News

Team Additions

July 08, 2024

Sterling Foundation Fund Hires Jonathan Jackson, Managing Director and Completes Acquisition of OGD Overhead Garage Door

The Sterling Group, an industrial focused middle market private equity firm, announced the addition of Jonathan Jackson as Managing Director of Foundation Fund, the firm’s lower middle market strategy.

Jonathan Jackson joins Sterling from Sun Capital Partners, where he spent thirteen years focused on middle market investing in a variety of services, industrial and food sectors. “Jonathan is a key addition to Foundation Fund’s senior leadership team,” said Lucas Cutler, Partner. Foundation Fund launched in 2023 to apply Sterling’s experience and operational capabilities by partnering with industrial companies in the lower middle market.

In addition, Sterling Foundation Fund has completed the acquisition of founder-owned OGD Overhead Garage Door (“OGD”), a provider of repair, replacement and installation services in the overhead door and dock industry. Headquartered in Fort Worth, Texas, OGD serves a large and growing base of commercial and residential overhead door and dock customers with installation and repair and replacement services.  “We look forward to leveraging Sterling’s industry expertise and operational capabilities to continue to expand OGD,” said Bret Westbrook, founder and CEO of OGD.

Sterling has extensive experience partnering with founders to build residential and commercial service businesses. OGD is the fourth acquisition for Sterling Foundation Fund. Each partnership to date has been with founder owned businesses.

Adams Street Partners’ Private Credit investment strategy provided senior debt financing and an equity co-investment in support of the acquisition.

McDermott Will & Emery LLP served as legal counsel and HamptonRock Financial Advisory, LLC served as a financial due diligence advisor to The Sterling Group.

BlackArch Partners served as exclusive financial advisor to OGD Overhead Garage Door.

About OGD

OGD is a provider of repair, replacement and installation services in the overhead door and dock industry. OGD operates in 45 MSAs across the Southeast, Midwest, Mid-Atlantic and the Mountain West regions. OGD is headquartered in Fort Worth, Texas.

About The Sterling Group Foundation Fund

Founded in 1982, The Sterling Group is a private equity and private credit investment firm that targets investments in basic manufacturing, distribution, and industrial services companies. Typical enterprise values of these companies at initial formation range from $100 million to over $1 billion. Sterling has sponsored the buyout of 72 platform companies and numerous add-on acquisitions for a total transaction value of over $24.0 billion. Sterling recently closed its sixth investment fund with $3.5 billion in commitments and currently has $9.4 billion of assets under management. Launched in 2023, The Sterling Foundation Fund aims to leverage the firm’s operational capabilities and experience in the industrial sector to “set the foundation” for growth at lower middle market companies. For further information, please visit www.sterling-group.com.

Past performance is no guarantee of future results and all investments are subject to loss.

 



Acquisition

December 18, 2023

Frontline Road Safety, A Portfolio Company of The Sterling Group, Completes the Acquisition of The Aero-Mark Company

Frontline Road Safety, LLC (“Frontline”), a portfolio company of The Sterling Group (“Sterling”), today announced the acquisition of The Aero-Mark Company, LLC (“Aero-Mark”). Frontline’s operating companies provide pavement marking and ancillary services to a variety of end markets and customers.

The Aero-Mark transaction marks Frontline’s twelfth acquisition since the platform was established in July 2020. Headquartered in Streetsboro, Ohio, with an additional location in Cincinnati, Aero-Mark is a leading pavement marking contractor that provides state DOTs and general contractor customers with the highest levels of service and work quality. “This partnership with Frontline will allow us to expand our reach and capabilities, benefiting our customers and employees alike,” said Mike Krenn and Curt Huffman, Co-Owners of Aero-Mark.

“We are excited to partner with the Aero-Mark team and to continue building our presence in the Midwest,” said Mitch Williams, CEO of Frontline Road Safety. “The Aero-Mark team is known across the industry for its commitment to quality, service and safety. Aero-Mark will be a terrific addition to the Frontline platform.”

