August 03, 2016
Specified Air Solutions, a market leading manufacturer of semi-custom commercial and industrial HVAC equipment, has completed the acquisition of the Dectron pool dehumidification systems business (“Dectron”) from the Lakdawala family. Specified Air is a portfolio company of The Sterling Group, a Houston-based middle market private equity firm.
Headquartered in Montreal, Quebec, Dectron is a global provider of highly-engineered custom and semi-custom dehumidification, air quality and energy recovery solutions primarily for indoor pools. “Dectron is a strong addition to Specified Air’s broad portfolio of products that provide solutions across a wide variety of commercial and industrial HVAC needs,” said Charley Brown, CEO of Specified Air Solutions. The company serves a multitude of market applications including manufacturing facilities, warehouses, educational facilities, commercial buildings, lodging facilities, health care facilities, food processing plants and many more.
“The addition of Dectron is a part of Sterling’s targeted initiative to grow Specified Air by adding complimentary HVAC solutions,” said John Hawkins, a Partner at The Sterling Group. “We look forward to continuing to grow the business organically and through acquisition.”
Sterling acquired Specified Air Solutions (formerly Roberts-Gordon) in 2014 with the intention of growing and expanding the company’s ability to provide niche, high performance HVAC solutions to its customers.
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 48 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $2.4 billion of assets under management. For further information, please visit www.sterling-group.com.
June 20, 2016
The Sterling Group, a private equity firm based in Houston, Texas, announced the simultaneous acquisitions of North American Industrial Services (“North American”) and Evergreen Industrial Services (“Evergreen”). The combination of the two businesses will form a new leader in industrial cleaning and related specialty cleaning services.
Headquartered in Ballston Spa, New York, North American serves a diverse set of end markets with a strong geographic presence in the Northeast, Midwest, and Rocky Mountain regions. Headquartered in La Porte, Texas, Evergreen is a leader in the Texas and West Coast petrochemical, refining, and midstream end markets. North American founders, Frank and Tim Zilka, and Evergreen founder Jon Hodges will continue to run their respective businesses and have meaningfully reinvested in the new company.
“Frank and Tim Zilka and Jon Hodges have built exceptional businesses that will be even stronger as one organization,” said Kevin Garland, a Partner at The Sterling Group. “Together, with the addition of several tenured industry executives, we will execute on our collective vision to continue to grow organically and into new markets, offering an expanded ability to serve the new company’s diverse customer base across the United States.”
Mark Neas, former President of Brand Energy Solutions has been named CEO of the new company. “Through the combination of these two leading companies, we will build upon the strong market presence, reputation, and history of growth of both companies,” said Mark Neas. “Our larger combined company, supported by Sterling’s partnership, will provide us access to the necessary resources to support this exciting next phase of growth for our business.” Phil Hawk, former CEO and continuing Executive Chairman of TEAM Inc. (NYSE: TISI) has been named Executive Chairman of the new company.
Sterling has deep experience partnering with management teams in the industrial service sector. Past investments include HydroChem, Hudson and B&G Crane.
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 48 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $2.3 billion of assets under management. For further information, please visit www.sterling-group.com.
June 07, 2016
The Sterling Group, a private equity firm based in Houston, Texas, announced that its portfolio company, Safe Fleet, has completed the acquisition of FleetMind Solutions, Inc. (“FleetMind”). This marks Safe Fleet’s seventh acquisition during Sterling’s ownership. Safe Fleet is a leading supplier of safety components for fleet vehicles.
Based in Montreal, Canada, FleetMind delivers the waste industry’s leading “smart truck” solution – onboard computing (OBC) systems that enable waste and recycling fleets to link their drivers and vehicles to business operations in real-time to ensure improved safety, productivity, sustainability and customer service. FleetMind solutions have been successfully installed in thousands of refuse collection vehicles across North America, providing unprecedented real-time information to drivers and dispatchers about a truck’s load-weight, route status, service completion, vehicular telemetry, driver activities and more. As a result, FleetMind-powered fleets enjoy optimized safety, total visibility into route progress, greater driver accountability, improved customer service, and vastly improved fuel efficiencies.
