Hunter Street, a Minneapolis-based alternative investment management firm, has announced that it partnered with Five Crowns Credit Partners to provide $15.5 million in financing to support Metar Capital’s acquisition of Ready Made Builders Supply, a manufacturer of trusses, doors, and cabinets in the Salt Lake City market.
Based in Kearns, Utah, Ready Made produces building products for single-family, multi-family, and commercial customers, and primarily serves general contractors working within 200 miles of Salt Lake City. Over the last decade, the greater Salt Lake City region saw an increase of homebuilding fueled by factors such as a younger population, robust job growth rate, and an increased demand for outdoor recreation space.
Marco Ludwig, managing partner at Metar Capital, will serve as CEO. Ludwig was previously the North American CEO for Schluter Systems, a wholesale building materials company.
“The company is strategically positioned to grow over the duration of our investment, with regional forces overcoming any national housing market headwinds. We have a favorable long-term view of the Salt Lake City market and are pleased to continue our successful partnership with Five Crowns,” said Neal Johnson, partner, CEO & CIO at Hunter Street.
“The company has grown rapidly, has strong long-term prospects, and benefits from being in a housing market with favorable demographics. Whether built for sale, or increasingly built for rent, the Salt Lake City region is a unique submarket where multiple societal tailwinds for homebuilding gives us ongoing confidence,” said Andrew Platt, partner at Hunter Street.
“We are proud to continue our partnership with the Hunter Street team with whom we share an investment philosophy in sourcing, screening, and collaborating on attractive investments. With this financing, we are excited to support Marco’s vision for growth and are fully aligned with his plans for the company,” said Chris Taylor at Five Crowns.