Hunter Street, a Minneapolis-based alternative investment management firm, has announced a collaboration with Five Crowns Credit Partners to provide $15.5 million in financing to support Metar Capital’s acquisition of Ready Made Builders Supply, a Salt Lake City-based manufacturer of trusses, doors, and cabinets.
Ready Made, based in Kearns, Utah, manufactures building products for single-family, multi-family, and commercial customers, primarily serving general builders within 200 miles of Salt Lake City. The greater Salt Lake City region has seen a surge in homebuilding over the last decade, fuelled by factors such as a younger population, a solid job growth rate, and an increased demand for outdoor leisure space.
Metar Capital managing partner Marco Ludwig will serve as CEO. Ludwig formerly served as the North American CEO of Schluter Systems, a wholesale building supplies firm.
“The company is ideally positioned to grow during the duration of our investment, with regional forces overriding any national housing market difficulties. “We have a positive long-term outlook for the Salt Lake City market and are delighted to continue our successful partnership with Five Crowns,” said Neal Johnson, partner, CEO, and CIO at Hunter Street.
“The company has grown swiftly, has great long-term potential, and benefits from operating in a housing market with favorable demographics. The Salt Lake City region is a unique submarket where several societal tailwinds for homebuilding offer us continuous confidence,” said Andrew Platt, partner at Hunter Street.
“We are happy to continue our cooperation with the Hunter Street team with whom we share an investment philosophy in locating, vetting, and partnering on good projects.
“We are excited to support Marco’s vision for growth with this financing and are fully aligned with his plans for the company,” stated Chris Taylor of Five Crowns.
