Seven Point Equity Partners LLC, a private investment firm based in Miami, recently announced the closing of RS7 Continuation Fund L.P., a single-asset continuation fund with approximately $120 million in equity commitments. The continuation fund transaction allowed certain investors to sell their stakes in The RiteScreen Company LLC, an independent North American-manufacturer of window and patio door screens, to the new fund, while other investors chose to retain their ownership positions in the company.

The continuation fund, managed by Seven Point, was supported by Seven Point’s existing limited partners and new institutional investors led by Timber Bay Partners. Seven Point’s existing investors and RiteScreen’s management team rolled significant proceeds into the continuation fund as part of the transaction. Selling investors who originally invested in RiteScreen in 2014 realized a gross multiple on invested capital of more than 10x as a result of this transaction.

A press release about the transaction indicates that the next phase of RiteScreen’s growth is expected to be accelerated by additional initiatives to market screens on an aftermarket basis to small and medium-sized businesses and directly to consumers. RiteScreen is led by CEO Chris Yankowich, who was previously the CEO of Dreamline, a glass shower door supplier that sold its products primarily through digital marketing channels.

The continuation fund transaction provides RiteScreen with ownership continuity and an expanded investor base with significant capital resources to drive organic growth initiatives and M&A opportunities.

“Over the past several years, RiteScreen has focused on supporting our valued customer base by reliably delivering a comprehensive, one-stop portfolio of screen solutions,” said Yankowich. “We have built our strong market position organically, strengthened our team at all levels with best-in-class talent, and developed innovative new products to meet the needs of our OEM window and door company partners. We look forward to continuing our relationship with Seven Point and are excited that our new investor base can provide additional capital to execute our growth strategy.”

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