Graycliff Partners, a US private equity and mezzanine fund manager, has backed Argosy Private Equity’s buyout of Fairway Building Products with a subordinated debt and equity financing package.
The deal is Graycliff’s firth using capital from its Graycliff Mezzanine II fund, which had received $250 million in commitments by the time it closed earlier this year.
Fairway manufactures vinyl, aluminium and composite railing systems and also distributes building products.
“We were impressed by Fairway’s leading market position and reputation for excellence,” said Andrew Trigg, managing director of Graycliff Partners, in a statement. “Argosy Private Equity has a long track record of success and we look forward to partnering with them and the company’s co-founders, Dale Adams and Dennis Hazenstab, to support Fairway’s future growth.”