Milwaukee-based private equity firm
Borgman Capital announced Wednesday that it has acquired Milwaukee-based
K.G. Stevens a fabricator and installer of countertops, and provider of cabinetry and luxury appliances.
K.G. Stevens founder Steve Kobliska maintains an ownership stake in the company and will remain in place as president and CEO.
"We are delighted to partner with Steve and K.G. Stevens in its next chapter of growth,” said David Bartelme, a managing director at Borgman Capital. “K.G. Stevens is a dominant player in the Midwest, and we look forward to partnering with Steve and his leadership team to grow the business while maintaining its strong legacy and reputation.”
Founded in 1997, K.G. Stevens started as a manufacturer of solid surface windowsills, but evolved into a provider of solid surface countertops. K.G. Stevens cuts 50 slabs per day of quartz, stone, or porcelain and up to 20 sheets per day of solid surface countertops.
In 2020, K.G. Stevens added cabinetry and luxury appliances to its offerings as a convenience to its builder and contractor partners.
“I’m impressed with Borgman Capital’s track record growing companies, and I am confident they’re the right partner to help take K.G. Stevens into its next phase of growth,” said Kobliska.
K.G. Stevens products are sold to commercial and residential markets via builders, contractors and architects, as well as direct-to-consumer via its showroom, website and membership club partners such as Costco. Notable commercial projects in Wisconsin include Fiserv Forum, Lambeau Field and Northwestern Mutual. K.G. Stevens sells to both new construction and remodeling projects.
Associated Bank provided senior financing to Borgman Capital for the deal. Godfrey & Kahn s.c. served as legal counsel. Accounting diligence and advisory services for the transaction were performed by Sikich.
K.G. Stevens was advised by TKO Miller.
