Houston, TX December 12, 2013
The Sterling Group, a middle market private equity firm based in Houston, Texas, today announced that its portfolio company, Safe Fleet, has completed the acquisition of FoamPro from Pentair, Ltd. (NYSE: PNR). Sterling formed Safe Fleet in September 2013 through the acquisitions and subsequent combination of ROM Corporation and Specialty Manufacturing, Inc. FoamPro is the first add-on acquisition for Safe Fleet.
Safe Fleet is the leading provider of safety solutions for fleet vehicles. Safe Fleet manufactures products that enhance the safety and productivity of fleet vehicles, including emergency vehicles, refrigerated trucks and trailers, utility vehicles, and school and transit buses. FoamPro designs and manufactures foam pumping systems for fire trucks. FoamPro’s addition complements Safe Fleet’s existing foam product line (sold under the FRC brand) and gives the company a leading position in this end market. Safe Fleet’s foam systems improve the safety, accuracy and cost effectiveness of foam-delivery and are increasingly standard systems on fire trucks.
“Sterling and Safe Fleet management are committed to serving our OEM customers and end users with best in class safety related products,” said Gary Rosenthal, Partner at The Sterling Group. “The addition of the FoamPro line of products to our existing FRC product line deepens our offering and expands our ability to help our customers improve the safety and efficiency of their fleet vehicles.”
Sterling drew upon its extensive experience executing over twenty corporate carve-outs to complete the acquisition from Pentair. Safe Fleet will continue to pursue acquisitions that expand its offering of safety products to both new and existing fleet customers.
About Safe Fleet
Headquartered in Belton, Missouri, Safe Fleet is the leading provider of safety solutions for fleet vehicles. Safe Fleet manufactures products that enhance the safety and productivity of fleet vehicles, including emergency vehicles, refrigerated trucks and trailers, utility vehicles, and school and transit buses. Safe Fleet is a market leader in the majority of its end markets, helping its customers improve the safety and efficiency of their fleets, their operators, passengers and pedestrians. The Safe Fleet family of brands includes ROM, Bustin, Prime Design, FRC, Specialty Manufacturing (SMI), SpecFlor, Pretoria, Transpec and FoamPro.
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 43 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has almost $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 and Safe Fleet.
Past performance is no guarantee of future results and all investments are subject to loss.
Houston, TX November 04, 2013
Saxco International, LLC, the market leader in the distribution of rigid packaging for the liquor, wine and craft beer industry has acquired Synergy Glass & Packaging; it was announced by Matthew Malenfant, chief executive officer of Saxco International. Based in Benicia, California, Synergy and its former affiliates has been distributing glass bottles and packaging solutions to the wine and food industries since 2003.
Saxco’s partnerships with North American glass, plastic and closure manufacturers, as well as its unparalleled global sourcing capabilities, allow it to deliver highly customized solutions to serve its customers’ packaging needs. “Synergy’s customer focused business model has the same culture of high touch service as that of Saxco and we are excited about Synergy being part of the Saxco team,” said Malenfant. “While continuing Synergy’s tradition of providing quality packaging and service, we look forward to using Saxco’s operating scale to add additional value to Synergy’s customers.”
Financial details of this acquisition remain confidential.
About Saxco International, LLC
Saxco International, LLC, “Your choice for premium packaging solutions,” has more than 30 years of industry experience, providing a broad range of packaging products and services to the liquor, wine, beer and food industries. In addition to supplying packaging enhancement products, the company’s services include expert consultation from design to development. Saxco is headquartered in suburban Philadelphia, Pennsylvania, with offices in Mountainside, New Jersey; Cincinnati, Ohio; Louisville, Kentucky; Oakland, Fairfield and Napa, California; Vancouver, WA; Tampa, Florida; Hook Hampshire, England and Qingdao, China. Additional details at 215-443-8100, fax 215-443-8370 or the web at www.saxco.com.
Past performance is no guarantee of future results and all investments are subject to loss.
