ARLINGTON — An Arlington company that builds canopies and exteriors across the West for gas stations, car dealerships, hotels, hospitals and other commercial buildings has been purchased by a Kirkland investment group.
Bestworth-Rommel is expected to grow as a business with the purchase by OneAccord Capital. Terms of the deal were not released.
“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, Bestworth-Rommel’s owner in a statement. LaNasa will remain as a shareholder, adviser and board member.
Bestworth-Rommel has 40 employees in Arlington and another 50 independent contractors throughout the western U.S. OneAccord hopes to hire more employees after growing the business.
OneAccord is excited about where it can take Bestworth-Rommel, said Scott Smith, OneAccord’s co-founder and chief executive officer, in the statement.
“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,” Smith said.
Bestworth-Rommel was founded by Dan and Cathe Rommel in 1983 and has earned industry recognition for its canopies, wall panel systems and other products mainly for petroleum, retail and commercial industries. LaNasa purchased the company from the Rommels in 2001.
The canopies and exteriors are more than decoration: Materials and design are aimed to protect buildings against the rain and other elements. The company uses LEED-certified architects and 100 percent recyclable materials.
OneAccord is composed of 14 entrepreneurs and corporate executives who have pooled together $25 million to spend on local, high-potential, profitable companies with retirement-age owners. The firm says its aim is to take over businesses with an eye toward long-term growth and stewardship.
OneAccord purchased Graphic Label in Yakima last year. The firm is continuing to look for other businesses to acquire in Snohomish County and elsewhere.
“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, in the statement.
“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.”