Houston, TX 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.
Houston, TX April 07, 2025
PrimeFlight Aviation Services announced a leadership transition as President and CEO Dan Bucaro steps down from his role after more than seven years. Bucaro’s transition is the result of several years of planning, and he will continue to play a critical role in the company’s leadership as Chairman of the Board.
“Under Dan’s leadership, PrimeFlight has been built into a global aviation services leader with nearly 18,000 employees worldwide,” EVP and Chief Operating Officer Charlotte Cheatham explained. “His strategic vision and leadership have positioned PrimeFlight for continued growth and success.”
The company has tapped ground handling industry leader, Craig Smyth, as the succeeding President and CEO. With over 30 years of experience in the industry, Craig has held a series of senior leadership roles, most recently serving as Group CEO for Worldwide Flight Services (“WFS”), where he led global strategic growth initiatives and operational advancements. Since 2023, Craig has served as an active Board Member for PrimeFlight Aviation Services, bringing strategic guidance and assisting directly the company’s growth trajectory.
Prior to his tenure at WFS, Craig spent more than two decades at Menzies Aviation, where he held key leadership positions, including CEO. In addition to his extensive executive experience, he has been actively involved in private equity, advising and leading businesses through investment cycles, strategic transformations, and value creation initiatives. Craig holds a Bachelor of Accountancy from the University of Glasgow.
“Dan has been a trusted advisor and partner to us for many decades. We thank him for his years of leadership and congratulate him on this well-deserved transition. We look forward to his continued guidance as Chairman” said Adam Palmer, Partner at Capitol Meridian Partners. “We are thrilled to announce Craig as our next CEO. Craig has served on our Board and as a trusted advisor since 2023, giving him a detailed understanding of our business and strategy. This experience, paired with his expertise in aviation services and phenomenal track record in the industry, make him the ideal leader to lead PrimeFlight into its next phase of growth,” said Greg Elliott, Partner at The Sterling Group.
About PrimeFlight Aviation Services
Headquartered in Sugar Land, Texas, PrimeFlight Aviation Services provides major airlines and airports with GSE maintenance, ground handling services, aircraft services, into-plane fueling, deicing, aviation cleaning supplies, and terminal services, as well as general aviation aircraft cleaning and support services, across a global footprint. PrimeFlight is a portfolio company of The Sterling Group and Capitol Meridian Partners. For more information, visit www.primeflight.com.
Houston, TX April 04, 2025
The Sterling Group (“Sterling”), a Houston-based, operationally focused middle market private equity firm, is pleased to announce three additions to the Sterling team: Jason Taibel as Operating Partner, Financial Operations; Nadeem Ahmed as Operating Partner, Technology; and Matthew Cobb as Director, Operations.
Jason Taibel, Operating Partner, Financial Operations, joins Sterling from BDO USA, P.C. where he was the Texas Market Managing Partner of Assurance Services. Jason has a long history of partnership with Sterling, having advised many of Sterling’s portfolio companies on financial matters over the past decade. Jason will lead the firm’s Execution lever and serve as a technical expert, working with Sterling’s portfolio companies to evaluate and support financial operations.
Nadeem Ahmed, Operating Partner, Technology, joined Sterling in March to lead the firm’s Technology lever. Nadeem brings over 20 years of technology strategy, management and execution experience, having worked for several private equity firms and product technology companies. Nadeem will support technology-enabled growth initiatives at Sterling portfolio companies, including systems implementations, data management, and AI.
Matthew Cobb, Director, Operations, joined Sterling in January from Boston Consulting Group, where as Principal, he led growth strategy and operational effectiveness initiatives for industrial companies. Matthew will assist Sterling portfolio companies in all areas of operational improvement, with a particular emphasis on procurement and supply chain.
“We are thrilled to welcome Jason, Nadeem and Matthew to the Sterling team and to the firm’s Portfolio Resources Group,” said Brad Staller, Partner at The Sterling Group. “Their extensive experience and deep expertise in their respective fields will be immediately impactful as we continue to drive operational improvements across our portfolio through our Seven Levers methodology.”
For forty years, Sterling has partnered with management teams of industrial businesses to drive growth and transformation. Execution, Operations, and Technology are three of Sterling’s Seven Levers, or seven areas in which the firm consistently and materially impacts businesses. Investments in these areas typically offer meaningful opportunities for value creation at industrial companies.
To learn more about a career at The Sterling Group, please visit www.sterling-group.com/careers/ or contact Claudine Lussier at clussier@sterling-group.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 $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 $9.4 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.
Houston, TX 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.
Houston, TX February 07, 2025
The Sterling Group (“Sterling”), a Houston-based, operationally focused middle market private equity firm, is pleased to announce four internal promotions: Nate Reeve to Director; Annika Ward to Director, Management Company Accounting; Vincent Gennaro to Principal; and Nikhil Nayak to Principal, Commercial Diligence & Strategy.
