- The Sterling Group Announces Formation of New FBO Network, Acquires Destin Jet
- Specified Air Solutions, A Portfolio Company of The Sterling Group, Acquires Dectron Inc.
- The Sterling Group Completes the Simultaneous Acquisitions of North American Industrial Services and Evergreen Industrial Services to Form New Platform
- Safe Fleet, A Portfolio Company of The Sterling Group, Acquires FleetMind
HOUSTON, TEXAS (August 7, 2012) – The Sterling Group announced today that its portfolio company, Stackpole International (“Stackpole”) completed the refinancing of its outstanding debt on August 2, 2012. Stackpole is a manufacturer and sole source supplier of highly-engineered oil pumps and powdered metal components to automotive original equipment manufacturers. Sterling acquired Stackpole on August 2, 2011 from Gates Canada, a subsidiary of Tomkins. Stackpole raised $165 million of senior financing from a syndicate of banks, arranged by RBC and CIBC. The proceeds of the refinancing were used to repay existing outstanding debt, including eliminating all mezzanine debt from the original transaction. The refinancing will result in a reduction of Stackpole’s annual debt interest costs by over 50%. Under Sterling’s …