Over the last several years, Sterling has executed on its investment thesis to build a leader in the road safety and infrastructure maintenance industry. Through organic growth and further acquisitions, Sterling intends to continue building Frontline into the leading platform for road safety solutions with best-in-class local execution capabilities. Sterling has a long history of partnering with entrepreneurs and management teams to support the growth of their businesses.

About The Sterling Group

Founded in 1982, The Sterling Group is a private equity and private credit investment firm that targets investments in basic manufacturing, distribution, and industrial services companies. Typical enterprise values of these companies at initial formation range from $100 million to $1 billion. Sterling has sponsored the buyout of 67 platform companies and numerous add-on acquisitions for a total transaction value of over $22.0 billion. Sterling currently has over $6.0 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.



Acquisition

November 06, 2023

West Star Aviation, a Portfolio Company of The Sterling Group, Acquires Jet East, a Gama Aviation Company

West Star Aviation (“West Star”), a portfolio company of The Sterling Group, has announced that it has acquired Jet East. West Star is a leading provider of maintenance, repair, and overhaul (“MRO”) services to the business aviation industry providing maintenance, modification, and other services to aviation customers. Jet East provides MRO services as well and focuses on supporting fractional and managed fleet operators. Capabilities include an expansive ‘Aircraft on Ground’ (“AOG”) mobile repair technician network, line maintenance operations, heavy maintenance facilities, and other complementary services.

“I’m extremely happy to welcome the Jet East employees to West Star. Both West Star and Jet East are remarkable companies with strong and unique cultures,” said Jim Rankin, CEO of West Star Aviation. “I’m looking forward to bringing the Jet East and West Star teams together as we build the premier Business Aviation Maintenance provider in the industry. Our focus now is to use this combination to better serve our customers and support our employees.”

“I am thrilled about this new chapter for the combined company of West Star and Jet East. With the official close, we are provided a unique opportunity to enhance our capabilities and expand our offerings to better serve the needs of the aviation industry. As we turn our attention toward the exciting task of strategic integration, we remain committed to our customers so there is no disruption to the service that we provide. I am proud of what has been accomplished and excited about the future,” said Stephen Maiden, CEO of Jet East.

“We were thrilled to help play a part in bringing together these two world class teams to combine complementary capabilities, geographies, and customer bases. We couldn’t be more excited in welcoming the entire Jet East family to West Star,” added Greg Elliott and John Griffin, Board Members of West Star Aviation.

This partnership will bring together two of the best teams in business aviation that together will become stronger through added scale and expanded capabilities. Customers and vendors should expect no change while leaders of each organization work together on longer-term integration planning.

Latham & Watkins LLP served as legal counsel and Jefferies, LLC served as a financial advisor to West Star.

About West Star Aviation

West Star Aviation specializes in airframe repair and maintenance, engine repair and maintenance, major modifications, avionics installation and repair, interior refurbishment, paint, parts, surplus avionics sales, window repair and accessory services. The company also provides complete FBO services for transient aircraft at its East Alton and Grand Junction facilities. West Star provides services at four primary locations in East Alton, Illinois; Grand Junction, Colorado; Chattanooga, Tennessee; and Perryville, Missouri, as well as fifteen mobile repair bases and satellite MRO facilities. West Star also provides parts distribution and composite repair services through its Avant and DAS businesses respectively. For more information, please visit weststaraviation.com.

About Jet East, a Gama Aviation Company

Jet East, A Gama Aviation Company, is one of the nation’s leading aviation maintenance providers. The company specializes in scheduled maintenance, on-demand mobile maintenance for unscheduled events, paint and interior completions and provides related services in the areas of structural repairs, composite work, and non-destructive testing (NDT).  With a deeply talented workforce, Jet East is available to meet customer maintenance needs with on-demand service and coast to coast coverage in the U.S and in certain international markets.  An expansive AOG Mobile Maintenance team operates with a 24/7 Dispatch Team and compliments the company’s maintenance hangars in North Carolina, New York, New Jersey, Florida, Texas, California, Illinois, and Nevada. For more information, please visit jeteastgama.com.