“We are excited to welcome FleetMind into the Safe Fleet family. This acquisition supports our vision to build the leading global provider of safety solutions for fleet vehicles,” said John R. Knox, President & CEO of Safe Fleet. “The addition of FleetMind expands Safe Fleet’s growing position in fleet management software and hardware for specialty fleet vehicles. The FleetMind product line is complementary to Safe Fleet’s existing fleet management products and expands Safe Fleet’s penetration in the waste and recycling market.”
FleetMind is the company’s fourth acquisition in the video and telematics sector, an area of rapid growth for Safe Fleet. “Safe Fleet has doubled in size during its partnership with Sterling, and we remain focused on continued organic and acquisition related growth,” said Gary Rosenthal, a Partner at The Sterling Group. “Additions like FleetMind will further our ability to offer a full suite of safety solutions to our wide range of fleet customers.”
About Safe Fleet
Headquartered in Belton, MO, Safe Fleet owns a portfolio of brands that provide increased functionality and integrated solutions for fleet vehicle manufacturers and operators around the world. These brands serve five major markets including: emergency services, bus and rail, truck and trailer, work truck, and industrial. With over 1000 employees, the Safe Fleet family of brands operates almost 600,000 square feet of manufacturing space and targets markets with increasing demand for operator, passenger, and pedestrian safety. For more information about Safe Fleet 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 47 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $2.3 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.
May 20, 2016
The Sterling Group, a private equity firm based in Houston, Texas, announced that its portfolio company, Safe Fleet, has completed the acquisition of Rear View Safety (“RVS”). This marks Safe Fleet’s sixth acquisition during Sterling’s ownership. Safe Fleet is a leading supplier of safety components for fleet vehicles.
Based in Brooklyn, New York, Rear View Safety is one of the fastest growing providers of back up camera systems and video-based road safety solutions. Rear View Safety has been instrumental in driving the rapid adoption of video systems in commercial fleets including government fleets, recreational vehicles, truck, trailer, commercial van, construction, emergency, bus and shuttle, agriculture and industrial vehicles. Rear View Safety delivers outstanding quality, value and customer satisfaction.
“We are delighted to welcome the Rear View Safety business into the Safe Fleet family. This acquisition supports our vision to build the leading global provider of safety solutions for fleet vehicles,” said John R. Knox, President and CEO of Safe Fleet. “The addition of Rear View Safety expands Safe Fleet’s leadership position in specialty video products for fleet vehicles in North America and one of the top suppliers worldwide. The RVS product line is complementary to Safe Fleet’s existing video products and positions Safe Fleet as a leading video supplier in all of its fleet end markets.”
“Safe Fleet will continue to pursue strategic growth across the fleet vehicle market, expanding our product offering both organically and through acquisition,” said Gary Rosenthal, a Partner at The Sterling Group. “The company has doubled in size during its partnership with Sterling, and with that has come the expanded ability to serve our important fleet customers.”
About Safe Fleet
Headquartered in Belton, MO, Safe Fleet owns a portfolio of brands that provide increased functionality and integrated solutions for fleet vehicle manufacturers and operators around the world. These brands serve five major markets including: emergency services, bus and rail, truck and trailer, work truck, and industrial. With over 1000 employees, the Safe Fleet family of brands operates almost 600,000 square feet of manufacturing space and targets markets with increasing demand for operator, passenger, and pedestrian safety. For more information about Safe Fleet 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 47 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $2.3 billion of assets under management. For more information, please visit www.sterling-group.com.
Past performance is no guarantee of future results and all investments are subject to loss.
January 04, 2016
The Sterling Group, a middle market private equity firm, today announced that its portfolio company, Dexter Axle, has completed the acquisition of AL-KO VT. The combined companies have been renamed DexKo Global Inc. Today’s acquisition and the formation of DexKo Global Inc. creates the global leader in trailer axle and chassis supply with sales approaching nearly $1 billion.
AL-KO is Dexter’s fourth acquisition under Sterling ownership and its third corporate carve-out. Dexter completed the carve-out from the family-owned AL-KO Kober SE, who will remain a significant shareholder in DexKo Global Inc.
