News

News

Houston, TX February 05, 2019

The Sterling Group Announces Promotions

The Sterling Group, an operationally focused private equity firm based in Houston, Texas, announced the promotions of Scott MacLaren, Franny Jones, Max Klupchak, and Claudine Lussier.

Scott MacLaren has been promoted to Managing Director. Scott joined Sterling in 2014 from The Boston Consulting Group and has played an integral role on the deal teams of American Bath Group, Highline Aftermarket, Lynx FBO Network, and Evergreen North America. Scott spent a year embedded at American Bath Group where he successfully drove major transformation at the company.

Franny Jones has been promoted to Managing Director. Franny joined Sterling in 2010 to focus on the firm’s fundraising and investor relations efforts. With Franny’s leadership in this area, Sterling has further enhanced its fundraising capabilities and transparent communications with investors.

Max Klupchak has been promoted to General Counsel. Max joined Sterling in 2015 from Kirkland &Ellis LLP to oversee legal matters at the firm. Max has built out Sterling’s internal legal processes and has also had a meaningful impact advising Sterling’s portfolio companies.

Claudine Lussier has been promoted to Principal. Claudine joined Sterling in 2017 from Jacobs Engineering. In a short period of time, Claudine has driven improvements in all areas of Sterling’s talent development activities, both internally and at Sterling portfolio companies.

“We are thrilled to recognize these four outstanding contributors to The Sterling Group. Each shares a passion for building winning industrial businesses and a focus on continuous improvement,” said Brad Staller, a Partner at Sterling.

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.



Acquisition

Houston, TX February 04, 2019

Lynx FBO Network, A Portfolio Company of The Sterling Group, Acquires Fort Lauderdale FBO

Lynx FBO Network (Lynx), a portfolio company of The Sterling Group, announced today it has acquired the FBO assets of World Jet, Inc. at Fort Lauderdale Executive Airport (FXE) in Fort Lauderdale, Florida.  The acquisition will mark Lynx’s seventh FBO location.

“We see this expansion into the Florida market, and in particular South Florida, as an integral part of our growing network of FBOs.  Lynx looks forward to working with the Fort Lauderdale Executive Airport, the city of Fort Lauderdale and the local FBO team to deliver a best-in-class service offering for our customers in the South Florida region,” said Chad Farischon, President & Partner with Lynx.

In the coming months, Lynx will be making significant investments in the newly acquired facility, including a refresh of the facility grounds and the design and development of a new FBO terminal.

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, Napa, California, Pittsburgh, Pennsylvania and now Fort Lauderdale, Florida.  The Lynx vision is to build a values-based FBO network known for exceptional service and quality, a rewarding team member experience, and a commitment to continuing excellence.  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. Lynx and Sterling continue to actively seek FBO acquisitions in North America.

Honigman Miller Schwartz & Cohn LLP served as legal advisor to Lynx in the acquisition.

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.



Acquisition

Houston, TX December 14, 2018

The Sterling Group Completes the Acquisition of Artisan Design Group

The Sterling Group, an operationally focused middle market private equity firm, today announced the acquisition of Artisan Design Group (“ADG”).  ADG is a dealer of flooring products and services, providing design, procurement, installation and quality control of flooring and complimentary products for homebuilders.

Headquartered, in Southlake, Texas, ADG operates 39 distribution, design and service facilities and coordinates installation through over 800 independent contractors across 13 states. The business was formed in 2016 through the combination of Floors Inc. and Malibu. ADG has completed 8 other acquisitions since that time, bringing together many of the leading regional flooring specialists across the United States.  “In a short period of time, Larry Barr and Wayne Joseph have built an industry leading flooring specialist with significant scale,” said Kent Wallace, a Partner at The Sterling Group. “We look forward to supporting their continued expansion both organically and through further acquisitions.”

“Sterling’s partnership means we can continue to recruit other industry leaders to join ADG to provide excellent products and services to an expanded client base across the country,” said Larry Barr, Co-CEO of ADG.

“Sterling’s experience investing alongside entrepreneurs to grow their businesses will benefit ADG as we continue to expand in the years to come,” said Wayne Joseph, Co-CEO of ADG.

The Sterling Group has a long history of partnering with entrepreneurs, particularly in the building products sector, including investments in Roofing Supply Group, American Bath Group, and Construction Supply Group.

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 $1.8 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.



Acquisition

Houston, TX December 03, 2018

Construction Supply Group, a Portfolio Company of The Sterling Group, Completes Three Acquisitions

Construction Supply Group (“CSG”) has completed the simultaneous acquisitions of All-Tex Supply, MASONPRO, Inc. and Titan Construction Supply. 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 company has nearly 100 branches with over 1,350 employees and offers over 60,000 SKUs to more than 50,000 customers.

In the past two years, Construction Supply Group has brought together thirteen businesses to form the second largest specialty construction supply distributor in North America. The Sterling Group, an operationally focused private equity firm, partnered with management in late 2016 to build a new national leader.

The additions of All-Tex, MASONPRO and Titan will result in an expanded presence in the Texas, Oklahoma, Michigan, and Nevada markets, as well as an increased product offering within masonry specialty materials. “Today’s acquisitions further demonstrate CSG’s commitment to providing our customer base with industry leading products and service,” said Mitch Williams, CEO of Construction Supply Group.

“We look forward to partnering with Royce Farris and Don Tice from All-Tex, Jeff Snyder from MASONPRO and Mike Harmon from Titan,” said Brian Henry, a Partner at The Sterling Group. “We have been fortunate to bring together some of the best talent in the industry over the past two years, resulting in a stronger platform that can benefit from leveraging each other’s talents.”

Construction Supply Group continues to seek local and regional market leaders to add 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.



Acquisition

Houston, TX November 01, 2018

Lynx FBO Network, a Portfolio Company of The Sterling Group, Acquires Voyager Jet Center’s Pittsburgh FBO

Lynx FBO Network (“Lynx”), a portfolio company of The Sterling Group, announced today that it has completed the acquisition of the FBO assets of Voyager Jet Center (“Voyager Jet”) at Allegheny County Airport (“AGC”) in Pittsburgh, Pennsylvania. The acquisition of Voyager Jet marks Lynx’s sixth FBO location and third FBO acquired this year.

“We believe the Pittsburgh market, and its rise as a global innovation city, is a perfect complement to our growing network of FBOs and we look forward to working with the Allegheny County Airport Authority (ACAA), Voyager Jet and the local FBO team to deliver a best-in-class service offering for our customers in the Mid-Atlantic region,” said Matt DeLellis, Chief Financial Officer 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, Napa, California and now Pittsburgh, Pennsylvania.  The Lynx vision is to build a values-based FBO network known for exceptional service and quality, a rewarding team member experience, and a commitment to continuing excellence.  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.  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.

 

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.



Acquisition

Houston, TX October 03, 2018

Time Manufacturing, A Portfolio Company of The Sterling Group, Acquires Aspen Aerials

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.



Sales

Houston, TX October 02, 2018

The Sterling Group Sells Specified Air Solutions to Madison Industries

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.



Team Additions

Houston, TX August 01, 2018

The Sterling Group Announces New Hires

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.



Acquisition

Houston, TX June 07, 2018

Lynx FBO Network Acquiring Napa Jet Center, Hires Carrie Campbell

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.



Acquisition

Houston, TX May 29, 2018

Construction Supply Group, a Portfolio Company of The Sterling Group, Acquires Williams Equipment & Supply and Richform Construction Supply

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.