Patriot Capital Group is pleased to announce an investment in Reed’s Metals (Reed’s) thorough its existing portfolio company, Union Corrugating Company (“Union” or the “Company”). Patriot originally invested in Union in 2016 in support of Industrial Opportunity Partners’ (IOP) acquisition of the Company. Union is a manufacturer of metal roofing systems and roofing components based in Fayetteville, N.C. With 11 manufacturing facilities located throughout the Southeastern and Midwestern U.S., Union has approximately 300 employees spanning its locations. Union’s products are used in residential, commercial, and post frame/agricultural applications. The Company serves customers in over 30 states through a broad range of channels, including home centers, lumber retailers, wholesalers, and contractors.
Headquartered in Brookhaven, MS, Reed’s manufactures and distributes metal roofing systems and pre-engineered metal buildings through seven manufacturing facilities and one sales office across the Southeastern U.S. Reed’s has approximately 245 employees spanning eight locations.
IOP and Patriot are partnering in the investment with Bernie Reed, Reed’s President, Chief Executive Officer, and Founder, as well as the Company’s management team, all of whom have ownership interests and will remain in their current leadership roles. IOP Operating Principal Dave Mackin will remain as Chairman of Union, overseeing both Union and Reed’s. Mr. Mackin is a member of IOP’s Board of Operating Principals, which is comprised of experienced executives who provide leadership to the businesses in which IOP invests.
Mr. Mackin noted, “We believe Reed’s has an established brand known for excellent customer service, delivery, and quality, which is a testament to what Bernie and his partners have built over the years.”
Union President and Chief Executive Officer Keith Medick noted, “We were drawn to Reed’s due to the complimentary attributes we believe it has with Union. Going forward, the two companies will operate as distinct business units in the marketplace while being collaborative in leveraging the supply base in order to provide value for our customers.”
Mr. Reed commented, “My team and I are extremely excited to partner with Union, IOP, and Patriot. Our partnership was formed in order to increase the product offering for our respective customers and that will be our focus going forward.”
In addition to its equity investment, Patriot provided debt financing along with Regions Bank.