Houston, TX October 03, 2018
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.
Houston, TX 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.
Houston, TX August 01, 2018
The Sterling Group, a Houston-based, operationally focused middle market private equity firm, announced the addition of Jud Morrison as Operating Partner, as well as John Griffin and Johann Friese, both Vice Presidents.
In the role of Operating Partner, Jud will partner closely with Sterling’s investment professionals to drive the execution of operational initiatives at Sterling portfolio companies and continuous improvement efforts within Sterling. Jud brings over 20 years of operations experience gained at various firms, including ExxonMobil, McKinsey & Company, Valerus Compression Services, LP and most recently as a member of TPG Capital’s Operating Group.
“We welcome Jud’s broad base of operational expertise with industrial companies,” said Brian Henry, a Partner at The Sterling Group. “He will play a critical role in the execution and continued refinement of the Sterling value creation model.” Historically, driving organic EBITDA growth through operational improvements has been the key driver of Sterling’s success.
John Griffin, Vice President, joins Sterling from McKinsey & Company where he was focused on strategy and operational initiatives for industrial and energy businesses. John also brings experience from Madison Dearborn Partners. Johann Friese, Vice President, joins after graduating from Harvard Business School. Johann previously worked at Advent International and J.P. Morgan.
Past performance is no guarantee of future results and all investments are subject to loss.
Houston, TX June 07, 2018
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.
Houston, TX May 29, 2018
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.
Houston, TX April 30, 2018
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.
Dallas, TX April 03, 2018
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.
Houston, TX March 05, 2018
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.
Houston, TX March 01, 2018
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.
Houston, TX 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.