News

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.



Acquisition

January 03, 2018

Construction Supply Group, A Portfolio Company of The Sterling Group, Acquires Brock White of Wisconsin

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 Brock White of Wisconsin, a construction supply distributor in the Milwaukee, Wisconsin area. 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 73 branches with 1,150 employees and offers over 70,000 SKUs to nearly 25,000 customers.

Brock White of Wisconsin is the sixth acquisition by Sterling as a part of the Construction Supply platform. Brock White of Wisconsin spun out of CSG’s Brock White subsidiary in 1973 and has been operating in the Milwaukee area since that time. Following the transaction, Brock White of Wisconsin will be integrated into Brock White and will continue to go to market under the Brock White name. “Construction Supply Group and Brock White are the perfect fit for our company,” said Julie Anderson, Owner and President of Brock White of Wisconsin. “My father acquired the business from Brock White in 1973. By rejoining with Brock White, the business has come full circle. We are excited about the combined company’s future.”

“This acquisition continues our path toward building North America’s leading construction supply distributor. The business gives us better access to serve the Milwaukee market. We are excited to add another great team with many years of experience and success to the CSG family,” said Mitch Williams, CEO of Construction Supply Group.

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 acquisition of Carter Waters, extending its footprint throughout the Midwest. 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 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.



Acquisition

December 11, 2017

Safe Fleet, A Portfolio Company of The Sterling Group, Acquires MobileView® from Interlogix

The Sterling Group, a private equity firm based in Houston, Texas, announced that its portfolio company, Safe Fleet, has completed the acquisition of MobileView (“MOBILEVIEW”) from Interlogix, a part of UTC Climate, Controls & Security, a unit of United Technologies Corp.  This marks Safe Fleet’s tenth acquisition during Sterling’s ownership, as well as their third corporate carve-out. Safe Fleet is a leading supplier of safety components for fleet vehicles.

MOBILEVIEW is the leading provider of mobile surveillance and video management solutions to more than 35,000 transit bus and rail vehicles in the United States. MOBILEVIEW’S products enable transportation professionals to capture, record, analyze, and control video evidence to enhance security, maximize resources, and increase vehicle uptime.

“MOBILEVIEW’S solutions are best-in-class servicing a significant number of transit agencies in North America. We believe the addition of MOBILEVIEW to Safe Fleet’s leading video positions in school and transit bus, fire, law enforcement, waste, and commercial markets extends Safe Fleet’s position as the largest global provider of video solutions to the fleet market,” stated John Knox, CEO of Safe Fleet.  Safe Fleet’s acquisition of MOBILEVIEW is the company’s sixth acquisition in the video and telematics sector.

“Sterling and Safe Fleet management have partnered together to build a winning business in Safe Fleet,” said Brian Henry, Partner at The Sterling Group.  “Through a series of organic initiatives and a wide variety of acquisitions, we have built a business that better serves customers.”

About Safe Fleet

Headquartered in Belton, MO, Safe Fleet owns a portfolio of brands that provide safety solutions to fleet vehicle manufacturers and operators around the world.  These brands serve several major markets including: Bus, Rail, RV, Truck & Trailer, Work Truck, Law Enforcement, Emergency, Waste, Industrial and Military.  With over 1,100 employees and 10 manufacturing locations, Safe Fleet targets markets with increasing demand for operator, passenger, and pedestrian safety. For more information about Safe Fleet and our portfolio of brands 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 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.



Acquisition

October 25, 2017

Safe Fleet, A Portfolio Company of The Sterling Group, Acquires COBAN Technologies, Inc.

The Sterling Group, a private equity firm based in Houston, Texas, announced that its portfolio company, Safe Fleet, has completed the acquisition of COBAN Technologies, Inc. (“COBAN”). This marks Safe Fleet’s ninth acquisition during Sterling’s ownership.  Safe Fleet is a leading supplier of safety components for fleet vehicles.

COBAN is a leading supplier of body cameras and in-car video solutions for law enforcement.  “COBAN is an excellent addition to Safe Fleet’s portfolio.  We believe the combination of COBAN’s position in law enforcement with Safe Fleet’s leading video positions in School and Transit Bus, Fire, Waste, and Commercial markets establishes Safe Fleet as the largest global provider of video solutions to the fleet market,” stated John Knox, CEO of Safe Fleet.  “Safe Fleet/COBAN is now the only video provider able to comprehensively supply common and integrated video solutions to all First Responder departments as well as all municipal fleet markets.”

“The partnership with COBAN further strengthens Safe Fleet’s robust family of technology and safety solutions for a growing list of fleet end markets,” said Gary Rosenthal, Partner at The Sterling Group. COBAN marks the company’s fifth acquisition in the video and telematics sector.

About Safe Fleet

Headquartered in Belton, MO, Safe Fleet owns a portfolio of brands that provide safety solutions to fleet vehicle manufacturers and operators around the world.  These brands serve several major markets including: Bus, Rail and RV, Truck and Trailer, Work Truck, Emergency, Waste, and Industrial and Military.  With over 1,100 employees and 10 manufacturing locations, Safe Fleet targets markets with increasing demand for operator, passenger, and pedestrian safety. For more information about Safe Fleet and our portfolio of brands 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 52 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $2.1 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.