Private Equity Firm Acquires Virginia Mirror Co. and Virginia Glass Products
The management of Virginia Mirror Co. and Virginia Glass Products partnered with Gemini Investors to recapitalize the company. Gemini Investors is a private equity firm focused on making investments in growing middle market companies led by strong management teams, say officials. The entire leadership at VMC and VGP will remain in place, and Gemini will continue to support the company's growth strategy.
The recapitalization allowed the founding family to transition ownership of the company to the management team and an investment group with a long, successful track record of growing private middle market businesses in partnership with management team, officials say.
Who is Gemini Investors?
Founded in 1993, Gemini Investors is a private equity investor in middle market private companies. Since inception, the firm has invested more than $700 million in over 170 companies throughout the U.S. Currently investing its seventh institutional equity fund, the firm seeks to partner with established businesses and experienced management teams that have strong operating histories and significant growth potential, say officials.
What the leadership says
"I am thrilled that we have found an excellent partner in Gemini Investors," says John Korff, president, and CEO of Virginia Mirror Co. and Virginia Glass Products. "They understand our culture, approach, and respect the glass, and mirror industry. We look forward to growing our offerings and footprint in partnership with them, our customers and suppliers in the years ahead."
"We couldn't be more excited to partner with the team at Virginia Mirror Co. and Virginia Glass Products," says Michelle Kornack, vice president of Gemini Investors, "The team has built great franchises and partnerships by delivering best in class products and service to their customers. We look forward to supporting the continued growth of the company in the years ahead."
How the companies have changed over the years
VMC is entering its 110th year in the mirror business, while VGP continues to be in the tempered, laminated, and all-glass entry space.
Founded in 1913, Virginia Mirror Co. began as a producer of mirrors for furniture manufacturers in Virginia and North Carolina. Gradually VMC shifted focus to fabricated and stocksheet mirrors for residential and commercial construction. The company has completed several plant expansions and installing a five hundred foot long, state-of-the-art silvering line in order to produce high-quality mirror products.
Virginia Glass Products Corp., founded in 1956, is a manufacturer of architectural tempered glass, custom laminated glass, all-glass entrance doors, and more. In the last few years, VGP has made several upgrades to its fabrication facility with a new tempering furnace, laminating line and fabrication centers. In addition, both businesses have made significant upgrades to their trucking fleets, to ensure they meet all their customer's needs.
