New Private Equity Firm Finds Values Alignment in Respected Arlington-based Industry Leader
KIRKLAND, Wash. — May 22, 2017 /PRNewswire/ — OneAccord Capital today announced the acquisition of Arlington, Wash.-based Bestworth-Rommel, Inc., its latest investment in high-potential, profitable, privately-held companies throughout the Pacific Northwest.
Since its founding by Dan and Cathe Rommel in 1983, Bestworth-Rommel has been earning industry plaudits and customer trust across the Western United States by designing, building and installing canopies, wall panel systems and other products for enterprises in petroleum, retail and commercial markets.
“Bestworth-Rommel has built a reputation for quality and service that is unmatched in its industry, operating by the same principles of stewardship we try to apply at OneAccord,” said Scott Smith, co-founder and chief executive officer of OneAccord Capital. “We are excited about where we can take Bestworth-Rommel, and we are digging in together to chart a course for growth.”
“We’ve had suitors before, but OneAccord Capital is the first investment group who I thought could get it – who could understand that Bestworth is special,” said Charlie LaNasa, who bought the company from the Rommels in 2001 and remains as a shareholder, advisor and board member. “Scott and the rest of the OneAccord team share our principles, vision, and commitment to Bestworth’s industry partners, customers and employees.”
OneAccord Capital has installed a new chief executive officer, Mike Eskridge, a U.S. Army veteran with many years of senior executive experience in manufacturing. Over time, his mission will include extending Bestworth’s current industry leadership into new markets where the company’s expertise in Architectural ACM and Corporate Imaging Exteriors are an advantage.
Acquiring Bestworth-Rommel fits OneAccord Capital’s ongoing focus on a market segment it believes the institutional capital industry overlooks: small, profitable companies owned by retirement-age entrepreneurs who want to extend their legacies while protecting their employees and local communities. OneAccord Capital’s strategy is to build long-term value over a ten-year-minimum time horizon – another departure from the traditional norms of the private equity industry, which generally drives for quick-turnaround results.
“For years, researchers have pointed to a growing trend of baby boomer owners who are reaching retirement age and need to find the right transition path. The numbers are large: tens of thousands of businesses in the Pacific Northwest will change hands over the next several years,” said Jeff Rogers, a OneAccord Capital co-founder. “Yet the capital markets are not prepared and generally are not focused on this type of organization, which puts the companies, the employees and the local communities in jeopardy. OneAccord Capital’s mission is to help close the gap.”
OneAccord Capital’s leadership and investors are successful entrepreneurs and veteran corporate executives who bring more than a century of operational experience and an aligned set of values that center on stewardship and long-term vision.
“We see the Monday after the Friday, the Day One after the close, both for the business owners and the business itself,” said Darin Leonard, a OneAccord Capital co-founder. “We understand these are extremely difficult decisions for successful business owners who have poured their lives into their companies and communities. We have the perspective and know-how to navigate the complexity required for a successful transition, and to get the business itself to the next level.”
About OneAccord Capital
OneAccord Capital is a new investment group serving profitable, privately-held companies in the Pacific Northwest. Through Solomons Fund, its first investment vehicle, it acquires companies and works to extend their legacies by applying principles of stewardship, operational excellence and long-term vision to produce exponential growth for its acquisitions and strong returns for its investors. Solomons Fund’s first acquisition, of Yakima-based Graphic Label, was announced in August 2016. OneAccord Capital also provides a full array of services to guide entrepreneurs through the complexities of selling and preparing to sell their businesses. For more information, visit OneAccord.co/Solomons-Fund..
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