About The Sterling Group

Founded in 1982, The Sterling Group is a private equity and private credit investment firm that targets investments in basic manufacturing, distribution, and industrial services companies. Typical enterprise values of these companies at initial formation range from $100 million to $1 billion. Sterling has sponsored the buyout of 67 platform companies and numerous add-on acquisitions for a total transaction value of over $22.0 billion. Sterling currently has over $6.1 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.



Acquisition

September 27, 2023

Fencing Supply Group, a Portfolio Company of The Sterling Group, Acquires Atlantic Fence Supply

Fencing Supply Group (“FSG”), a portfolio company of The Sterling Group, announced that it has acquired Atlantic Fence Supply (“AFS” or “The Company”), an experienced fence supplier known for their customer service and reliability serving Richmond, Tidewater and the surrounding Virginia area. AFS is a leading wholesale distributor of ornamental, vinyl, wood, and chain link fencing, as well as custom gates, and operates from their branch location in Ashland, Virginia.

Established in 1998, AFS prides itself on providing outstanding customer service with a sales staff that has more than 50 years of combined fence experience. The company focuses on the fabrication of chain-link gates, kennels and aluminum slide gates, as well as standard and custom vinyl fence styles.  Macon Powers, President of Atlantic Fence Supply, said “Joining Fencing Supply Group will provide many opportunities for our employees and customers. We are excited to expand our capabilities and continue to give our customers the dedication they have come to expect.”

“We are very excited to help AFS build on their outstanding track record and continue to grow their business. The company is built on a cultural foundation of integrity, trust and taking care of its people, which aligns with our values,” said Andrea Hogan, CEO of Fencing Supply Group.

ABOUT FENCING SUPPLY GROUP

Founded in 2021, Fencing Supply Group (FSG) is a group of industry-leading fencing distributors. FSG is the largest wholesale distributor and manufacturer of fencing and outdoor living supplies in the United States. FSG businesses serve professional fencing contractors who provide new, improvement, and repair fencing services across residential, industrial, commercial, and infrastructure end markets. The FSG model combines local relationships, service, and expertise with national scale and resources to benefit customers, employees, and suppliers. Current FSG companies include Binford Supply, Cedar Supply, Fence Supply, Hartford Fence, Merchants Metals, Pro Access Systems, Sharon Fence Distributors, Specialty Fence Wholesale Jacksonville, Specialty Fence Wholesale Mulberry, and Vinyl by Design, which collectively operate over 70 branches across more than 30 states. For further information, please visit fencingsupplygroup.com

ABOUT THE STERLING GROUP

Founded in 1982, The Sterling Group is a private equity and private credit investment firm that targets investments in basic manufacturing, distribution, and industrial services companies. Typical enterprise values of these companies at initial formation range from $100 million to $1 billion. Sterling has sponsored the buyout of 66 platform companies and numerous add-on acquisitions for a total transaction value of over $22.0 billion. Sterling currently has over $6.1 billion of assets under management. For further information, please visit www.sterling-group.com.



Acquisition

September 01, 2023

Artisan Design Group, a Portfolio Company of The Sterling Group, Completes the Acquisition of KB Kitchen & Bath

Artisan Design Group (“ADG”), a portfolio company of The Sterling Group, today announced the acquisition of KB Kitchen & Bath (“KB”). ADG is a leading provider of interior finish products and installation to homebuilders, multi-family developers, and institutional property owners. Based in South Carolina, KB is a cabinet installer and distributor primarily serving the single-family housing market.

“We are thrilled to work with KB and to strengthen ADG’s presence in the Carolinas,” said Steve Margolius, CEO of Artisan Design Group. “This acquisition will provide ADG with greater coverage of the single-family market and will enhance our cabinet offering in this region.”

“Our partnership with ADG will provide us with an exciting opportunity to expand operations alongside an industry leader, allowing us to better serve our customers,” said Bob Wilkes, President & CEO of KB Kitchen & Bath.

