April 14, 2025
The Sterling Group (“Sterling”), a middle market private equity firm, announced today that it has agreed to sell Artisan Design Group (“ADG” or the “Company”) to Lowe’s Companies, Inc. (NYSE: LOW) for $1.325 billion. ADG is a leading nationwide provider of design, distribution and installation services for interior surface finishes, including flooring, cabinets and countertops, to national, regional, and local homebuilders and property managers.
Headquartered in Dallas, Texas, ADG operates 132 distribution, design and service facilities and coordinates installation through over 3,200 personnel across 18 states. “Since initially partnering with co-founders Larry Barr and Wayne Joseph in 2018, Sterling has been proud to support ADG during a period of significant growth and expansion,” said Johann Friese, Director at The Sterling Group. Under Sterling’s ownership, ADG has completed 15 acquisitions, each of which was founder or entrepreneur owned. Sterling has a 40+ year history of partnering with founder- and family-owned industrial businesses.
ADG will expand Lowe’s Pro offering into a new distribution channel within a highly fragmented, approximately $50 billion market. “With more than 18 million homes needed in the United States by 2033, we expect new home construction will be a major driver of Pro planned spend for the next decade. The acquisition of ADG allows us to build on our momentum with Pro planned spend and is expected to expand our total addressable market by approximately $50 billion,” said Marvin R. Ellison, Lowe’s chairman, president and CEO. “With its strong, customer-centric operating model, ADG has become an industry leader with best-in-class customer satisfaction scores from the top builders in the U.S. We look forward to welcoming the ADG team to Lowe’s, and, through our combined capabilities, enhancing our offering to our expanded Pro customer base.”
“We are thrilled for ADG to join forces with Lowe’s,” said Steve Margolius, ADG’s CEO. “Our leading position in flooring, cabinets and countertops, combined with Lowe’s scale and category breadth, will allow us to continue on our growth trajectory while providing an even more differentiated and comprehensive offering to the builders and property managers we serve today.”
The transaction is expected to close in the second quarter of 2025, subject to receipt of requisite regulatory approvals and satisfaction of other customary closing conditions. RBC Capital Markets is acting as lead financial advisor to ADG. Goldman Sachs is also acting as financial advisor to ADG. Latham & Watkins LLP is acting as legal advisor to ADG.
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About Artisan Design Group
ADG provides design, distribution, and installation services for interior finishes including flooring, cabinets, and countertops to national and local homebuilders and property managers. Formed in 2016 by the merging of two industry leaders, ADG currently operates 132 distribution, design, and service facilities in 18 states, and is headquartered in Dallas, Texas.
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 74 platform companies and numerous add-on acquisitions for a total transaction value of over $25 billion. Sterling currently has $9.4 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.
About Lowe’s
Lowe’s is a FORTUNE® 50 home improvement company serving approximately 16 million customer transactions a week in the United States. With total fiscal year 2024 sales of more than $83 billion, Lowe’s operates over 1,700 home improvement stores and employs approximately 300,000 associates. Based in Mooresville, N.C., Lowe’s supports the communities it serves through programs focused on creating safe, affordable housing, improving community spaces, helping to develop the next generation of skilled trade experts and providing disaster relief to communities in need. For more information, visit Lowes.com.
Disclosure Regarding Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements including words such as “believe”, “expect”, “anticipate”, “plan”, “desire”, “project”, “estimate”, “intend”, “will”, “should”, “could”, “would”, “may”, “strategy”, “potential”, “opportunity”, “outlook”, “scenario”, “guidance”, and similar expressions are forward-looking statements. Forward-looking statements involve, among other things, expectations, projections and assumptions about future financial and operating results, business outlook, priorities, sales growth, shareholder value, the housing market, the home improvement industry, demand for products and services including customer acceptance of new offerings and initiatives. Such statements involve risks and uncertainties, and we can give no assurance that they will prove to be correct. Actual results may differ materially from those expressed or implied in such statements.
