About us

• Wolf Home Products is the largest supplier of kitchen and bath cabinetry in the US, and major supplier of building products
• Brands include: Wolf; Aristokraft Cabinetry; Contractor’s Choice; TruExterior Trim; Westbury Rail; Block-It Housewrap
• Market includes: 4,000+ independent building materials dealers in over 30 states and Canada
• Founded in 1843. Headquartered in York, Pennsylvania

Opportunities and Challenges:

• Top management failing to recognize dramatic changes in industry
• Overleveraged balance sheet
• Different shareholder groups with differing long-term objectives
• EBITDA failing to meeting debt covenants
• Inventory levels creating liquidity crisis
• Revenue dropped from $800m to $380m
• EBITDA dropped from $72 to $19m

Solutions and Results:

• Substantially reduced corporate office overhead and inefficiencies
• Consolidated physical operations
• Outsourced IT
• Streamlined supply chain
• Redefined and refined distribution strategy – contract/designer; traditional building products channel; and national accounts
• Developed and expanded relationships with full range of distribution channels
• Increased Mexican sourcing
• Sold 11 lumberyards and related properties
• Sized overhead based on reduced revenue
• Company returned to profitability in 6 months with EBITDA increasing 50%
• Bank loans renegotiated and restructured
• Insider-generated management changes
• Developed licensing relationships in N America to simplify and streamline relationships
• Restructured board with QORVAL in chairman and CEO roles
• Company eventually acquired by US-based private equity firm
• Leading shareholder pivoted from success at Wolf to become leading US politician