News

Acquisition

December 14, 2018

The Sterling Group Completes the Acquisition of Artisan Design Group

The Sterling Group, an operationally focused middle market private equity firm, today announced the acquisition of Artisan Design Group (“ADG”).  ADG is a dealer of flooring products and services, providing design, procurement, installation and quality control of flooring and complimentary products for homebuilders.

Headquartered, in Southlake, Texas, ADG operates 39 distribution, design and service facilities and coordinates installation through over 800 independent contractors across 13 states. The business was formed in 2016 through the combination of Floors Inc. and Malibu. ADG has completed 8 other acquisitions since that time, bringing together many of the leading regional flooring specialists across the United States.  “In a short period of time, Larry Barr and Wayne Joseph have built an industry leading flooring specialist with significant scale,” said Kent Wallace, a Partner at The Sterling Group. “We look forward to supporting their continued expansion both organically and through further acquisitions.”

“Sterling’s partnership means we can continue to recruit other industry leaders to join ADG to provide excellent products and services to an expanded client base across the country,” said Larry Barr, Co-CEO of ADG.

“Sterling’s experience investing alongside entrepreneurs to grow their businesses will benefit ADG as we continue to expand in the years to come,” said Wayne Joseph, Co-CEO of ADG.

The Sterling Group has a long history of partnering with entrepreneurs, particularly in the building products sector, including investments in Roofing Supply Group, American Bath Group, and Construction Supply Group.

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 54 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $1.8 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

December 03, 2018

Construction Supply Group, a Portfolio Company of The Sterling Group, Completes Three Acquisitions

Construction Supply Group (“CSG”) has completed the simultaneous acquisitions of All-Tex Supply, MASONPRO, Inc. and Titan Construction Supply. Construction Supply Group is a leader in the distribution of specialty construction materials, accessories and tools, primarily for professional concrete and masonry contractors in the United States and Canada. The company has nearly 100 branches with over 1,350 employees and offers over 60,000 SKUs to more than 50,000 customers.

In the past two years, Construction Supply Group has brought together thirteen businesses to form the second largest specialty construction supply distributor in North America. The Sterling Group, an operationally focused private equity firm, partnered with management in late 2016 to build a new national leader.

The additions of All-Tex, MASONPRO and Titan will result in an expanded presence in the Texas, Oklahoma, Michigan, and Nevada markets, as well as an increased product offering within masonry specialty materials. “Today’s acquisitions further demonstrate CSG’s commitment to providing our customer base with industry leading products and service,” said Mitch Williams, CEO of Construction Supply Group.

“We look forward to partnering with Royce Farris and Don Tice from All-Tex, Jeff Snyder from MASONPRO and Mike Harmon from Titan,” said Brian Henry, a Partner at The Sterling Group. “We have been fortunate to bring together some of the best talent in the industry over the past two years, resulting in a stronger platform that can benefit from leveraging each other’s talents.”

Construction Supply Group continues to seek local and regional market leaders to add to its family of specialty construction supply distribution businesses.

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 52 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $1.8 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 01, 2018

Lynx FBO Network, a Portfolio Company of The Sterling Group, Acquires Voyager Jet Center’s Pittsburgh FBO

Lynx FBO Network (“Lynx”), a portfolio company of The Sterling Group, announced today that it has completed the acquisition of the FBO assets of Voyager Jet Center (“Voyager Jet”) at Allegheny County Airport (“AGC”) in Pittsburgh, Pennsylvania. The acquisition of Voyager Jet marks Lynx’s sixth FBO location and third FBO acquired this year.

“We believe the Pittsburgh market, and its rise as a global innovation city, is a perfect complement to our growing network of FBOs and we look forward to working with the Allegheny County Airport Authority (ACAA), Voyager Jet and the local FBO team to deliver a best-in-class service offering for our customers in the Mid-Atlantic region,” said Matt DeLellis, Chief Financial Officer with Lynx.

