Company Description
Chase Doors is the global leader and most recognized manufacturer of high-quality, made-to-order specialty door systems. Chase offers of a broad spectrum of door systems employed in a variety of industrial and commercial settings including double impact traffic doors used in retail, supermarkets, and restaurants; corrosion resistant doors used in harsh environments; cold storage doors used in walk-in freezers and refrigerators; and strip and roll-up doors used in warehouses.

Background
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 grown to the point where it needed a partner with more capital. 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.

The Opportunity
During our initial diligence, we identified Eliason Corporation, a leader with high market share in specialty traffic doors for the restaurant market, as an ideal acquisition target for Chase. After completing 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.

Founded in 1952 and family owned for more almost 50 years, Eliason had successfully built a dominant position in restaurant traffic doors. Eliason's market position was highly complementary with Chase's. The combination promised to position Chase as the clear #1 market share player in its primary door category and as the consolidator of choice in a highly fragmented market, creating a tremendous opportunity for further growth.

Accomplishments
Transformative Acquisition: Sentinel initiated and led direct negotiations with Eliason's owner and in November 2012, Chase acquired Eliason. This transformational acquisition united two highly complementary businesses, significantly increased the scale of Chase's operations, and nearly doubled its EBITDA.

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 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.

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



Case studies have been selected for illustrative purposes for management teams of midmarket companies considering a partnership with Sentinel and should not be considered an offer or solicitation of services or an actual or implied endorsement of Sentinel or any security, investment, or portfolio company. The portfolio companies highlighted are not representative of all current and prior investments of Sentinel. A list and description of investments since Sentinel's inception is available on this website.

Company Description
Nekoosa is a leading manufacturer of specialty film and paper products used in the graphics and commercial print markets. Nekoosa produces a comprehensive suite of specialty engineered materials in four key product areas: application and pressure sensitive tapes used to protect and transfer graphics onto surfaces such as store windows and commercial vehicles; specialty synthetic papers that offer a digitally printable tear-and-water-proof alternative to lamination; sheeted digital and offset grade carbonless paper; and extruded film products used in wall panels, credit cards, and lighting applications. Through a network of more than 1,000 global distributor partners, Nekoosa serves a diverse base of more than 70,000 commercial print and graphics shops in 65 countries.

Background
After two years of solid performance under Sentinel ownership, in March 2020, the Covid-19 pandemic caused significant disruption in Nekoosa's markets. With Nekoosa's core markets coming to a standstill, management pivoted to control costs, preserve cash, and focus specific products needed for the pandemic (e.g., pictures of feet in elevators). Nekoosa's swift execution positioned the company to play offense at a time when others were reeling.

The Opportunity
In late 2020, Nekoosa was presented with an opportunity to buy a struggling competitor's carbonless paper division, whose products, at the time, held the #1 market share. This competitors' products were produced in a suboptimal plant that needed to be closed. Nekoosa's platform was perfectly suited to manufacture the competitor's suite of products, to further consolidate the market, and establish Nekoosa as the global market leader in carbonless sheets. The acquisition enabled Nekoosa to acquire the leading industry brand and customer contracts, consolidate supplier relationships, and emerge with a market share position that was about twice the size of the next largest competitor.

Accomplishments
Fully Integrated Manufacturing: Over the course of six months, Nekoosa successfully added 125,000 square feet of new production capacity to manufacture the acquired brands without any production or delivery issues for customers.

Augmented and Strengthened Management Team: Nekoosa strengthened its management team by retaining several key executives from the acquired company, which subsequently enabled Nekoosa to significantly boost revenue growth through cross-selling.

Positioned for Post-Covid Rebound: Having smoothly and successfully combined the businesses, Nekoosa was primed to thrive as businesses re-opened from the pandemic and product demand was restored. Under Nekoosa's ownership, the acquired business's EBITDA more than doubled in the next 18 months.

Outcome
During our ownership, we helped management navigate the pandemic and complete a transformative acquisition to become the clear industry leader. In November 2022, after having held the business for five years and having achieved our investment objectives, Nekoosa was sold to a strategic buyer who elevated Nekoosa's senior management to run their entire business platform.



Case studies have been selected for illustrative purposes for management teams of midmarket companies considering a partnership with Sentinel and should not be considered an offer or solicitation of services or an actual or implied endorsement of Sentinel or any security, investment, or portfolio company. The portfolio companies highlighted are not representative of all current and prior investments of Sentinel. A list and description of investments since Sentinel’s inception is available on this website.