A wide variety of potential risks, uncertainties, and other factors could materially affect the ability to achieve the results either expressed or implied by these forward-looking statements including, but not limited to, the occurrence of any event or other circumstance that could give rise to the right of one or both of the parties to terminate the merger agreement between Lowe’s and ADG, the failure to obtain the requisite approvals or to satisfy the other conditions to the proposed merger on a timely basis or at all, the possibility that the anticipated benefits and synergies of the merger are not realized when expected, or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of changes in general economic conditions. All such forward-looking statements speak only as of the date they are made, and Lowe’s does not undertake any obligation to update these statements other than as required by law.
March 05, 2025
The Sterling Group (“Sterling”), a middle market private equity firm, announced today that it has completed the sale of Frontline Road Safety (“Frontline” or the “Company”) to Bain Capital. Frontline is the largest provider of pavement marking and ancillary services in the U.S. Financial terms of the private transaction were not disclosed.
Headquartered in Denver with over 50 locations across the U.S., Frontline specializes in providing essential, non-discretionary road marking and other roadway safety services to keep our nation’s most critical infrastructure safe and operational. Frontline leverages the knowledge and execution of its regional businesses alongside the benefits of national scale to deliver superior service to its customers.
Sterling launched the Frontline platform in 2020 with the near-simultaneous acquisitions of three founder-led regional pavement marking firms. Sterling recruited Mitch Williams, the CEO of a previous Sterling portfolio company, to lead the newly formed management team. Nate Reeve, a member of the Sterling investment team, moved to Denver for a year to assist in establishing the corporate headquarters function and the infrastructure required to build and scale Frontline. During Sterling’s ownership, Frontline completed nineteen total acquisitions, seventeen of which were of family or entrepreneur-owned businesses. Sterling’s experience partnering with family sellers and history of sharing economics with employees were important factors in building Frontline.
“Since launching the Frontline platform in 2020, Sterling has been proud to support the Company’s tremendous growth and expansion,” said Brad Staller, Partner at Sterling. “We would like to thank Mitch, the excellent field leaders, and the entire Frontline team for their leadership and partnership in building Frontline. We believe the Company remains well-positioned to continue expanding its services and geographic footprint.”
Harris Williams LLC and Guggenheim Securities, LLC served as financial advisors, and Latham & Watkins LLP served as legal advisor to Frontline Road Safety. Stifel and UBS Investment Bank acted as financial advisors, and Kirkland & Ellis LLP served as legal advisor to Bain Capital.
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About Frontline Road Safety
Headquartered in Denver, Colorado, Frontline Road Safety Group is the nation’s largest provider of pavement marking services. Frontline proudly serves a wide variety of customers and industries, including airports, government agencies, public highways, roads, and private corporations. Committed to a deep local operational leadership strategy, Frontline’s team members have decades of industry experience and technical expertise at every level. Through a team of best-in-class local operating companies, Frontline serves customers across the United States. These companies have an unmatched reputation and average of over forty years of successful experience building long-term relationships with their customers.
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 73 platform companies and numerous add-on acquisitions for a total transaction value of over $25 billion. Sterling currently has $9.2 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.
February 23, 2024
The Sterling Group (“Sterling”), a middle market private equity firm, announced today that it has completed the sale of Evergreen North America Industrial Services (“Evergreen”) to Quanta Services. Evergreen is a leading provider of specialized and recurring environmental solutions for a diverse range of blue-chip industrial businesses and mission critical infrastructure.
Sterling created Evergreen through the combination of family owned, New York based North American Industrial Services and Houston based Evergreen Environmental Services. Since the combination, Evergreen has continued to expand its footprint and grow its ability to serve customers with its solutions nationally. Combined with Quanta Services leadership in specialty infrastructure solutions, Evergreen is poised to continue its track record of delivering the highest quality services to its customers.
Latham & Watkins served as legal counsel and BlackArch Partners served as financial advisor to Evergreen and Sterling.
About Evergreen North America Industrial Services
Evergreen is a leading provider of environmental solutions to the downstream and midstream energy, industrial, and chemical sectors. With a customer-centric culture and employees committed to safety, integrity, accountability and adaptability, Evergreen serves a diverse set of end markets, including refining, power generation, petrochemical, manufacturing, mining, waste-to-energy, and pulp & paper at locations throughout North America. Additional information about Evergreen is available at www.enais.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 billion. Sterling currently has over $6 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.
