Completing Transformative Acquisitions

Founded in 1932, Chase was previously owned by a smaller private equity firm. After completing several tuck-in acquisitions, the prior owner decided to sell because Chase had achieved its investment objectives and had grown to the point where it needed a deeper-pocketed partner. Sentinel was selected from a small group of potential buyers because of our proven record of growing businesses through acquisitions and the strong relationship we formed with management during the sale process.

To help Chase’s management team execute its M&A growth strategy, including through transformational acquisitions

Completed Transformative Acquisition: During our initial diligence, we identified Eliason Corporation, a leader with high market share in restaurant traffic doors, as an ideal acquisition target for Chase. After making one small acquisition during our first two years of ownership and growing EBITDA by nearly 50%, Chase was poised to execute the transformative Eliason acquisition. After Sentinel initiated the transaction and negotiated with Eliason’s owner, Chase acquired Eliason in 2012. This transformational acquisition united two highly complementary businesses, significantly increased the scale of Chase’s operations, nearly doubled its EBITDA, and positioned Chase as the clear market leader in its primary door category and the consolidator of choice in a highly fragmented market, creating a tremendous opportunity for further growth.

Implemented Integration and Operational Best Practices: Chase successfully onboarded Eliason’s 155,000-square-foot facility, which expanded its operational footprint by nearly 75% and became a center of excellence for traffic door production. Eliason’s operations benefited from Chase’s expertise in sourcing materials from China, while Eliason’s lean manufacturing expertise benefited Chase’s other facilities.

Augmented and Strengthened Management Team: Eliason’s CEO assumed the CEO position of the combined company, and several other key executives from Eliason also took on leadership positions. The combined team successfully integrated Eliason and positioned Chase for its next chapter of growth.

In almost four years as partners, Sentinel and management successfully integrated two acquisitions, doubled revenue, tripled EBITDA, and exceeded the growth objectives established at the outset. In 2014, Sentinel sold Chase Doors to another private equity firm in a successful transaction for Sentinel and our management partners.