Heartwood Partners sells UW Solutions on September 23, 2024

On September 23, 2024, Heartwood Partners III, LP and its affiliates finalized a definitive agreement to sell UW Solutions to Apogee Enterprises for $240 million. This transaction is anticipated to close in the fourth quarter, pending customary closing conditions. Under Heartwood's ownership, UW Solutions expanded significantly, establishing a robust management team and investing in a new manufacturing facility. The acquisition of RDC Coatings transformed UW into a vertically integrated coatings manufacturer, enhancing its market position. Devlin Riley, CEO of UW Solutions, highlighted Heartwood's commitment to investing in talent and leveraging its internal expertise, which contributed to the company's growth. The partnership with Apogee marks a new chapter for UW, as it aims to continue its expansion in the coatings industry. Demetrios Dounis, Managing Partner at Heartwood, expressed pride in the successful partnership and the positive outcomes achieved for investors. This sale represents the third exit for Fund III, showcasing Heartwood's effective investment strategy that combines a lower-debt structure with a focus on long-term growth. The firm manages over $1.4 billion in investments and has a history of successful platform and add-on acquisitions. The approach emphasizes both organic growth and strategic acquisitions, supported by in-house Value Creation Specialists who provide expertise in various operational areas. The successful sale of UW Solutions underscores the effectiveness of Heartwood's investment model and its ability to navigate different market environments. As UW transitions to Apogee, stakeholders are optimistic about the company's future growth trajectory and its potential to further innovate within the coatings sector.