About Artisan Design Group

ADG is a provider of design, procurement, and installation services for flooring, cabinets and countertops, serving homebuilders, multi-family developers and institutional property owners. Headquartered in Dallas, Texas, ADG operates more than 160 distribution, design and service facilities and coordinates installation through over 3,400 personnel across 25 states. ADG was formed in 2016 through the combination of Floors Inc. and Malibu Floors. ADG has completed fifteen acquisitions over the past four years under Sterling’s ownership. The company has completed twenty-two total acquisitions since its founding in 2016. ADG continues to seek local and regional market leaders to add to its family of flooring, cabinets and countertops specialists.

About The Sterling Group

Founded in 1982, The Sterling Group is a private equity and private credit investment firm that targets investments in basic manufacturing, distribution, and industrial services companies. Typical enterprise values of these companies at initial formation range from $100 million to $1 billion. Sterling has sponsored the buyout of 66 platform companies and numerous add-on acquisitions for a total transaction value of over $22.0 billion. Sterling currently has over $6.1 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.



Acquisition

August 02, 2023

The Sterling Group Foundation Fund Launches New Platform, Compost360

Compost360 Completes First Acquisition, Nature’s Choice

The Sterling Group, an operationally focused middle market private equity firm, today announced the formation of Compost360, a new platform focused on building a leading processor of organic waste material and producer of high quality, sustainable landscaping products. Sterling is partnering with two industry executives, Steve Carn and Randy Arnold, who will serve as CEO and COO of the Compost360 platform.

Compost360 is pleased to announce the acquisition of Nature’s Choice, an organic waste recycling company and producer of compost, mulch and engineered soils based in New Jersey. Nature’s Choice is the first acquisition of the Compost360 platform.

“We look forward to partnering with Steve Carn and Randy Arnold to build the Compost360 platform, each of whom has decades of experience in the municipal solid waste industry,” said Lucas Cutler, Partner of The Sterling Group Foundation Fund. “Nature’s Choice is a nationally recognized leader in the organic recycling and mulch/soil market and is an exciting first addition to the Compost360 platform.”

“The Sterling team shares our vision of building a vertically-integrated organics waste recycling and composting platform with national scale, and their hands-on approach to operations will help us in executing this vision of partnering with best-in-class companies like Nature’s Choice,” said Steve Carn CEO of Compost360.

Compost360 is a portfolio company of The Sterling Group Foundation Fund. The Foundation Fund aims to leverage the firm’s operational capabilities and experience in the industrial sector to “set the foundation” for growth at lower middle market companies.

About The Sterling Group

Founded in 1982, The Sterling Group is a private equity and private credit investment firm that targets investments in basic manufacturing, distribution, and industrial services companies. Typical enterprise values of these companies at initial formation range from $100 million to $750 million. Sterling has sponsored the buyout of 66 platform companies and numerous add-on acquisitions for a total transaction value of over $14.0 billion. Sterling currently has over $5.9 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.



Acquisition

June 05, 2023

Artisan Design Group, a Portfolio Company of The Sterling Group, Completes the Acquisition of Peachtree Cabinet Distributors and GranCo Countertops

Artisan Design Group (“ADG”), a portfolio company of The Sterling Group, today announced the acquisition of Peachtree Cabinet Distributors (“Peachtree”) and GranCo Countertops (“GranCo” or collectively the “Company”). ADG is a leading provider of interior finish products and installation to homebuilders, multi-family developers, and institutional property owners. Both based in Georgia, Peachtree is a cabinet distributor serving the single-family housing market, and GranCo is a full-service countertop fabricator and installer.

“We look forward to strengthening ADG’s presence in the Southeast region through our partnership with Peachtree and GranCo,” said Steve Margolius, CEO of Artisan Design Group. “The addition of the Company will enhance our cabinet offering in the Southeast and expand our product capabilities to countertops, allowing us to better serve our customers through bundled services.”

“ADG is the ideal partner for Peachtree and GranCo because of our shared commitment to providing customers with best in class cabinets and countertops services,” said Ryan Kempf and Todd Whiddon.