December 03, 2021
The Sterling Group, a middle market private equity firm, announced today that it has completed the sale of Time Manufacturing Holdings, LLC (“Time Manufacturing Company”, or “Time”) to an affiliate of H.I.G. Capital (“H.I.G.”). Headquartered in Waco, Texas, Time Manufacturing Company is a global designer, manufacturer, and distributor of vehicle-mounted aerial lifts for electric utility, telecommunications, infrastructure, and forestry end markets.
Sterling acquired Time in 2017 from a family who had owned the business for over forty years. Sterling recruited key additions to a strong team, led by Curt Howell, to lead Time during its next phase of growth. Over the past five years, Sterling has invested heavily in team additions, technology improvements, manufacturing efficiencies, and commercial initiatives. Through nine acquisitions, Time also entered new end markets, expanded the company’s presence in Europe, and improved its aftermarket service capabilities. Time has been transformed into a global leader with stronger margins and a proven track record of growth.
“Time is a great example of a classic Sterling investment,” said Brad Staller, a Partner at The Sterling Group. “We partner with management teams and family sellers across all aspects of a business to drive growth and build winning businesses. We would like to thank Curt and the entire management team for their exceptional leadership and execution.”
“Sterling’s partnership and support enabled Time to reach new levels of profitability,” said Curt Howell, CEO of Time Manufacturing Company. “We are excited to continue building on the company’s success in partnership with H.I.G.”
The Sterling Group has decades of experience partnering with management teams to execute family-owned business transitions, like Time. Approximately 75% of Sterling platform investments in the last five years have involved partnerships with family or entrepreneur owned or operated businesses.
Willkie Farr & Gallagher LLP served as legal counsel, and Baird acted as the lead financial advisor to Sterling and Time, with D.A. Davidson & Co. also serving as a financial advisor to Sterling and Time.
About Time Manufacturing Company
Time Manufacturing Company is a global manufacturer of bucket trucks, digger derricks, cable placers, truck bodies, buckets, and other specialty equipment for electric utility, telecommunications infrastructure, bridge inspection, tree care, and other fleet-supported industries. Selling via the Versalift, BrandFX, Aspen Aerials, Ruthmann, Steiger, Ecoline and Bluelift brands, the Company employs more than 2,000 associates worldwide. For more information, visit https://timemfg.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 at initial formation range from $100 million to $750 million. Sterling has sponsored the buyout of 61 platform companies and numerous add-on acquisitions for a total transaction value of over $14.0 billion. Sterling recently closed its fifth investment fund with $2.0 billion in commitments and currently has over $5.7 billion of assets under management. For further information, please visit sterling-group.com.
November 10, 2020
The Sterling Group, a middle market private equity firm, announced today that it has completed the sale of Highline Aftermarket Holdings, LLC (“Highline”) to Pritzker Private Capital. Highline is a leading national distributor and manufacturer of automotive aftermarket products.
Sterling formed Highline in 2016 through the simultaneous acquisitions of DYK Automotive, owned by the Dobbs’ family office and AAHC, a corporate carve-out from Marubeni. In bringing together these two businesses, and through five subsequent acquisitions, Sterling built a leading company in the distribution and manufacture of consumables in the automotive aftermarket.
“Sterling’s deep experience in distribution and value added, hands-on approach to partnering with our management team, was instrumental in building Highline from a group of separate legacy businesses into an integrated, functionally organized, efficient market leader taking advantage of numerous growth opportunities,” said Darcy Curran, Highline CEO.
“Working with Sterling, Darcy Curran and the entire Highline team drove exceptional execution,” said Gary Rosenthal, a Partner at The Sterling Group. “During Sterling’s ownership, Highline has more than tripled in size, with every aspect of the business experiencing investment and significant improvement. Additionally, consistent with Sterling’s practice, a large number of Highline employees became equity holders and will benefit substantially from the transaction.”
The Sterling Group has almost four decades of experience partnering with management teams to execute corporate carve-outs and family owned business transitions. Over the last five years, five of Sterling’s new platforms, like Highline, have been formed through the initial simultaneous acquisition of two or more companies.