Houston, TX October 11, 2013
The Sterling Group, a middle market private equity firm based in Houston, Texas, today announced that it has completed the sale of its portfolio company, Stackpole International to funds managed by Crestview Partners. Sterling had acquired Stackpole through a corporate carve-out from Tomkins in August 2011. Stackpole was an investment in Sterling’s third fund, an $820 million fund raised in 2010. The sale returns a significant portion of all called capital and fees to Fund III. Terms of the transaction were not disclosed.
Headquartered in Ancaster, Ontario, Stackpole is a manufacturer and supplier of highly engineered oil-pumps and powdered metal components to automotive original equipment manufacturers. EBITDA has increased by more than 80% over the last two years, significantly outpacing domestic automobile production growth of about 25%.
“Sterling’s focus on corporate carve-outs and our operationally focused approach to investing in the middle market continue to generate strong returns for our partners, as evidenced by the successful outcome with Stackpole,” said Kent Wallace, Partner at The Sterling Group. “We were pleased to partner with an outstanding management team to guide the company through this period of very exciting growth, offering superior products and execution to an expanded list of customers globally.”
Peter Ballantyne, CEO of Stackpole added, “Sterling’s deep experience transitioning businesses to stand-alone entities and their hands-on approach to partnership helped create great value at the company. Stackpole is well positioned for continued growth based on the progress we’ve made together, and we look forward to the next chapter of growth under our new ownership.”
During its 31 year history, Sterling has completed 22 corporate carve-outs, relying on its operating expertise and its experience executing complicated transactions to fundamentally improve North American based industrial businesses. The Sterling Group and its partner, Current Capital, were advised on the sale by Barclays and Bracewell & Guiliani.
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 43 platform companies and numerous add-on acquisitions for a total transaction value of approximately $10.1 billion. Currently, Sterling has about $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 and ROM-SMI (Safe Fleet).
Past performance is no guarantee of future results and all investments are subject to loss.
Houston, TX September 30, 2013
The Sterling Group, a middle market private equity firm based in Houston, Texas, today announced that its affiliated investment fund, Sterling Group Partners III, L.P., has completed the acquisition of ROM Corporation (“ROM”) and Specialty Manufacturing, Inc. (“SMI”), combining the businesses through its holding company, Safe Fleet Acquisition Corp. The investment is Sterling’s fifth investment in its third fund, an $820 million fund raised in 2010. The companies were formerly owned but independently operated and financed by Century Park Capital Partners.
Headquartered in Belton, Missouri, the newly combined company provides safety-and productivity-oriented components to the emergency vehicle, truck and trailer, utility vehicle, school bus, and transit bus end markets. Together, ROM and SMI maintain a leading market position across the majority of its niche product lines. The company’s value-added products focus on enhancing worker safety and productivity and are characterized by their durability, reliability, and versatility in usage and application.
“ROM and SMI offer a powerful combination of two market leading businesses that have consistently and reliably provided safety related equipment to fleets in their respective industries for a collective 88 years,” said Gary Rosenthal, Partner at The Sterling Group. “The combination of these two businesses allows us to draw on the strengths of the two legacy organizations. Sterling will work closely with management to further improve operations and take advantage of numerous strategic and acquisition related opportunities.”
“We are pleased to partner with Sterling to bring these two companies together, deepen our product offerings, and expand our ability to serve our customers,” said Joe Uebbing, former CEO of SMI and newly appointed CEO of Safe Fleet. Jeff Hupke, former CEO of ROM and President of Safe Fleet added, “Sterling has a history of successfully integrating numerous middle market acquisitions over many years, and we look forward growing the combined business together.”
The acquisition was financed with equity from Sterling Group Partners III, L.P. First lien financing was arranged by BNP Paribas, and second lien debt was provided by Oaktree Capital Mezzanine.
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 43 platform companies and numerous add-on acquisitions for a total transaction value of approximately $10.1 billion. Currently, Sterling has $1.2 billion of committed capital under management through three funds. Current portfolio companies include CST Industries, Universal Fiber Systems, Express, B&G Crane, Saxco International, Stackpole International, Liqui-Box, Dexter Axle and ROM-SMI (Safe Fleet).