“As a firm, our success is built on the dedication and talent of our incredible team. We are thrilled to celebrate those being promoted for their hard work, growth, and achievements. These promotions reflect not only their individual commitment but also the collective strength of our team,” said Brad Staller, Partner at The Sterling Group.
To learn more about a career at The Sterling Group, please visit www.sterling-group.com/careers/ or contact Claudine Lussier at clussier@sterling-group.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 $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.
Houston, TX January 10, 2025
The Sterling Group, a Houston-based middle market private equity firm, is pleased to announce that its portfolio company, Tangent Technologies (“Tangent” or “the Company”), has appointed Kevin Potthoff as Chief Executive Officer. Tangent is a leading manufacturer of high-density polyethylene (“HDPE”) synthetic lumber used for outdoor living, site amenities, structural applications, and marine decking.
Kevin has over twenty-five years of sales, operational, and leadership experience in engineered materials and building products manufacturing. Prior to joining Tangent, Kevin was CEO of Allura Fiber Cement Products, where he previously held roles as General Manager and Vice President of Sales. Prior to Allura, Kevin held sales roles at CertainTeed Corporation, James 5Hardie Building Products, and Louisiana Pacific Corporation. Throughout his career, Kevin has established a reputation for strategic vision and for transforming manufacturing businesses through operational optimization, revenue growth, and customer experience enhancement.
Guy De Feo, Tangent’s retiring founder and CEO, noted, “We took time to search for the right leader to move the company forward and who has the experience and is passionate about what we do with a high desire to win – I have no doubt that, under Kevin’s leadership, we will achieve even greater heights.” John Griffin, Partner at The Sterling Group, added “We are thrilled to welcome Kevin to Tangent – he brings extensive engineered materials experience that will help drive continued innovation and scaling of our synthetic lumber products.”
ABOUT TANGENT TECHNOLOGIES
Headquartered in Aurora, Illinois, Tangent is a leading manufacturer of synthetic lumber used for outdoor living, site amenities, structural applications, and marine decking. In recent years, synthetic lumber has become a leading substitute for traditional fabrication materials in outdoor living products and other applications given its durability and aesthetics. Tangent uses a combination of post-consumer and post-industrial recycled waste streams as primary raw materials.
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.
Houston, TX December 19, 2024
The Sterling Group, a Houston-based,
operationally focused middle market private equity firm, is pleased to announce that
John Griffin and Claudine Lussier have been promoted to Partner.
“We are excited to recognize the extraordinary contributions of John and Claudine,” said
Brad Staller, Partner at The Sterling Group. “Each has played a critical part in Sterling’s
success to date. We are thrilled to celebrate their accomplishments and welcome them
as Partners.”
John Griffin, Partner, joined Sterling in 2018 from McKinsey & Company’s Houston
office where he focused on strategic and operational initiatives for industrial and energy
companies. John has been a leader on the PrimeFlight Aviation, West Star Aviation,
Fencing Supply Group, Tangent Technologies, and Lynx FBO Network investment
teams. John has also been a key member of the firm’s Operations Committee, which
drives continuous improvement in Sterling’s own value creation capabilities.
Claudine Lussier, Partner, Human Capital, joined Sterling in 2017 to lead Human Capital
at Sterling and its portfolio companies. During Claudine’s time at Sterling, she has
contributed to a significant build-out of the team and has driven a dramatic improvement
in Sterling’s ability to drive value creation through the Human Capital lever. Claudine is a
critical business partner to investment teams and management teams alike.
To learn more about a career at The Sterling Group, please visit
www.sterling-group.com/careers/
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 $24
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.
EAST ALTON, IL September 12, 2024
West Star Aviation is proud to announce the completion of its newest hangar at the East Alton facility. In addition, West Star Aviation Academy (WSAA), established in January 2024 by West Star Aviation in partnership with Southwestern Illinois College (SWIC), proudly celebrated the graduation of its inaugural class of 23 students. Over the past several years, West Star has made meaningful investments to expand its facilities and its team to support significant growth and excellent customer service.
The new hangar, officially named Hangar 67, adds 75,700 square feet of space, including 40,000 square feet of dedicated hangar space and 35,700 square feet of support space for the company’s advanced modification capabilities. In addition to providing a significant increase in available hangar space, the expansion enhances West Star’s capacity for interior, avionics, and sheet metal services, while enabling the implementation of cutting-edge production technologies, including a new state-of-the-art design center. With the completion of the new hangar, West Star’s network encompasses 1.5 million square feet of hangar space across the US.
West Star Aviation Academy represents the company’s innovative approach to addressing the Aircraft Maintenance Technician (AMT) shortage. WSAA stands out as the only aviation program of its kind, where individuals are carefully screened, interviewed, and hired into a full-time, paid position. Participants are required to complete a customized Part 147 Airframe maintenance curriculum in a dedicated West Star classroom and learning hangar during their first 7.5 months of employment. Unlike other programs that demand balancing full-time work with night classes or learning on the job, WSAA enables apprentices to fully focus on developing the skills and knowledge essential for a successful aviation career. As a result, graduates are exceptionally prepared to join operations with hands-on experience working with West Star’s aircraft, systems, manuals, and procedures. West Star is pleased to announce the second class of students has recently started at the company with expected graduation in spring 2025.