Headquartered in Kötz, Germany, AL-KO VT is the leading European designer and manufacturer of trailer axles, trailer and caravan components, chassis and motorized chassis. The company operates from 20+ locations around the world, including in Europe, Australia, South Africa, and China.
Dexter is the clear market leader in quality, innovation and service in North America. The addition of Dexter’s European counterpart will result in an even stronger organization. The two companies will be able to leverage shared resources and technology, as well as the advantages of a global footprint and significantly expanded scale. Dexter and AL-KO VT will remain under their current brands as market leaders in their respective geographies.
“The addition of AL-KO VT is transformative for Dexter, nearly doubling the company’s size and significantly expanding its company’s geographic footprint,” said Kevin Garland, Partner at The Sterling Group. “We look forward to executing on the operational and strategic opportunities that exist at DexKo Global Inc.”
Fred Bentley, Dexter board member and former CEO of Maxion Wheels, has been named President and CEO of DexKo Global Inc. “I am excited by the opportunity to lead and bring together two world class organizations. We will focus on continuing to lead with great technology and customer service and to expand our strong market leadership positions. It is truly an exciting time for this new organization and we will use our collective strengths for the benefit of all of our customers, employees, suppliers and stakeholders,” said Fred Bentley. Adam Dexter will continue in his current responsibilities as President and CEO of the US-based Dexter.
About The Sterling Group, L.P.
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 $500 million. Sterling has sponsored the buyout of 46 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has $2.3 billion of assets under management. Current portfolio companies include CST Industries, Express, Saxco International, DexKo Global Inc., Safe Fleet, Specified Air Solutions, American Bath Group and ProcessBarron.
Past performance is no guarantee of future results and all investments are subject to loss.
July 01, 2015
The Sterling Group, a private equity firm based in Houston, Texas, announced that its portfolio company, Safe Fleet Investments LLC, has completed the acquisition of the transit mirror product line for buses, shuttles and coaches from Hadley. This marks Safe Fleet’s fifth acquisition in the last eighteen months, as well as the second corporate carve-out.
Based in Elkhart, Indiana, Hadley’s transit mirrors business is the North American market leader for transit bus mirrors. The combination of Hadley’s transit mirror business with Safe Fleet’s existing transit offerings establishes Safe Fleet as the leading supplier of specialty safety components for transit buses. The acquisition further broadens Safe Fleet’s extensive, safety-oriented product offering, in line with its on-going growth strategy.
“We are delighted to welcome the Hadley transit mirrors business into the Safe Fleet family. This acquisition supports our vision to build the leading global provider of safety solutions for fleet vehicles,” said John R. Knox, President & CEO of Safe Fleet. “Additionally, Safe Fleet is well positioned to offer our full product line of mirrors, hatches, lighting, interiors and video to the school bus, motor coach, RV, shuttle bus, emergency and military vehicle markets.”
“Safe Fleet will continue to pursue strategic growth across the fleet vehicle market, expanding our product offering both organically and through acquisition,” said Brian Henry, a Partner at The Sterling Group. “The company has nearly doubled in size during its eighteen month partnership with Sterling, and with that has come the expanded ability to serve our important fleet customers.”
Sterling utilized its extensive experience executing over 22 corporate carve-outs to assist Safe Fleets’ acquisition of the Hadley transit mirrors product line.
About Safe Fleet
Headquartered in Belton, MO, Safe Fleet owns a portfolio of brands that provide increased functionality and integrated solutions for fleet vehicle manufacturers and operators around the world. These brands serve five major markets including: emergency services, bus and rail, truck and trailer, utility, and industrial. With 1,000 employees, the Safe Fleet family of brands operates almost 600,000 square feet of manufacturing space and targets markets with increasing demand for operator, passenger, and pedestrian safety. For more information about Safe Fleet 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 $500 million. Sterling has sponsored the buyout of 46 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $1.2 billion of assets under management through two active funds. Current portfolio companies include CST Industries, Universal Fiber Systems, Express, Saxco International, Liqui-Box, Dexter Axle, Safe Fleet, Specified Air Solutions, American Bath Group and ProcessBarron.
