Wayne, PA - Boathouse Capital is pleased to announce that it has successfully exited its investment in Colortree Group, Inc. ("Colortree" or the "Company"), a Richmond, VA-based full service print, envelope, and outsource provider. The exit was the result of a recapitalization led by Sterling National Bank. Boathouse Capital originally invested debt and equity to facilitate the management buyout of Colortree in 2011.
Over the course of Boathouse's five-year investment, Colortree completed an accretive add-on acquisition, expanded its operations facility and equipment and improved its leadership team with the hiring of a CFO, Terry Manis. By expanding their facility and consolidating the Company under one roof, Colortree was able to run much more efficiently and improve cost-effectiveness. By improving its manufacturing process and adding new services, Colortree Group customers can now get all of their direct response manufacturing needs fulfilled under one roof for each program.
Ken Jones, General Partner at Boathouse Capital, remarked, "Pat Patterson has proven to be an outstanding CEO with a clear vision of how to grow his business. I'm grateful to have had an opportunity to back Pat and the rest of his team and am pleased to produce a solid return for our investors."
"I enjoyed working with Ken and the Boathouse Capital team over the past five years. Boathouse proved to be a valuable resource that empowered us to build upon our existing platform as we worked towards achieving our goals. We are thrilled to begin our next chapter with Sterling National Bank and are committed to helping our customers succeed," said Pat Patterson, CEO of Colortree. Pat became the sole shareholder of Colortree in the transaction.
Based in Richmond, VA, Colortree has produced specialty envelopes and inserts for mid-Atlantic based non-profit organizations since its founding in 1988. The Company specializes in short-to-mid run production of multi-color, time-sensitive mailings mostly for non-profit organizations specializing in their need for high quality product(s) and responsiveness.