Milwaukee-based Stuck Inc. has acquired Monona-based countertop manufacturer Vendura Industries.
Stuck Inc. was co-founded by Jerry Jendusa and Paul Schulls in 2014, after Jendusa sold Emteq, the then-New Berlin-based company he founded in 1995 and built to more than $100 million in sales. Stuck offers advisory services for business leaders seeking growth and invests in companies the founders expect they can grow themselves using what they’ve learned in business.
Stuck acquired 100 percent of Vendura from Bart Klotzbach, who had owned it for decades and is now in his 80s. Klotzbach sought to sell Vendura so he could retire, said Christopher Riegg of Milwaukee investment banking firm Promontory Point Capital, which represented Klotzbach in the transaction. The deal was completed Oct. 25 for an undisclosed price.
Vendura makes custom solid surfaces such as countertops, vanity tops, shower bases and surrounds, and surfaces used in commercial applications such as health care and hospitality. The company makes bacteria and mold resistant surfaces that are non-porous and have no seams. It has about 30 employees and about $3 million in annual revenue, Jendusa said.
Klotzbach was previously the chief executive officer of Vendura. Stuck has appointed business associate Mark Ciepluch as acting CEO.
Jendusa said he sees opportunity for Vendura to expand further into the hospital, assisted living and long-term care spaces. It also has an established customer base and a solid employee base, which are big benefits, Jendusa said.
“We’ll hire people as we go. We’ll measure what’s a good revenue per employee and try to stick with that type of a metric and grow appropriately as we’re growing revenue,” he said.
This is the second company Stuck has invested in out of its Stuck Fund I. The first was a 51 percent stake in Nicholasville, Kentucky-based Medivet Biologics LLC, which closed in April. The fund doesn’t have a predetermined size or an exit timeline on its portfolio companies, Jendusa said.
“The fund size doesn’t necessarily matter because it’s myself and Jim Harasha that are primarily investing in companies and then giving some associates and friends that we know an opportunity to invest with us,” he said. “We could hold these companies for 10 years, 15 years, 20 years.
“Both companies are in completely different industries, they’re outside of our aerospace industry because we feel that the tools and techniques for establishing culture, employee development, customer development can be applied to any industry or market.”
Stuck is planning to make another acquisition in 2017, probably in the medical product space in southeastern Wisconsin, Jendusa said.