Lynx is a rapidly growing network of FBOs in the general aviation industry with locations in Destin, Florida, Minneapolis (Anoka), Minnesota, Portland (Aurora), Oregon, Little Rock, Arkansas, Napa, California and now Pittsburgh, Pennsylvania.  The Lynx vision is to build a values-based FBO network known for exceptional service and quality, a rewarding team member experience, and a commitment to continuing excellence.  The Lynx team is comprised of industry veterans who have worked together building FBO networks over many years, serving in management roles at numerous large FBO networks including Landmark Aviation, Atlantic Aviation and Trajen.  Greg Elliott, a Partner at The Sterling Group, has been involved in building several FBO networks in the past fifteen years, including roles as the Chairman of Encore and Trajen, and Board member of Landmark Aviation.  Lynx and Sterling continue to actively seek FBO acquisitions in North America.

Terms of the transaction were not disclosed. Honigman Miller Schwartz & Cohn LLP served as legal advisor to Lynx.

 

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 over 52 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $1.9 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

October 03, 2018

Time Manufacturing, A Portfolio Company of The Sterling Group, Acquires Aspen Aerials

The Sterling Group, a middle market private equity firm based in Houston, Texas, today announced that its portfolio company, Time Manufacturing/Versalift, has completed the acquisition of Aspen Aerials.

Headquartered in Waco, Texas, Time is a global designer, manufacturer, and distributor of vehicle-mounted aerial lifts primarily for the telecom and electric utility end markets. Time has pioneered several brands within the aerial lift market, including the market leading Versalift brand. Sterling acquired the business in 2017 from family owners to drive both organic and acquisition related growth.

Headquartered in Duluth, Minnesota, Aspen Aerials is the leading manufacturer of specialty equipment used to inspect the safety and integrity of bridges.  “We are delighted to welcome Aspen Aerials, a market leading manufacturer in the bridge inspection space, to the Versalift family,” said Time Manufacturing CEO Curt Howell. “With this acquisition, we extend our reach into an important and growing industry, and continue to expand our offering of high-quality, safe and reliable equipment.”

Founded in 1982, Sterling has a long history of partnering with family owned businesses who are seeking the next phase of growth for their industrial businesses.

 

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 over 52 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $1.9 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 07, 2018

Lynx FBO Network Acquiring Napa Jet Center, Hires Carrie Campbell

Lynx FBO Network (Lynx), a portfolio company of The Sterling Group, announced today that it is acquiring Napa Jet Center, the premier general aviation service provider in the Napa Valley. The acquisition of Napa Jet Center will mark Lynx’s seventh acquisition since inception and second this year, and represents another opportunity for Lynx to invest significant resources towards developing a best-in-class fixed base operator (FBO) facility with industry-leading service ratings. Lynx plans to execute significant investments in the Napa facility, including the design and development of a world-class FBO campus reflective of the FBO’s role as the gateway to the Napa Valley.

Lynx is also pleased to announce the hiring of Carrie Campbell to serve as the General Manager of Lynx’s newest FBO location in Napa. Carrie previously worked with the Lynx management team while at Landmark Aviation where she served as general manager for the San Diego FBO. In addition to managing the general aviation operations at one of the busiest single-runway airports in the country, she successfully oversaw the onsite construction of the world-class FBO facility completed there in 2014.

“Lynx management is thrilled by the pending acquisition of Napa Jet Center and excited to once again work with Carrie Campbell. The partnership between Lynx, the Napa aviation community and industry veteran Carrie will result in dramatic investments in, and improvements to, our customers’ aviation needs in and around Napa,” stated Tyson Goetz, a Partner with Lynx.

Lynx is a rapidly growing network of FBOs in the general aviation industry with locations in Destin, Florida, Minneapolis (Anoka), Minnesota, Portland (Aurora), Oregon, Little Rock, Arkansas and soon Napa, California. The Lynx team is comprised of industry veterans who have worked together building FBO networks over many years, serving in management roles at numerous large FBO networks including Landmark Aviation, Atlantic Aviation and Trajen. Over the course of their careers, Chad Farischon, Tyson Goetz and Matt DeLellis have purchased and integrated over 50 FBOs, as well as managed marquee locations including FBOs in Aspen, Teterboro and Miami. Greg Elliott, a Partner at The Sterling Group, has been involved in building several FBO networks in the past fifteen years, including roles as the Chairman of Encore and Trajen, and Board member of Landmark Aviation. Lynx and Sterling continue to actively seek FBO acquisitions in North America.