Past performance is no guarantee of future results and all investments are subject to loss.
Houston, TX November 01, 2012
The Sterling Group, a middle market private equity firm based in Houston, Texas, today announced that they have finalized the sale of their portfolio company, Velcon Filters, LLC to Parker Hannifin Corporation (NYSE: PH). Terms of the transaction were not disclosed.
Headquartered in Colorado Springs, Colorado, Velcon is a niche manufacturer of filtration systems, including vessels and replacement cartridges, which meet specific requirements for fluid filtration processes in a variety of domestic and international end-markets.
When Sterling acquired Velcon in 2009 from the founding family, the business was the market leader in the aviation filtration market with a stable base of recurring revenue. Sterling and Velcon together have made three strategic acquisitions over the past three years, expanding Velcon’s end markets beyond aviation into both upstream and downstream oil and gas filtration, as well as other process applications, and diversifying Velcon’s geographical footprint into Europe, the Middle East, Asia and Africa. “Sterling partnered with the Taylor family to capitalize on Velcon’s market leading position in jet fuel filtration, and together we have built a global and diversified industrial fluid filtration company,” said Greg Elliott, Partner at The Sterling Group. Under Sterling’s ownership, Velcon has more than doubled in size.
The combination with Parker’s filtration business is expected to further solidify Velcon’s position as the highest standard in the filtration industry. “This acquisition brings us a leadership position in aviation and industrial fuel filtration, particularly for aviation fuel which requires specialist expertise and certifications,” said Peter Popoff, President of the Filtration Group at Parker. “We are excited about the opportunities to combine our strengths and extend our solutions to more customers, markets and geographies.”
During its 30 year history, The Sterling Group has partnered with 13 different family businesses, bringing its operating expertise and a commitment to partnering with management to improve North American based industrial businesses. The Sterling Group was advised by Robert W. Baird & Co. and Willkie Farr & Gallagher.
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 42 platform companies and numerous add-on acquisitions for a total transaction value of approximately $9.9 billion. Currently, Sterling has $1.1 billion of committed capital under management through three funds. Current portfolio companies include CST Industries, Universal Fiber Systems, Express, B&G Crane, Saxco International, Stackpole International, Liqui-Box and Dexter Axle.
About Parker Hannifin Corporation
With annual sales exceeding $13 billion in fiscal year 2012, Parker Hannifin is the world’s leading diversified manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a wide variety of mobile, industrial and aerospace markets. The company employs approximately 60,000 people in 48 countries around the world. Parker has increased its annual dividends paid to shareholders for 56 consecutive fiscal years, among the top five longest-running dividend-increase records in the S&P 500 index. For more information, visit the company’s web site at www.parker.com or its investor information web site at www.phstock.com.
Past performance is no guarantee of future results and all investments are subject to a loss.
Houston, TX November 01, 2012
The Sterling Group, a middle market private equity firm based in Houston, Texas, today announced that its affiliated investment fund, Sterling Group Partners III, L.P., has completed the acquisition of the Dexter Axle business from Tomkins Industries, Inc., a subsidiary of Pinafore Holdings B.V. The investment is Sterling’s fourth investment in its third fund, an $820 million fund raised in 2010. Dexter is the second business Sterling has acquired from Tomkins in the last fourteen months.
Dexter is a leading designer and manufacturer of trailer axle, brake, and suspension assemblies and related replacement parts and components for use primarily in the industrial and utility trailer and RV markets in North America. “For over 50 years, Dexter has provided customers with the highest quality axles in the industry,” said Adam Dexter, CEO of Dexter. “The entire team is thrilled by Sterling’s support of our business, our culture, and our commitment to delivering the best customer service and product quality in the trailer running gear market.”
