North Carolina company invests in Venice aluminum business

A North Carolina-based holding company has invested in Commercial Residential Aluminum, which provides commercial and residential aluminum structures around the region. Garden City Equity did not disclose terms of the deal with CRA, which is headquartered in Venice and has offices in Valrico and Fort Myers.

Founded in 1992, CRA designs, makes and installs patio and pool enclosures, screen rooms, fencing, gutters, carports, railings and other custom exterior aluminum structures for clients ranging from homeowners to national homebuilders to commercial developers. In the past five years, CRA has installed more than 30,000 aluminum screen enclosures in Florida, according to a statement.

“They’ve built a business that’s truly built to last, and we believe this is only the beginning,” founder and CEO of Garden City Equity Michael Arrieta says in a statement. “We’re honored to partner with them as they expand into new offerings, new regions, and continue making a meaningful impact across Florida and beyond.”

CRA has more than 200 employees and is led by CEO Doug Sorantino.

“Partnering with Garden City is a major step forward for CRA,” Sorantino says in the statement. “They understand the value of what we’ve built and bring a long-term perspective that will help us strengthen our team, grow our capabilities, and pursue new opportunities — all while continuing to deliver the quality and reliability our customers expect. Their people-first mission aligns perfectly with our commitment to being the employer of choice in our markets.”

Garden City and a co-investor acquired a majority stake in CRA, Garden City Senior Partner and Chief Investment Officer Jeff Giles says in an email to the Business Observer. 

Former owner Tom Teffenhart remains a minority owner in the company. Teffenhart, who founded CRA, says the investment by Garden City Equity will help the aluminum company grow.

“When I made the decision to bring on an investor, I was focused on finding a partner who aligned with our mission and values and shared a long-term investment horizon. Garden City was the perfect match — they respect the culture we’ve built, bring strategic expertise and are committed to supporting CRA’s continued growth,” Teffenhart says in a statement. “I’m excited to remain involved as a shareholder and board member and to support Doug and the leadership team as CRA enters this next chapter.”

The investment in CRA marks the entry into the outdoor aluminum products space for Garden City, which in January invested in Westbrook Service Corp., a commercial HVAC, electrical and plumbing service provider in Orlando.

Garden City Equity invests in “exceptional founder and family-owned businesses,” according to its website, which says its 200-plus investors include multiple retired NFL athletes, two former state governors (including former Florida Gov. Jeb Bush) and a host of business leaders.

The company — which is based in Charlotte, North Carolina, and has an office in Jupiter — has seven active investments, according to Chief Investment Officer Giles. It is wrapping up its second fund raise, which Giles says will bring Garden City Equity to more than $300 million in assets under management, including co-investments.

This article has been updated to reflect the headquarters of Garden City Equity is in North Carolina and to include comments from Garden City Equity Senior Partner and Chief Investment Officer Jeff Giles.