all of the employees and Medford,” said Sue Emmerich of the Medford Area Chamber of Commerce.
Longroad invests in fundamentally sound businesses facing financial, operational or external stress. According to Longroad’s web site: “Longroad is a special situations private equity firm focused on troubled middle market companies. The firm typically acquires positions in discounted bank debt, fixed income securities and obligations of distressed companies and exerts influence over the final outcome of restructurings. Post restructuring, Longroad takes active oversight and drives shareholder value by providing financial, strategic and operational support to management. The firm’s principals have over 80 years of combined experience dealing with the intricacies of distressed investments and utilize a hands-on approach to adding value throughout the workout process. Longroad affiliates have successfully invested in companies with combined sales in excess of $1.5 billion.”
Hurd, which is based in Medford, has manufactured custom wood windows and doors for 90 years. The company was acquired by Monarch Holdings, Inc. in December 2004.
“This is a very positive time for Hurd,” Truniger said. “The company has actually grown in recent years under Monarch Holdings’ ownership. In fact, since 2005, Hurd has almost doubled in market share. During that time, we have built our brand recognition domestically, and dramatically increased our international presence. Under Longroad’s new ownership we are confident in our abilities to continue growing at a remarkable pace.”
“We are looking forward to being associated with such a great brand and professional management team -- who will now be given the capital to grow. The management team responsible for building the Hurd brand and doubling the market share will be remaining in place, as will the employees,” said Longroad’s Steve Zambito, the incoming chairman of Hurd.
He added that the manufacturing operations will stay in Medford and Merrill.
