Norwalk, Connecticut September, 2011 – TrueNorth Capital Partners LLC (“TrueNorth”) formally announced that Leading Ridge Capital Partners LLC (“Leading Ridge”) has made a growth equity investment in Rugby Architectural Building Products (“Rugby”), which is headquartered in Concord, NH. TrueNorth acted as exclusive financial advisor to Rugby.

Rugby serves over 9,000 customers in many of the largest metro centers in the U.S. with a geographic footprint covering 25 states serviced from 12 distribution facilities. The Company is a full-line wholesale distributor of non-structural architectural grade interior building products sold principally to customers who manufacture end-products for the commercial, industrial, retail, residential and institutional markets. Key product offerings include solid surfacing, high-pressure laminates, wood lines and panel overlays. The focus on specialty products, as opposed to commoditized items, has earned the Company its place as the leading full-line distributor in many of its markets.

Partnering with Wells Fargo to complete the transaction, Leading Ridge’s equity infusion enables the Company to accomplish several key objectives in its continued efforts to provide the highest level of service to its customers and suppliers. Funds from the transaction facilitated the extinguishment of all existing subordinated debt, the repurchase of outstanding minority equity interests, a restructuring and expansion of the existing credit facility on more favorable terms and increased inventory purchasing power. Moreover, the funds provide the Company with capital to opportunistically pursue strategic acquisitions to further expand both its geographic footprint and product offerings.

Rugby has positioned itself as one of the most financially stable companies in its industry, poised for growth as it continues to improve its value proposition and service offerings to its customers and suppliers. Fred Rossetti, Managing Director at TrueNorth commented that, “We are privileged to work with companies of the quality and integrity of Rugby and its management in their strategic pursuits.”

“Fred Rossetti and his partners at TrueNorth provide Rugby a breadth of investment banking and strategic advisory expertise not typically available to middle market companies. They set pragmatic expectations and are available 24/7 to execute,” added Rugby President and CEO David Hughes.

“We are very excited to have consummated this transaction,” said Zach Coopersmith, a Partner of Leading Ridge. “Rugby has an extremely talented employee base and a growth-oriented culture which are led by a best-in-class senior management team of David Hughes (CEO) and Drew Dickinson (COO). A dedication to superior levels of customer service, extremely strong relationships with the nation’s top vendors and a fragmented industry ripe for consolidation are all things that attracted us to Rugby.”

“Dave and his team have done an incredible job in turning this company around over the past 18 months,” said Robert Mayn, a Partner of Leading Ridge. “He has instilled a high level of energy, a sense of urgency, and has set an expectation for success. Under his guidance and leadership we look forward to supporting him and his team in building the dominant national distribution organization in this industry.”

“What attracted me to Leading Ridge is their expert knowledge and operational experience within the distribution sector,” added Mr. Hughes. “Their hands-on style is energizing and their deep understanding of our business will help the Rugby team raise its game to the next level of performance. Our team is excited to be aligned with Leading Ridge and to have an extremely strong balance sheet from which to operate our business.”

About TrueNorth Capital Partners LLC:

TrueNorth Capital Partners, LLC www.truenorthcp.com provides corporate advisory services on mergers and acquisitions and restructurings as well as provides valuations and fairness opinions primarily to middle market companies. Capitalizing on the vast international M&A and restructuring backgrounds of the founders, the firm provides sophisticated financial advice to middle market clients. TrueNorth’s professionals have built their careers and reputations serving this market and understanding its intricacies. Their skills have been evidenced in hundreds of assignments and they have completed those assignments while always remaining true to their core principles: unwavering commitment to our clients’ best interests and the highest standard of service. TrueNorth conducts its securities-related business through its wholly owned subsidiary TNCP, LLC, member FINRA/SIPC.

Contact:
Fred Rossetti
[email protected]
203.604.2007

About Rugby Architectural Building Products:

Rugby Architectural Building Productswww.rugbyabp.com is a full line wholesale distributor of interior building products. Its primary business is the wholesale distribution of non-structural architectural grade interior building products sold principally to customers who manufacture end-products for the commercial, industrial, retail, residential and institutional markets. The Company’s key product offerings include solid surfacing, high-pressure laminates, wood lines and panel overlays. Headquartered in Concord, NH, the company serves over 9,000 customers in the largest metro centers in the U.S. with a geographic footprint covering 25 states from 12 distribution facilities operating in Metro Boston, Metro NYC, Atlanta, GA, Tampa, FL, Indianapolis, IN, Dallas, TX, Houston, TX, San Antonio, TX, Phoenix, AZ, Las Vegas, NV, Reno, NV, and Los Angeles, CA.

Contact:
David Hughes
[email protected]
603.369.6002

About About Leading Ridge Capital Partners, LLC:

Leading Ridge Capital Partners, LLC www.leadingridge.com is a private equity firm specializing in acquisitions, recapitalizations, and investments in value-added distribution, logistics, and light manufacturing companies with EBITDA of $1-5 million as well as select turnaround opportunities. Leading Ridge is comprised of a successful team of former executives with a broad array of business experience within the distribution and manufacturing sectors. The team possesses significant operational resources and the leadership experience needed to support rapid yet controlled growth of its portfolio companies.

Contact:
Zach Coopersmith
[email protected]
212.300.3691