TriWest Capital Partners has acquired Coast Wholesale Appliances Inc. The investment was made in partnership with senior management and the existing principals, who have all retained a significant ownership stake. Financial terms of the transaction were not disclosed.
Coast Wholesale Appliances becomes the seventh portfolio company in TriWest Capital Partners V.
On August 27, 2014, CWAL Investments Ltd., a company owned by Coast founder Harlow B. Burrows, completed $46.7 million privatization of Coast Wholesale Appliances Inc. (formerly TSX: CWA).
Founded in 1978, Coast Wholesale Appliances is a leading, independent distributor and retailer of major appliances serving the builder, contractor and retail markets across Canada. Coast Wholesale Appliances sells over 40 brands of premium and high-end appliances through its 16 showrooms in major cities in BC, Alberta, Saskatchewan, Manitoba and Ontario. Coast has extensive, long-term customer relationships with builders of multi- and single-family homes and an established, rapidly growing retail presence countrywide.
“We are very excited to partner with Gord Howie, his first-class management team, and the founding Principals of Coast,” said Ryan Giles, Managing Director at TriWest Capital Partners. “TriWest is highly impressed with Coast’s established market position and excellent relationships across the country. We look forward to working with management as they continue to execute their growth strategies.”
“I am excited about partnering with the great team at TriWest,” said Gord Howie, President and Chief Executive Officer of Coast. “We both believe there is significant opportunity to accelerate Coast’s growth and become Canada’s largest independent commercial and retail household appliance player. We will continue to provide our customers with the exceptional service and experience they expect.”
photo credit: Coast Wholesale Appliances