About Highline Aftermarket
Headquartered in Memphis, TN, Highline Aftermarket is a leading national distributor of automotive products, with fifteen distribution centers and eight manufacturing facilities serving multiple channels across the aftermarket industry. With more than 500 employees, Highline serves as a critical link between manufacturers and customers, offering a robust portfolio of national brands, original-equipment replacement products, private-label goods, and in-house chemical blending and packaging. Highline is the leading manufacturer of windshield wash in the U.S.
Additional information about Highline Aftermarket is available at www.highlineaftermarket.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 at initial formation range from $100 million to $750 million. Sterling has sponsored the buyout of 57 platform companies and numerous add-on acquisitions for a total transaction value of over $14.0 billion. Sterling recently closed its fifth investment fund with $2.0 billion in commitments and currently has over $4.0 billion of assets under management. For further information, please visit www.sterling-group.com.
October 08, 2020
The Sterling Group, a middle market private equity firm, announced today that it has signed a definitive agreement to sell Highline Aftermarket Holdings, LLC (“Highline”) to Pritzker Private Capital. Highline is a leading national distributor and manufacturer of automotive aftermarket products. The transaction is expected to close by December 2020.
Sterling formed Highline in 2016 through the simultaneous acquisitions of DYK Automotive, owned by the Dobbs’ family office and AAHC, a corporate carve-out from Marubeni. In bringing together these two businesses, and through five subsequent acquisitions, Sterling built a leading company in the distribution and manufacture of consumables in the automotive aftermarket.
“Sterling’s deep experience in distribution and value added, hands-on approach to partnering with our management team, was instrumental in building Highline from a group of separate legacy businesses into an integrated, functionally organized, efficient market leader taking advantage of numerous growth opportunities,” said Darcy Curran, Highline CEO.
“Working with Sterling, Darcy Curran and the entire Highline team drove exceptional execution,” said Gary Rosenthal, a Partner at The Sterling Group. “During Sterling’s ownership, Highline has more than tripled in size, with every aspect of the business experiencing investment and significant improvement. Additionally, consistent with Sterling’s practice, a large number of Highline employees became equity holders and will benefit substantially from the transaction.”
The Sterling Group has almost four decades of experience partnering with management teams to execute corporate carve-outs and family owned business transitions. Over the last five years, five of Sterling’s new platforms, like Highline, have been formed through the initial simultaneous acquisition of two or more companies.
ABOUT HIGHLINE AFTERMARKET
Headquartered in Memphis, TN, Highline Aftermarket is a leading national distributor of automotive products, with fifteen distribution centers and eight manufacturing facilities serving multiple channels across the aftermarket industry. With more than 500 employees, Highline serves as a critical link between manufacturers and customers, offering a robust portfolio of national brands, original-equipment replacement products, private-label goods, and in-house chemical blending and packaging. Highline is the leading manufacturer of windshield wash in the U.S.
Additional information about Highline Aftermarket is available at www.highlineaftermarket.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 $750 million. Sterling has sponsored the buyout of 57 platform companies and numerous add-on acquisitions for a total transaction value of over $14.0 billion. Currently, Sterling has over $4.0 billion of assets under management.
For more information, please visit sterling-group.com.
March 06, 2019
The Sterling Group, an operationally focused middle market private equity firm, today announced that it has completed the sale of Process Barron to funds managed by Carousel Capital.
Headquartered in Birmingham, Alabama, Process Barron designs, manufactures and installs industrial process fans and material handling systems and provides follow-on service and maintenance for this equipment. Process Barron serves various industries including pulp and paper, power, steel, cement, food, and agriculture.
Sterling partnered with Process Barron’s management team, members of its founding family, in 2015. “Important to our family was the right cultural fit and the ability to reinvest alongside our partners,” said Ken Nolen, CEO of Process Barron. “Sterling has been the right partner for our family and for all employees. We look forward to future continued growth with Carousel Capital.”
Founded in 1982, Sterling has a long history of partnering with family owned businesses. Recent family or entrepreneur owned partnerships include those with Tangent Technologies, Time Manufacturing, Construction Supply Group, and Evergreen North America.
Terms of the transaction were not disclosed. Houlihan Lokey and Willkie Farr & Gallagher advised Sterling on the transaction.