Past performance is no guarantee of future results and all investments are subject to loss.
May 01, 2015
The Sterling Group, a private equity firm based in Houston, Texas, announced that it has completed the acquisition of Process Equipment, Inc. (“ProcessBarron”). Sterling acquired the business from the founding family and management team who are reinvesting alongside Sterling in the new transaction.
Headquartered in Birmingham, Alabama, ProcessBarron is a leading provider of custom turn-key air and material handling solutions to a variety of industries including utility providers and pulp, paperboard, metals and cement producers. The company designs, engineers, fabricates, installs, maintains and repairs equipment critical in powering industrial plants in a variety of end markets.
“Over the past 30 years, ProcessBarron has provided best in class service and equipment to a variety of process industries,” said Ken Nolen, President of ProcessBarron. “The entire ProcessBarron team looks forward to partnering with Sterling to further expand the business.”
Sterling has a long history of partnering with family- and entrepreneur- owned businesses to achieve new levels of financial performance. “ProcessBarron has a unique value proposition in its niche markets,” said Greg Elliott, Partner at The Sterling Group. “We look forward to working with the ProcessBarron team to continue to broaden their product offerings and geographical reach to provide value to their customers.”
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 $500 million. Sterling has sponsored the buyout of 45 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $1.2 billion of assets under management through two active funds. Current portfolio companies include CST Industries, Universal Fiber Systems, Express, B&G Crane, Saxco International, Liqui-Box, Dexter Axle, Safe Fleet, Specified Air Solutions and American Bath Group.
Past performance is no guarantee of future results and all investments are subject to loss.
April 27, 2015
The Sterling Group, a private equity firm based in Houston, Texas, announced that its portfolio company, Safe Fleet Investments LLC, has completed the acquisition of Elkhart Brass. Safe Fleet is the market leader in providing safety solutions for fleet vehicles. The company designs and manufactures safety-oriented components for the emergency vehicle, truck and trailer, utility vehicle, school bus, and transit bus end markets. Elkhart Brass is Safe Fleet’s third acquisition in the last fifteen months and further broadens Safe Fleet’s extensive, safety-oriented product offering, in line with its on-going growth strategy. Elkhart Brass is an innovative manufacturer of fire fighting and fire protection equipment, including monitors, valves, nozzles, appliances and accessories used in virtually every aspect of fire fighting. “We are excited to welcome Elkhart Brass into the Safe Fleet family. The combination of Elkhart Brass with FRC and Foam Pro will enable us to develop integrated systems of monitors, valves, foam proportioning and electronic controls for the global emergency market,” said John R. Knox, President & CEO of Safe Fleet. “This acquisition supports our vision to build the leading global provider of safety solutions for fleet vehicles.”
Safe Fleet was formed in 2013 through the simultaneous acquisitions of ROM Corporation and Specialty Manufacturing Inc. The growing Safe Fleet portfolio includes ten leading brands serving the safety and productivity needs for a variety of end markets. “Safe Fleet is committed to increasing its ability to provide critical safety products to its loyal customer base,” said Brian Henry of The Sterling Group. Safe Fleet will continue to pursue new acquisition opportunities to expand the products and solutions it offers its fleet vehicle customers.
About Safe Fleet
Headquartered in Belton, MO, Safe Fleet owns a portfolio of brands that provides safety-oriented components and integrated solutions for fleet vehicle manufacturers and operators around the world. These brands serve five major markets including: emergency services, bus and rail, truck and trailer, utility, and industrial. With almost 1000 employees, the Safe Fleet family of brands operates over 500,000 square feet of manufacturing space and targets markets with increasing demand for operator, passenger and pedestrian safety. For more information about Safe Fleet please visit www.safefleetsolutions.com.
About The Sterling Group, L.P.
Founded in 1982, The Sterling Group, L.P. (www.sterling-group.com) 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 $500 million. Sterling has sponsored the buyout of 45 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $1.1 billion of assets under management. Current portfolio companies include CST Industries, Universal Fiber Systems, Express, B&G Crane, Saxco International, Liqui-Box, Dexter Axle, Safe Fleet, Specified Air Solutions and Aquatic.
