June 20, 2016
The Sterling Group, a private equity firm based in Houston, Texas, announced the simultaneous acquisitions of North American Industrial Services (“North American”) and Evergreen Industrial Services (“Evergreen”). The combination of the two businesses will form a new leader in industrial cleaning and related specialty cleaning services.
Headquartered in Ballston Spa, New York, North American serves a diverse set of end markets with a strong geographic presence in the Northeast, Midwest, and Rocky Mountain regions. Headquartered in La Porte, Texas, Evergreen is a leader in the Texas and West Coast petrochemical, refining, and midstream end markets. North American founders, Frank and Tim Zilka, and Evergreen founder Jon Hodges will continue to run their respective businesses and have meaningfully reinvested in the new company.
“Frank and Tim Zilka and Jon Hodges have built exceptional businesses that will be even stronger as one organization,” said Kevin Garland, a Partner at The Sterling Group. “Together, with the addition of several tenured industry executives, we will execute on our collective vision to continue to grow organically and into new markets, offering an expanded ability to serve the new company’s diverse customer base across the United States.”
Mark Neas, former President of Brand Energy Solutions has been named CEO of the new company. “Through the combination of these two leading companies, we will build upon the strong market presence, reputation, and history of growth of both companies,” said Mark Neas. “Our larger combined company, supported by Sterling’s partnership, will provide us access to the necessary resources to support this exciting next phase of growth for our business.” Phil Hawk, former CEO and continuing Executive Chairman of TEAM Inc. (NYSE: TISI) has been named Executive Chairman of the new company.
Sterling has deep experience partnering with management teams in the industrial service sector. Past investments include HydroChem, Hudson and B&G Crane.
About The Sterling Group
Founded in 1982, The Sterling Group is a private equity investment firm that targets controlling interests in basic manufacturing, distribution and industrial services companies. Typical enterprise values of these companies range from $100 million to $750 million. Sterling has sponsored the buyout of 48 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $2.3 billion of assets under management. For further information, please visit www.sterling-group.com.
June 07, 2016
The Sterling Group, a private equity firm based in Houston, Texas, announced that its portfolio company, Safe Fleet, has completed the acquisition of FleetMind Solutions, Inc. (“FleetMind”). This marks Safe Fleet’s seventh acquisition during Sterling’s ownership. Safe Fleet is a leading supplier of safety components for fleet vehicles.
Based in Montreal, Canada, FleetMind delivers the waste industry’s leading “smart truck” solution – onboard computing (OBC) systems that enable waste and recycling fleets to link their drivers and vehicles to business operations in real-time to ensure improved safety, productivity, sustainability and customer service. FleetMind solutions have been successfully installed in thousands of refuse collection vehicles across North America, providing unprecedented real-time information to drivers and dispatchers about a truck’s load-weight, route status, service completion, vehicular telemetry, driver activities and more. As a result, FleetMind-powered fleets enjoy optimized safety, total visibility into route progress, greater driver accountability, improved customer service, and vastly improved fuel efficiencies.
“We are excited to welcome FleetMind into the Safe Fleet family. This acquisition supports our vision to build the leading global provider of safety solutions for fleet vehicles,” said John R. Knox, President & CEO of Safe Fleet. “The addition of FleetMind expands Safe Fleet’s growing position in fleet management software and hardware for specialty fleet vehicles. The FleetMind product line is complementary to Safe Fleet’s existing fleet management products and expands Safe Fleet’s penetration in the waste and recycling market.”
FleetMind is the company’s fourth acquisition in the video and telematics sector, an area of rapid growth for Safe Fleet. “Safe Fleet has doubled in size during its partnership with Sterling, and we remain focused on continued organic and acquisition related growth,” said Gary Rosenthal, a Partner at The Sterling Group. “Additions like FleetMind will further our ability to offer a full suite of safety solutions to our wide range of fleet customers.”
About Safe Fleet
Headquartered in Belton, MO, Safe Fleet owns a portfolio of brands that provide increased functionality and integrated solutions for fleet vehicle manufacturers and operators around the world. These brands serve five major markets including: emergency services, bus and rail, truck and trailer, work truck, and industrial. With over 1000 employees, the Safe Fleet family of brands operates almost 600,000 square feet of manufacturing space and targets markets with increasing demand for operator, passenger, and pedestrian safety. For more information about Safe Fleet please visit www.safefleet.net.
About The Sterling Group
Founded in 1982, The Sterling Group is a private equity investment firm that targets controlling interests in basic manufacturing, distribution and industrial services companies. Typical enterprise values of these companies range from $100 million to $750 million. Sterling has sponsored the buyout of 47 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $2.3 billion of assets under management. For further information please visit www.sterling-group.com.
Past performance is no guarantee of future results and all investments are subject to loss.
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