Rowayton, CT, Jan. 3, 2013 /Newswire/ -- Lakewood Capital, LLC announced today that its portfolio company, Eliason Corporation, was acquired by Sentinel Partners. Lakewood and Milestone Partners acquired Eliason in February 2008 from the Estate of Wanda Eliason. Eliason Corporation, founded in 1952, is the originator and only manufacturer of Easy Swing® double action impact traffic doors. Eliason doors open with a light assist and close automatically in a safe, gentle manner. They are supplied with surface mounted hardware, are easily installed and require only minimal maintenance for years of trouble-free operation. Eliason doors are used in a multitude of applications ranging from industrial, food service, supermarkets and department stores to restaurants and walk-in coolers.
Chairman of the Board of Eliason Corp. and Managing Director of Lakewood Capital, LLC, Roger Knight stated, “my colleagues at Milestone and I are deeply grateful for the trust our management, employees, customers and financial partners placed in us during the Eliason investment. Patience, dedication to a long-term strategy and quality people enabled us to shepard Eliason to record levels of performance during a difficult time in the U.S. economy. From its roots as a quality manufacturer of specialty premium doors to the restaurant and retail industry, Eliason was transformed into an international manufacturer and distributor of a broad line of egress solution products, including doors, gates, and air circulation products, across multiple price points. The Company’s offerings were expanded to include a full line of products for the industrial market and nearly unlimited custom options for the restaurant and retail markets was promoted. Our financial partners, Midwest Mezzanine Funds, and the former MFC Capital Funding, provided us the time and resources to achieve the success we all foresaw back in 2008. Additionally, we are pleased to be able to provide Eliason with the perfect home at Sentinel. By combining Sentinel’s Chase Door portfolio company with Eliason Door, any customer need can be met. We are particularly excited to have Jeffrey Stark, CEO of Eliason, leading the combined Chase Eliason organization.”
Further, Roger Knight commented, “Eliason represents a case study in the power of the co-sponsor model involving an independent sponsor like Lakewood and a funded PE firm, such as Milestone Partners. The team approach enabled us to bring to bear strategic, management and financial resources unusual in the lower middle market, and the significant returns enjoyed by all equity participants is a testament to the strength of the approach. I look forward to working with Milestone and similar strategic partners of Lakewood in other co-sponsor opportunities."