During its thirty year history, Sterling has sponsored the carve-out of 22 businesses from larger corporate parents, including multiple acquisitions from DuPont, British Petroleum and Tomkins. “We are excited about the opportunity to draw on our deep experience with corporate carve-outs to transition Dexter to a stand-alone business,” said Kevin Garland, Partner at The Sterling Group. “We look forward to partnering closely with management to achieve new levels of profitability and create value for all shareholders.”
The acquisition was financed with equity from Sterling Group Partners III, L.P. and several other co-investors. Senior debt financing was arranged by BNP Paribas and mezzanine debt was provided by Hancock Capital Management and Fifth Street Capital.
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 42 platform companies and numerous add-on acquisitions for a total transaction value of approximately $9.9 billion. Currently, Sterling has $1.1 billion of committed capital under management through three funds. Current portfolio companies include CST Industries, Universal Fiber Systems, Express, B&G Crane, Saxco International, Stackpole International, Liqui-Box and Dexter Axle.
Past performance is no guarantee of future results and all investments are subject to a loss.
Houston, TX October 05, 2012
The Sterling Group, a middle market private equity firm based in Houston, Texas, today announced that it has entered into a definitive agreement to sell its portfolio company, Velcon Filters, LLC to Parker Hannifin Corporation (NYSE: PH). Terms of the transaction were not disclosed.
Headquartered in Colorado Springs, Colorado, Velcon is a niche manufacturer of filtration systems, including vessels and replacement cartridges, which meet specific requirements for fluid filtration processes in a variety of domestic and international end-markets. When Sterling acquired the business from the founding family in 2009, the company was the domestic leader in the aviation fuel filtration industry. Today, Velcon has a global platform servicing the aviation, industrial and oil and gas filtration markets in over 150 countries. Sterling identified Velcon as a buy-and-build platform and completed three strategic acquisitions in three years. The business more than doubled in size during Sterling’s ownership.
The transaction is expected to close in the fourth quarter of 2012 and is subject to regulatory approval. The Sterling Group was advised by Robert W. Baird & Co. and Willkie Farr & Gallagher.
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 41 platform companies and numerous add-on acquisitions for a total transaction value of approximately $9.5 billion. Currently, Sterling has $1.2 billion of committed capital under management through three funds. Current portfolio companies include CST Industries, Universal Fiber Systems, Velcon Filters, Express, B&G Crane, Saxco International, Stackpole International and Liqui-Box.
About Parker Hannifin Corporation
With annual sales exceeding $13 billion in fiscal year 2012, Parker Hannifin is the world’s leading diversified manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a wide variety of mobile, industrial and aerospace markets. The company employs approximately 60,000 people in 48 countries around the world. Parker has increased its annual dividends paid to shareholders for 56 consecutive fiscal years, among the top five longest-running dividend-increase records in the S&P 500 index. For more information, visit the company’s web site at www.parker.com or its investor information web site at www.phstock.com.
Past performance is no guarantee of future results and all investments are subject to loss.
Houston, TX September 27, 2012
The Sterling Group, a middle market private equity firm based in Houston, Texas, today announced that its affiliated investment fund, Sterling Group Partners III, L.P., entered into a definitive purchase agreement to acquire all of the equity interests that comprise the Dexter Axle business from Tomkins Industries, Inc., a subsidiary of Pinafore Holdings B.V.
The Dexter Axle business manufactures trailer axle, brake and suspension assemblies and related replacement parts and components. The closing of the transaction is subject to customary conditions and is expected to occur in the last quarter of 2012.
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 41 platform companies and numerous add-on acquisitions for a total transaction value of approximately $9.5 billion. Currently, Sterling has $1.2 billion of committed capital under management through three funds. Current portfolio companies include CST Industries, Universal Fiber Systems, Velcon Filters, Express, B&G Crane, Saxco International, Stackpole International and Liqui-Box. Upon closing this transaction, Sterling will have completed 22 corporate carve-outs in its 30 year history.