About Artisan Design Group

ADG is a provider of design, procurement, and installation services for flooring, cabinets and countertops, serving homebuilders, multi-family developers and institutional property owners. Headquartered in Dallas, Texas, ADG operates more than 172 distribution, design and service facilities and coordinates installation through over 3,000 personnel across 25 states. ADG was formed in 2016 through the combination of Floors Inc. and Malibu Floors. ADG has completed fourteen acquisitions over the past four years under Sterling’s ownership. The company has completed twenty-two total acquisitions since its founding in 2016. ADG continues to seek local and regional market leaders to add to its family of flooring, cabinets and countertops specialists.

About The Sterling Group

Founded in 1982, The Sterling Group is a private equity and private credit investment firm that targets investments in basic manufacturing, distribution, and industrial services companies. Typical enterprise values of these companies at initial formation range from $100 million to $750 million. Sterling has sponsored the buyout of 65 platform companies and numerous add-on acquisitions for a total transaction value of over $14.0 billion. Sterling currently has over $5.9 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.



Acquisition

May 18, 2023

The Sterling Group Foundation Fund Launches New Platform, Premier Tire & Service

The Sterling Group, an operationally focused middle market private equity firm, announced the establishment of Premier Tire & Service (“Premier”), a new platform formed to build a leading, one-stop tire and auto service solutions provider.

Lucas Cutler, Partner of The Sterling Group Foundation Fund, and other team members have deep experience in the auto aftermarket sector. “We are excited to enter the highly attractive tire retail and service segment of the aftermarket automotive industry and partner with seasoned industry professionals to build a platform of scale,” said Lucas Cutler.  Sterling will partner with John Adams, an executive with 25 years of experience in the automotive aftermarket industry and former CEO of Full Speed Automotive, to build the Premier platform. Premier will seek to acquire independent tire and retail service locations with customer-focused service models in various markets across the country.

Premier is a portfolio company of The Sterling Group Foundation Fund. The Foundation Fund aims to leverage the firm’s operational capabilities and experience in the industrial sector to “set the foundation” for growth at lower middle market companies. Earlier this year, Luke Bateman joined the Foundation Fund team as a Managing Director.  Luke brings over a decade of experience partnering with lower middle market companies and was most recently a Partner at Insight Equity in Dallas. Luke joins a group of both Sterling alumni and new additions that comprise the Foundation Fund Investment team: Steven Hirsch, Director; Jared Bell, Vice President; Bryan Tisdale, Vice President; Lynn Astrup, Associate; and Graham Gillespie, Associate. The Foundation Fund team partners with Sterling’s Portfolio Resources Group, a team of operational executives with expertise in each of the Seven Levers.

About The Sterling Group

Founded in 1982, The Sterling Group is a private equity and private credit investment firm that targets investments in basic manufacturing, distribution, and industrial services companies. Typical enterprise values of these companies at initial formation range from $100 million to $750 million. Sterling has sponsored the buyout of 65 platform companies and numerous add-on acquisitions for a total transaction value of over $14.0 billion. Sterling currently has over $5.9 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.



Acquisition

March 07, 2023

The Sterling Group and Capitol Meridian Partners Agree to Buy PrimeFlight Aviation Services

Large and growing market, breadth of service offerings and customers served, and strong operating performance all position PrimeFlight for compelling growth

The Sterling Group and Capitol Meridian Partners today announced a definitive agreement to buy PrimeFlight Aviation Services (“PrimeFlight” or the “Company”) from funds managed by global investment firm Carlyle (NASDAQ: CG). PrimeFlight is a global provider of essential aircraft, passenger, and security-related services to commercial airline, airport, cargo, and general aviation customers.

The transaction is expected to close by Q3 2023 upon satisfaction of customary closing conditions. Financial terms were not disclosed.