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 $1.9 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.
October 02, 2018
The Sterling Group announced that it has completed the sale of Specified Air Solutions to Madison Industries.
Headquartered in Grand Rapids, Michigan, Specified Air Solutions is a multi-branded, commercial and industrial HVAC equipment manufacturer focused on providing end users with semi-custom, energy efficient solutions for indoor air quality, cooling, heating, and dehumidification needs. The company’s diverse product offering is utilized in a range of niche market applications, including education, hospitality, distribution warehouses, retail, community centers, vehicle service shops, commercial offices, and manufacturing facilities. The company complements Madison Industries’ suite of HVAC solutions that bring the highest possible indoor air quality.
Sterling launched the Specified Air Solutions platform in 2014 with the acquisition of Roberts-Gordon. Through a combination of organic growth initiatives and three acquisitions, the business has grown over three times in size. “Our goal was to help a formerly family operated company quickly grow into a leading commercial HVAC solutions provider,” said John Hawkins, a Partner at The Sterling Group. “In partnership with an exceptional and deep management team, Sterling transformed Specified Air Solutions into a winning business for employees, customers and investors alike.”
“Sterling was the right strategic, operational and financial partner for Specified Air Solutions’ recent period of strong growth. We look forward to capitalizing on the business’ momentum in partnership with Madison,” said Charley Brown CEO of Specified Air Solutions.
Since 1982, Sterling has been partnering with management teams of family owned businesses and corporate carve-outs to transform companies in the industrial sector. Sterling was advised by BlackArch Advisors and Bracewell LLP. Financial details of the transaction were not disclosed.
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 $1.9 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.
February 01, 2018
The Sterling Group, an operationally focused middle market private equity firm, has completed the sale of Safe Fleet to funds managed by Oak Hill Capital Partners. Financial terms of the transaction were not disclosed.
Headquartered in Belton, Missouri, Safe Fleet provides a wide variety of safety solutions for fleet vehicles, including the following end markets: bus, rail, RV, truck and trailer, work truck, law enforcement, emergency, waste, industrial and military end markets. In 2013, Sterling created Safe Fleet by simultaneously acquiring ROM Corporation and Specialty Manufacturing, Inc., two distinct businesses that made components for different types of fleet vehicles. Sterling and a strong management team led by John Knox have transformed the business strategically, operationally and commercially from two small component suppliers to a leader in safety solutions for fleet vehicles with attractive growth and margin profiles and significant scale. The company completed ten strategic acquisitions under Sterling’s ownership.
“The creation and sale of Safe Fleet, a business that didn’t exist before Sterling’s initial acquisitions, is a case study in how Sterling rapidly implements its strategic, operational and commercial improvement strategies to build winning businesses in the industrial sector,” said Gary Rosenthal, Partner at The Sterling Group. Four of the last six Sterling acquisitions have been comprised of simultaneous acquisitions to create a new platform.
Morgan Stanley & Co. LLC and Harris Williams & Co. served as financial advisors to Safe Fleet. Willkie Farr & Gallagher acted as legal counsel.
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 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.
July 24, 2017
The Sterling Group, an operationally focused middle market private equity firm, completed the sale of DexKo Global Inc. (“DexKo”) to funds managed by KPS Capital Partners, LP. Financial terms of the transaction were not disclosed.
DexKo is the leading global supplier of highly engineered running gear technology, chassis assemblies and related components with over 130 years of trailer and caravan componentry experience. The company is headquartered in Novi, Michigan and employs over 4,500 employees with 39 manufacturing facilities and 25 distribution centers across the globe. Sterling formed DexKo at the end of 2015 through the combination of Dexter Axle and AL-KO Vehicle Technology.
“Sterling’s partnership with the deep and talented management team at DexKo has resulted in a complete transformation of the business over the last several years,” said Kevin Garland, a Partner at The Sterling Group. “We look forward to the company’s future success in the years to come.” Sterling will continue to own a minority stake in DexKo.
Goldman Sachs & Co. and J.P. Morgan Securities LLC served as financial advisors to DexKo. Harris Williams & Co. acted a special advisor to the Board, and Willkie Farr & Gallagher acted as legal counsel.
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.
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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