New Owners for Patio Enclosures
GDIC Group LLC, a Cleveland-based private equity firm, has acquired the operating assets of Patio Enclosures Inc. through its subsidiary, GDIC Management Services LLC. Terms of the acquisition were not disclosed. The new owners say they will continue to use the Patio Enclosures brand name.
“GDIC is an acronym for Great Day In Cleveland; and it is certainly appropriate today, as we were able to hire most all of the former Patio Enclosures, Inc. employees," reports Steve White, president of the private equity firm. "With the strength of the Patio Enclosures brand and the investment GDIC is committed to making in people, infrastructure and advertising, we are excited about the significant growth opportunities ahead.”
According to an article in The News Leader, a local Ohio paper, Patio Enclosures had been on the verge of closing prior to the acquisition. GDIC had successfully petitioned the city of Macedonia, Ohio, where Patio Enclosures has a 240,000-square-foot manufacturing plant, for a grant in order to keep operations there.