July 24, 2017
The Sterling Group, an operationally focused middle market private equity firm, completed the sale of DexKo Global Inc. (“DexKo”) to funds managed by KPS Capital Partners, LP. Financial terms of the transaction were not disclosed.
DexKo is the leading global supplier of highly engineered running gear technology, chassis assemblies and related components with over 130 years of trailer and caravan componentry experience. The company is headquartered in Novi, Michigan and employs over 4,500 employees with 39 manufacturing facilities and 25 distribution centers across the globe. Sterling formed DexKo at the end of 2015 through the combination of Dexter Axle and AL-KO Vehicle Technology.
“Sterling’s partnership with the deep and talented management team at DexKo has resulted in a complete transformation of the business over the last several years,” said Kevin Garland, a Partner at The Sterling Group. “We look forward to the company’s future success in the years to come.” Sterling will continue to own a minority stake in DexKo.
Goldman Sachs & Co. and J.P. Morgan Securities LLC served as financial advisors to DexKo. Harris Williams & Co. acted a special advisor to the Board, and Willkie Farr & Gallagher acted as legal counsel.
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 51 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $2.2 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.
July 06, 2017
The Sterling Group, a Houston-based middle market private equity firm, announced that its portfolio company, Construction Supply Group, has completed the acquisition of Carter Waters. Construction Supply Group is a leader in the distribution of construction materials and accessories and tools, primarily for professional concrete and masonry contractors in the United States and Canada. The combined company has 72 branches with 1,150 employees and offers over 70,000 SKUs to nearly 25,000 customers.
Carter Waters is the fifth business acquired by Sterling as part of the Construction Supply platform. In late 2016, Sterling acquired Brock White Company, LLC, Border Construction Specialties, LLC and Stetson Building Products to form Construction Supply Group. Brock White, Border and Stetson have strong branch footprints in Western Canada, the Upper Midwest and the Southwest. The company later executed a carve-out of five Gerdau distribution branches in the Midwest. The acquisition of Carter Waters’ 19 construction distribution branches will expand the company’s lower Midwest footprint ranging from Kansas to Ohio.
“We are thrilled to welcome the Carter Waters team to the Construction Supply family. They have built an exceptional business that will continue to provide exceptional service to customers while expanding our footprint,” said Mitch Williams, CEO of Construction Supply Group.
The scale of Construction Supply has grown rapidly through the combination of 5 leading distributors, each with no more than 20 branches but with exceptional track records of growth, customer service and loyal customer relationships. Construction Supply Group will continue to seek further additions to its family of construction distribution businesses.
Willkie Farr & Gallagher provided legal counsel to Construction Supply Group. Raymond James served as Carter Waters’ exclusive financial advisor.
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 51 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $2.2 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.
The Sterling Group is an operationally focused middle market private equity firm that builds winning businesses for customers, employees and investors.
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