Headquartered in Sugar Land, TX, PrimeFlight has operations across ~235 stations globally. It provides a full suite of services through its network of subsidiaries, including PrimeFlight Cargo, PrimeFlight GSE Maintenance, Prime Appearance, ProFlo Industries, Skytanking, and Aviation Cleaning Supply. PrimeFlight has more than 20 years of service excellence in the aviation industry, offering customers broad and reliable support, including mission-critical fueling, deicing, and ground handling services. The Company employs ~12,000 employees across its global footprint, with primary operations in North America and Europe.

“This is an exciting time for PrimeFlight as we have significantly expanded our operations outside of North America, continue to execute on new business wins, and we have a strong pipeline of continued growth through our global footprint,” said Dan Bucaro, PrimeFlight Chief Executive Officer. “We look forward to partnering with The Sterling Group and with Capitol Meridian Partners in this evolution.”

Greg Elliott, Partner of The Sterling Group, added: “We have partnered with Dan Bucaro as CEO, Chairman, or Board Member on nine companies over the past twenty years. Dan and his team of industry veterans have built a tremendous platform for growth in PrimeFlight. We look forward to our continued partnership.”

McDermott Will & Emery is serving as legal counsel to The Sterling Group and Capitol Meridian Partners. Latham & Watkins, LLP is serving as legal counsel to PrimeFlight and Carlyle, and Morgan Stanley and Jefferies, LLC served as financial advisors.

About PrimeFlight Aviation Services

Headquartered in Sugar Land, Texas, PrimeFlight Aviation Services provides major airlines, airports, cargo and general aviation customers with GSE maintenance, ground handling services, aircraft services, into-plane fueling, deicing, aviation cleaning supplies, and terminal services, across a global footprint. For more information, visit www.primeflight.com.



Acquisition

January 13, 2023

Hi-Lite Airfield Services, A Subsidiary of Frontline Road Safety, Completes the Acquisition of Axtell’s, Inc.

Hi-Lite Airfield Services (“Hi-Lite”), a subsidiary of Frontline Road Safety (“Frontline”), today announced the acquisition of the airfield marking business of Axtell’s, Inc. Frontline, a portfolio company of The Sterling Group (“Sterling”), is a family of operating companies that provides pavement marking and ancillary services to a variety of end markets and customers.

The Axtell’s, Inc. transaction marks Frontline’s ninth acquisition since the platform was established in July 2020. Headquartered in Jermyn, Pennsylvania, Axtell’s, Inc. is a leading pavement marking business specializing in general airfield pavement maintenance. Hi-Lite and Axtell’s, Inc. will operate as an integrated business going forward, with the same crews and leadership team members dedicated to providing customers with best-in-class airfield pavement marking and maintenance services.

“Hi-Lite and Axtell’s, Inc. are a natural fit as both teams share an unwavering commitment to performing work of the highest quality, providing unparalleled levels of customer service, and operating with a ‘safety-first’ culture,” said Chris Miller, President of Hi-Lite Airfield Services.

“Axtell’s, Inc. has always taken great pride in the quality of services we provide to our customers. We are thrilled to partner with a business that has the same values,” said Robert Butts, Vice President of Axtell’s, Inc. “Partnering with Frontline and Hi-Lite will provide us with a tremendous opportunity to expand our reach and capabilities.”

“We are excited to make this investment and look forward to adding additional best-in-class operations to the Frontline platform in 2023 and beyond,” said Mitch Williams, CEO of Frontline Road Safety.

Over the last several years, Sterling has executed on its investment thesis to build a leader in the road safety and infrastructure maintenance industry. Through organic growth and further acquisitions, Sterling intends to continue building Frontline into the leading platform for road safety solutions with best-in-class local execution capabilities. Sterling has a long history of partnering with entrepreneurs and management teams to support the growth of their businesses.

About The Sterling Group

Founded in 1982, The Sterling Group is a private equity and private credit investment firm that targets investments in basic manufacturing, distribution, and industrial services companies. Typical enterprise values of these companies at initial formation range from $100 million to $750 million. Sterling has sponsored the buyout of 64 platform companies and numerous add-on acquisitions for a total transaction value of over $14.0 billion. Sterling currently has over $5.1 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.