Terms of the transaction were not disclosed. Honigman Miller Schwartz & Cohn LLP served as legal advisor to Lynx.

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



Acquisition

May 29, 2018

Construction Supply Group, a Portfolio Company of The Sterling Group, Acquires Williams Equipment & Supply and Richform Construction Supply

The Sterling Group, a Houston-based middle market private equity firm, announced that its portfolio company, Construction Supply Group (“CSG”), has completed the acquisition of Williams Equipment & Supply (“Williams”) and Richform Construction Supply (“Richform”).  Construction Supply Group is a leader in the distribution of specialty construction materials, accessories and tools, primarily for professional concrete and masonry contractors in the United States and Canada. The combined company has 87 branches with over 1,300 employees and offers over 60,000 SKUs to nearly 50,000 customers.

Williams is a leading regional distributor of construction supply materials and equipment, operating 12 branches in the Mid-South U.S., “As a family owned business, we wanted to ensure our next partner was one we could grow with,” said Gordon McIntyre, President of Williams. “Working with Construction Supply Group is the perfect next step for our customers, our employees and our family.” Williams will continue to operate under the Williams Equipment & Supply brand name, and Gordon McIntyre will continue as President.

Richform is an established single-branch operator based in Vancouver and will be integrated into Brock White Canada. “The addition of Richform expands our strength in many product categories, allowing us to better meet the needs of our customers,” said Neil Fast, President of Brock White Canada; “We’re excited to partner with the Richform team and continue to grow the business.”

“We’re looking forward to drawing on the unique strengths of these two organizations to help us on our path to becoming the number one construction supply distributor in North America,” said Mitch Williams, CEO of Construction Supply Group. “This is a great opportunity to extend our geographic footprint and expand our capabilities and service offering including rental equipment.” Construction Supply Group will continue to seek further additions to its family of specialty construction supply distribution businesses.

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 52 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $1.8 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

April 30, 2018

Highline Aftermarket, a Portfolio Company of The Sterling Group, Acquires South/Win

The Sterling Group, a Houston-based middle market private equity firm, announced that its portfolio company, Highline Aftermarket (“Highline”) has completed the acquisition of South/Win. Highline is a leading national distributor of consumable products, with strategic manufacturing capabilities, serving multiple channels across the automotive aftermarket.  Headquartered in Greensboro, North Carolina, South/Win is a manufacturer of automotive fluids going to market under a variety of brands including Rain-X, Windex, Blue Coral, and Krystal Kleer.

Sterling’s simultaneous combination in April 2016 of family-owned DYK and corporate carve-out AAHC, since renamed Highline, created a strong new automotive aftermarket distribution platform.  The later acquisitions of Service Champ and Levin’s have increased channel and geographic penetration and further solidified Highline as a market leader. The addition of South/Win provides Highline with a highly efficient automotive fluid manufacturing footprint to serve its end markets.

“Over 30 years, Will and Blaine DuBose have built a fantastic business at South/Win with a reputation for high-quality products and exceptional customer service,” stated Darcy Curran, CEO of Highline Aftermarket.  “When combined with Highline’s existing manufacturing and coast-to-coast distribution capabilities, South/Win strengthens Highline’s ability to serve customers nationwide.”  Will DuBose will lead Highline’s combined manufacturing business.

“We believe the Highline and South/Win combination will result in additional organic growth opportunities, significant synergies, and broader product and channel reach, including solidified leadership in the windshield wash market,” said Gary Rosenthal, a Partner at The Sterling Group. Highline has more than doubled in size during its two year partnership with Sterling and will continue to pursue both organic and acquisition related growth strategies.

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 52 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.

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



Acquisition

April 03, 2018

The Sterling Group Credit Fund Announces Investment in Systems Control, Inc.

The Sterling Group Credit Fund (“Sterling Credit”) has participated in a second lien loan facility and made an equity co-investment in support of Comvest Investment Partners’ Holdings, LLC (“Comvest”) acquisition of Northern Star Holdings, Inc (“NS Holdings”) from its founders.

Headquartered in Iron Mountain, Michigan, NS Holdings through its primary subsidiary Systems Control, Inc. is a market leading manufacturer of customized, highly engineered control and relay panels and custom-built enclosures. Systems Control also provides engineering services for a blue chip customer base primarily consisting of highly rated public electric utilities. Systems Control is the number one player in the substation equipment enclosure end market with a differentiated reputation for zero defect solutions.