About West Star Aviation
With more than 77 years of industry experience, West Star Aviation stands as a leading independent Maintenance, Repair, and Overhaul (MRO) provider. Employing over 3,000 professionals, West Star offers comprehensive services from our strategically located full-service facilities in East Alton, IL; Grand Junction, CO; Chattanooga, TN; Millville, NJ; Perryville, MO; and Statesville, NC, as well as satellite locations in Denver, Houston, Las Vegas, Minneapolis, Chicago, and West Palm Beach. The company’s extensive capabilities encompass maintenance, paint, interior, and avionics services, supported by the largest Aircraft On Ground (AOG) network in the country, ensuring prompt and reliable mobile repair services nationwide.
Dallas, Texas July 08, 2024
The Sterling Group, an industrial focused middle market private equity firm, announced the addition of Jonathan Jackson as Managing Director of Foundation Fund, the firm’s lower middle market strategy.
Jonathan Jackson joins Sterling from Sun Capital Partners, where he spent thirteen years focused on middle market investing in a variety of services, industrial and food sectors. “Jonathan is a key addition to Foundation Fund’s senior leadership team,” said Lucas Cutler, Partner. Foundation Fund launched in 2023 to apply Sterling’s experience and operational capabilities by partnering with industrial companies in the lower middle market.
In addition, Sterling Foundation Fund has completed the acquisition of founder-owned OGD Overhead Garage Door (“OGD”), a provider of repair, replacement and installation services in the overhead door and dock industry. Headquartered in Fort Worth, Texas, OGD serves a large and growing base of commercial and residential overhead door and dock customers with installation and repair and replacement services. “We look forward to leveraging Sterling’s industry expertise and operational capabilities to continue to expand OGD,” said Bret Westbrook, founder and CEO of OGD.
Sterling has extensive experience partnering with founders to build residential and commercial service businesses. OGD is the fourth acquisition for Sterling Foundation Fund. Each partnership to date has been with founder owned businesses.
Adams Street Partners’ Private Credit investment strategy provided senior debt financing and an equity co-investment in support of the acquisition.
McDermott Will & Emery LLP served as legal counsel and HamptonRock Financial Advisory, LLC served as a financial due diligence advisor to The Sterling Group.
BlackArch Partners served as exclusive financial advisor to OGD Overhead Garage Door.
About OGD
OGD is a provider of repair, replacement and installation services in the overhead door and dock industry. OGD operates in 45 MSAs across the Southeast, Midwest, Mid-Atlantic and the Mountain West regions. OGD is headquartered in Fort Worth, Texas.
About The Sterling Group Foundation Fund
Founded in 1982, The Sterling Group is a private equity and private credit investment firm that targets investments in basic manufacturing, distribution, and industrial services companies. Typical enterprise values of these companies at initial formation range from $100 million to over $1 billion. Sterling has sponsored the buyout of 72 platform companies and numerous add-on acquisitions for a total transaction value of over $24.0 billion. Sterling recently closed its sixth investment fund with $3.5 billion in commitments and currently has $9.4 billion of assets under management. Launched in 2023, The Sterling Foundation Fund aims to leverage the firm’s operational capabilities and experience in the industrial sector to “set the foundation” for growth at lower middle market companies. For further information, please visit www.sterling-group.com.
Past performance is no guarantee of future results and all investments are subject to loss.
Houston, TX April 22, 2024
The Sterling Group (“Sterling”), an operationally focused, industrial middle market private equity firm, is pleased to announce the closing of Sterling Group Partners VI, LP (together with its parallel fund, “Fund VI”). Fund VI exceeded its target of $2.75 billion and was significantly oversubscribed at its hard cap of $3.5 billion. Sterling’s previous fund closed in June 2020 with $2.0 billion of limited partner commitments.
The majority of Fund VI’s capital was committed by returning investors. Sterling welcomes several new investors that expand the firm’s Limited Partner base in the United States, Europe, the Middle East and Asia. “Sterling has a four-decade track record of value creation across the economic cycle,” added Franny Jones, Partner, Investor Relations. “The secular tailwinds underpinning today’s industrial middle market, when combined with our proven Seven Lever value creation strategy, present tremendous opportunities for Fund VI.”
Consistent with Sterling’s successful history over four decades, Fund VI will primarily target corporate carve-outs and family businesses in the industrial sector. The firm emphasizes its operational approach in partnership with management teams to grow and improve its portfolio companies. Sterling’s partner group, including Greg Elliott, Brian Henry, Scott MacLaren, Brad Staller, Kent Wallace, Jim Apple, Franny Jones and Jud Morrison have a collective 100-plus years working at Sterling.
Evercore Private Funds Group acted as the exclusive global placement agent, and Kirkland and Ellis, LLP served as fund counsel.
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 71 platform companies and numerous add-on acquisitions for a total transaction value of over $24 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.
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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