Past performance is no guarantee of future results and all investments are subject to loss.
January 27, 2015
The Sterling Group, a middle market private equity firm based in Houston, Texas, today announced Specified Air Solutions as the new name for its portfolio of HVAC companies. The company previously operated under the name Roberts-Gordon LLC and was acquired by Sterling in July 2014.
Specified Air Solutions is an international manufacturer of semi-custom commercial and industrial HVAC equipment, as well as industrial process and finishing equipment. The Specified Air portfolio includes many well known brands such as Addison, Rapid Engineering, Weather-Rite, Bananza, Phoenix Air Systems, Combat, and Roberts Gordon. Each of these product lines will retain their respective names serving a wide range of market applications including manufacturing facilities, warehouses, educational facilities, commercial buildings, health care facilities, food processing plants, and many more. The products are produced in five manufacturing facilities in the United States and the United Kingdom.
“Specified Air Solutions is a group of leading manufacturers in a number of HVAC applications,” said John Hawkins, Partner at The Sterling Group. “The company will focus on the significant organic growth opportunities that exist and will be the platform for acquisitions into complementary HVAC markets.”
President and CEO of Specified Air Solutions, Charley Brown said, “We have an excellent portfolio of product lines with valuable names in their respective markets, and we plan to meaningfully expand on the company’s prior success. The Specified Air Solutions name more clearly represents both our current identity and future aspirations in the market for semi-custom HVAC solutions.”
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 $500 million. Sterling has sponsored the buyout of 45 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $1.1 billion of committed capital under management through two funds. Current portfolio companies include CST Industries, Universal Fiber Systems, Express, B&G Crane, Saxco International, Liqui-Box, Dexter Axle, Safe Fleet, Specified Air Solutions and Aquatic.
Past performance is no guarantee of future results and all investments are subject to loss.
September 19, 2014
The Sterling Group, a private equity firm based in Houston, Texas, today announced that its portfolio company, Safe Fleet Holdings LLC, has completed the acquisition of Seon Design Inc. Safe Fleet is a market leader in providing safety solutions for fleet vehicles. The company designs and manufactures safety- and productivity-oriented components for the emergency vehicle, truck and trailer, utility vehicle, school bus, and transit bus end markets. Seon is Safe Fleet’s second acquisition in the last nine months and further broadens Safe Fleet’s extensive product offering, in line with its on-going growth strategy.
Seon is the leading manufacturer of video surveillance and fleet management solutions for school and transit buses. “Seon has developed and built an industry-leading software and hardware platform for mobile surveillance and fleet asset tracking and management,” said John R. Knox, Safe Fleet President and CEO. “The Seon products and capabilities are a great addition to Safe Fleet’s existing portfolio and will help us further serve our fleet vehicle customers.”
Safe Fleet was formed in 2013 through the simultaneous acquisitions of ROM Corporation and Specialty Manufacturing Inc. “Safe Fleet is committed to increasing its ability to provide critical safety products to its loyal customer base,” said Gary Rosenthal, a Partner at The Sterling Group. Safe Fleet will continue to pursue new acquisition opportunities to expand the products and solutions it offers its fleet vehicle customers.
About Safe Fleet
Headquartered in Belton, MO, Safe Fleet is a leading provider of safety solutions for fleet vehicles. Safe Fleet owns a portfolio of brands that help its customers improve the safety and efficiency of their fleets, operators, passengers and pedestrians. These fleets include: emergency vehicles, refrigerated trucks and trailers, utility vehicles, and bus and rail cars. The Safe Fleet family of brands includes ROM, Bustin, Prime Design, FRC, Specialty Manufacturing (SMI), Pretoria, Transpec, FoamPro, and now Seon. For more information about Safe Fleet and its family of brands, please visit www.safefleetsolutions.com.
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 $500 million. Sterling has sponsored the buyout of 45 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $1.0 billion of committed capital under management through three funds. Current portfolio companies include CST Industries, Universal Fiber Systems, Express, B&G Crane, Saxco International, Liqui-Box, Dexter Axle, Safe Fleet, Roberts Gordon and Aquatic.
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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