Houston, TX August 07, 2012
The Sterling Group announced today that its portfolio company, Stackpole International (“Stackpole”) completed the refinancing of its outstanding debt on August 2, 2012. Stackpole is a manufacturer and sole source supplier of highly-engineered oil pumps and powdered metal components to automotive original equipment manufacturers. Sterling acquired Stackpole on August 2, 2011 from Gates Canada, a subsidiary of Tomkins.
Stackpole raised $165 million of senior financing from a syndicate of banks, arranged by RBC and CIBC. The proceeds of the refinancing were used to repay existing outstanding debt, including eliminating all mezzanine debt from the original transaction. The refinancing will result in a reduction of Stackpole’s annual debt interest costs by over 50%.
Under Sterling’s ownership, Stackpole has experienced considerable growth and has expanded both its customer base and geographic end markets. This refinancing provides additional financial flexibility for Stackpole to continue to implement its growth strategy.
About Stackpole International
Headquartered in Ancaster, Ontario, Stackpole is a market leader in both oil pumps and powdered metals and has established a long-standing track record with fifty-five years of manufacturing expertise. Stackpole’s products are specified into powertrain (engine and transmission) platforms that have an average lifecycle of ten to fifteen years. These platforms underpin approximately 400+ vehicle nameplates. Stackpole currently has twelve manufacturing facilities and technical centers in North America, Europe, China and Korea.
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 41 platform companies and numerous add-on acquisitions for a total transaction value of approximately $9.5 billion. Currently, Sterling has $1.2 billion of committed capital under management through three funds. Current portfolio companies include North American Energy Partners, CST Industries, Universal Fiber Systems, Velcon Filters, Express, B&G Crane, Saxco International, Stackpole International and Liqui-Box.
Houston, TX May 31, 2012
The Sterling Group, a middle market private equity firm based in Houston, Texas, today announced that they have finalized the sale of Roofing Supply Group, LLC (“RSG”) to funds managed by Clayton, Dubilier & Rice, LLC (“CD&R”). RSG is the fourth largest distributor of roofing supplies and related materials in the United States, with 59 locations in 24 states. Terms of the transaction were not disclosed.
RSG has grown significantly in recent years, driven by strategic and operational initiatives undertaken by The Sterling Group in partnership with management. Since Sterling acquired RSG from its founders in 2006, EBITDA increased by more than 50% despite a record decline in housing starts that has yet to rebound.
“The investment in RSG exemplifies Sterling’s investment philosophy and operational approach,” said Kevin Garland, a Partner at The Sterling Group. “For thirty years, Sterling has focused on partnering with management to drive strategic initiatives and grow businesses for all shareholders, regardless of market cycles. We have worked closely with management to make dramatic improvements to RSG’s procurement, sales, pricing and to expand the company’s network into strategic markets. The result has been what we believe to be outstanding financial performance in the face of difficult end market conditions.”
Mike Farrell, CEO of RSG, said, “RSG has always had an excellent culture and best in class customer service efforts, but it was the resources and partnership with the Sterling team that enabled us to achieve new levels of success with the business. We look forward to continued growth under our new ownership.”
RSG was a portfolio company of Sterling Group Partners II, a fund controlled by The Sterling Group, L.P.
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 41 platform companies and numerous add-on acquisitions for a total transaction value of approximately $9.5 billion. Currently, Sterling has $1.2 billion of committed capital under management. Current portfolio companies include North American Energy Partners, CST Industries, Universal Fiber Systems, Velcon Filters, Express, B&G Crane Service, Saxco International, Stackpole International and Liqui-Box.
About Roofing Supply Group
Founded in 1981 and based in Dallas, TX, Roofing Supply Group is one of the largest wholesale distributors of roofing supplies and related materials in the United States. Through its network of 59 branches in 24 states, RSG provides one-step distribution services from roofing product manufacturers to roofing contractors and homebuilders. Each branch carries a complete line of roofing products for residential and commercial roofing, including composition asphalt shingles, underlayment, and associated ancillary products. For more information, please visit http://www.roofingsupplygroup.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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