“Sterling Credit was founded to partner with strong sponsors such as Comvest in their efforts to grow and expand leading middle market businesses,” said Sean Davenport, Partner with Sterling Credit. “We look forward to supporting Comvest’s investment strategy in the years to come.”

About The Sterling Group Credit Fund

Headquartered in Dallas, Texas, The Sterling Group Credit Fund was founded in 2017 to provide junior debt capital, with a targeted allocation to equity, to support investments in growing and profitable middle market companies. Sterling Credit aims to partner with private equity sponsors to support their investment strategy, including the initial acquisition and ongoing capital needs for both organic and acquisition based initiatives. Sterling Credit targets investments in industries such as industrials, consumer, food and distribution. For further information, please visit www.sterling-group.com/credit.

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



Acquisition

March 05, 2018

Construction Supply Group, a Portfolio Company of The Sterling Group, Acquires Zia Concrete Supply

The Sterling Group, a Houston-based middle market private equity firm, announced that its portfolio company, Construction Supply Group (“CSG”), has completed the acquisition of Zia Concrete Supply, a construction supply distributor operating out of Albuquerque, New Mexico since 1997.  Construction Supply Group is a leader in the distribution of construction materials, accessories and tools, primarily for professional concrete and masonry contractors in the United States and Canada. The combined company has 74 branches with over 1,150 employees and offers over 70,000 SKUs to nearly 25,000 customers.

Zia Concrete Supply is the seventh acquisition by Sterling as a 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. The company later executed a carve-out of five Gerdau distribution branches and the acquisitions of Carter Waters and Brock White of Wisconsin, extending its footprint throughout the Midwest. Following the transaction, Zia Concrete Supply will be integrated into CSG’s Southwestern business unit, Border Construction Specialties. “Construction Supply Group is the ideal partner for us,” said Mike and Grace Moore, Owners of Zia Concrete Supply. “Their platform will allow us to better serve our customers in the New Mexico market, and we are excited to grow with the business.”

“We look forward to partnering with Mike and Grace Moore and Zia Concrete Supply’s employees as we expand our footprint across the Southwest into New Mexico,” said Brian Saker, President of Border Construction Specialties. “This acquisition furthers our goal of providing comprehensive service and product offerings to professional contractors across North America,” said Mitch Williams, CEO of Construction Supply Group. Construction Supply Group will continue to seek further additions to its family of construction distribution businesses.

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 52 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.



Acquisition

March 01, 2018

Lynx FBO Network, a Portfolio Company of The Sterling Group, Acquires Fly Arkansas’ Little Rock FBO

The Sterling Group, a middle market private equity firm based in Houston, Texas, today announced that its platform company, Lynx FBO Network, has completed the acquisition of the FBO assets of Fly Arkansas at Clinton National Airport in Little Rock, Arkansas. Fly Arkansas retains the FBO at Boone County Airport and Aircraft Management and Charter. In August 2016, Sterling launched Lynx, a buy-and-build effort in the FBO industry, and is executing a plan to build a leading FBO network providing general aviation services. This marks their sixth acquisition since inception.

“We’re thrilled to welcome Little Rock to our growing network,” said Chad Farischon, a partner with Lynx. “Such an optimal location will allow us to better serve our customers across the southeast.”

Sterling has assembled a strong and experienced team to build the network. Greg Elliott, a Partner at The Sterling Group, has been involved in building several FBO networks in the past fifteen years, including roles as the Chairman of Encore and Trajen, and Board member of Landmark Aviation. Chad Farischon, Tyson Goetz, and Matt DeLellis are former members of large networks including Trajen, Landmark Aviation and Atlantic Aviation. The management team purchased and integrated over 50 FBOs over the course of their careers.

“Little Rock is an ideal location for us to continue our network’s expansion,” said Greg Elliott. “This allows us to further execute on our vision to create a preeminent, best-in-class FBO network.” Lynx currently operates locations near Destin, Florida, Portland, Oregon, Minneapolis, Minnesota and now Little Rock, Arkansas. Lynx and Sterling are actively seeking acquisitions in North America.

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 52 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.