MCM Capital Acquires Ornamental Iron Manufacturer
Cleveland, OH – MCM Capital Partners (“MCM”), a micro-cap private equity firm based in Cleveland, Ohio is pleased to announce the majority acquisition of First Impression Ironworks (“FII” or the “Company”). FII, www.firstimpressionsecuritydoors.com, based in Phoenix, Arizona, is a leading manufacturer and installer of custom ornamental ironwork serving the residential repair and remodel market. The Company boasts an expansive product line of decorative security doors, iron entry doors, gates, staircases, rails and other iron products, all completely customizable by its metal artisans.
Over the past 15 years, FII has grown from 15 to 175 employees and become a leading purveyor of ornamental iron products in the southwest United States. The Company’s vertically integrated direct to consumer business model offers exceptional design, engineering, manufacturing and installation expertise to its customer base. FII’s business model and extensive product line provide the opportunity to expand into all segments of the ornamental iron market – from DIY to large scope, one of a kind solutions.
MCM partnered with seasoned home products industry executive Mark Baraghimian, to affect the transaction. Mr. Baraghimian has been named Chief Executive Officer and holds a significant ownership position. Sellers, the Cornelius family, have made a significant re-investment. Tim Cornelius will be a board member going forward, and Clint Cornelius will remain as an integral part of the senior management team.
Tim Cornelius, former CEO commented, “Over the past 20 years, First Impression Ironworks has grown to become Arizona’s leader in Ornamental Iron. To successfully grow our Company to the next level we needed just the right partner. A partner with home improvement product experience and the right talent and resources to compliment the business model we successfully developed in Arizona. The leadership at MCM understands and supports our customer focused business and shares our vision for the future. MCM has a deep appreciation of the financial and operational challenges every business owner faces on a daily basis and as a result their partnership and participation is very collaborative.”
Mark Baraghimian, commented, “I am excited to join the First Impression Ironworks family and serve as CEO. I believe in the quality and values of the First Impression staff, brand and products. I look forward to leading the team to create customer value, drive growth and achieve our strategic goals.”
MCM Managing Director, Jay Poffenberger, stated, “FII is an ideal fit with MCM’s residential renovation and remodel investment focus as the end market is large and fragmented, favorable long term underlying demographic drivers exist, and the Company has an excellent reputation with the ability to scale.”
FII is the fourth platform investment in MCM Capital Partners III.