Houston, TX June 15, 2020
The Sterling Group, an operationally focused middle market private equity firm, announced the closing of Sterling Group Partners V, LP (together with its parallel fund, “Fund V”). Fund V was oversubscribed and closed at its $2.0 billion hard cap in approximately four months.
The majority of Fund V’s capital was committed by returning investors. Sterling welcomes several new investors that expand the firm’s Limited Partner base in the United States, the Middle East and Asia. “The Sterling team is grateful for the continued support of our long term investing partners, particularly in the midst of an extremely difficult market environment,” said Franny Jones, Managing Director, Investor Relations. “The demand for Fund V is a result of Sterling’s hands-on, operational approach to transforming industrial businesses and our firm-wide commitment to continuous improvement in all aspects of our business.”
Consistent with Sterling’s successful history over four decades, Fund V will primarily target corporate carve-outs and family businesses. 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, John Hawkins, Brian Henry, Scott MacLaren, Gary Rosenthal, Brad Staller, and Kent Wallace, have a collective 100-plus years working at Sterling.
Sterling’s previous fund closed in 2015 with $1.25 billion of investor commitments. Kirkland and Ellis served as legal counsel for Fund V. Sterling did not utilize a placement agent.
About The Sterling Group
Founded in 1982, The Sterling Group targets controlling interests in basic manufacturing, distribution and industrial services companies. Typical enterprise values of its initial platform companies range from $100 million to $750 million. Sterling has sponsored the buyout of 56 platform companies and numerous add-on acquisitions for a total transaction value of over $14 billion. Currently, Sterling has over $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 23, 2020
The Sterling Group, a Houston-based middle market private equity firm, announced that its portfolio company, Tangent Technologies, completed the acquisition of Bedford Technology at the end of February. Headquartered in Aurora, Illinois, Tangent is a leading manufacturer of high-density polyethylene (“HDPE”) lumber used for outdoor furniture, site amenities, structural applications, and marine decking. Bedford is a leading plastic lumber extruder in North America with excellence in structural and semi-structural product lines, primarily used in marine infrastructure projects, boardwalks, fencing, as well as a broad range of industrial applications.
In recent years, HDPE lumber has become a leading substitute for traditional building materials in outdoor furniture and other applications given its durability and aesthetics. Tangent and Bedford both use post-consumer recycled milk bottles as a primary raw material along with many other post-industrial recycled waste streams. Combining Tangent and Bedford creates a leading alternative materials innovation team and expands both business’ plastic lumber product lines.
“We are excited to partner with Bedford and expand the combined plastic lumber product lines and solutions,” said Guy DeFeo, CEO of Tangent. “With the addition of Bedford, we will build a broader facility footprint across North America as well as build one of the best alternative material innovation organizations for our customers.”
“We are looking forward to increasing sustainable manufacturing capabilities and expanding our innovation capabilities through this partnership with Tangent,” said Jeff Breitzman, CEO and President of Bedford Technology. “The talent and skills that both organizations are bringing to the table will enhance how the combined company serves its customers and will fuel many new growth opportunities” said Brian Larsen, Founder of Bedford Technology and former CEO.
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 56 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $2.0 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.
Southlake, TX March 03, 2020
Artisan Design Group (“ADG”), a portfolio company of The Sterling Group, today announced the acquisition of Value Plus Flooring, LLC (“Value Plus” or the “Company”). ADG is a dealer of flooring products and services, providing design, procurement, installation and quality control of flooring and complementary products for homebuilders and multi-family developers.
Value Plus is a leading provider of installation services for flooring and complementary products, primarily serving multi-family new construction and multi-family relay/aftermarket segments. Headquartered in Eagan, Minnesota, the Company serves the Minneapolis-Saint Paul region and surrounding areas, and has been a trusted partner to its general contractor, multi-family developer and homebuilder customers since 1996.
“Value Plus’ established presence in the industry and strong customer relationships are a welcomed addition to Artisan Design Group and we look forward to partnering with them,” said Larry Barr and Wayne Joseph, Co-CEOs of ADG. “The Company will help ADG build scale and extend our national reach to the Midwest region, allowing us to better serve our multi-family customers.”
Headquartered in Southlake, Texas, ADG operates more than 90 distribution, design and service facilities and coordinates installation through over 1,300 independent contractors across 17 states. ADG was formed in 2016 through the combination of Floors Inc. and Malibu Floors. The acquisition of Value Plus represents ADG’s sixth acquisition over the past thirteen months under Sterling’s ownership. The company has completed fourteen total acquisitions since its founding in 2016. ADG continues to seek local and regional market leaders to add to its family of flooring specialists.
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 56 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $2.0 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 20, 2020
The Sterling Group, a Houston-based, operationally focused middle market private equity firm, announces the additions of Erin Arnold as Director, and Chris Ahearn as Commercial Operating Partner, as well as the promotions of Steven Hirsch and John Griffin to Principal.
Erin Arnold, Director, rejoins Sterling’s investment team from Madison Dearborn Partners, where she was most recently a Director with the Basic Industries team. Before rejoining the Sterling team this year, Erin worked at The Sterling Group in 2013 and 2014. She has also worked with Boston Consulting Group, Greenbriar Equity Group, and Credit Suisse.
In the role of Commercial Operating Partner, Chris will work to drive commercial operations effectiveness within Sterling portfolio companies. Chris brings many years of commercial operations experience gained at various firms, including RR Donnelly’s Western Division, FedEx Office, TPG Capital’s Operating Group, and most recently Oakwood Worldwide, where he was formerly SVP Sales and Marketing and most recently CEO.
Steven Hirsch, Principal, joined Sterling in 2017 from McKinsey & Company where he focused on strategic and operational topics for transportation, manufacturing and distribution companies. Steven previously held roles in program management and revenue management at American Airlines during the Chapter 11 bankruptcy and restructuring process.
John Griffin, Principal, joined Sterling in 2018 from McKinsey & Company where he was focused on operational and strategic initiatives for industrial and energy businesses. John also brings experience from Madison Dearborn Partners where he worked across Basic Industries, Business & Government Services, and Financial Services verticals.
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 56 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $2.0 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 28, 2020
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 Hub Construction Specialties, Inc. (“Hub”). Operating 15 branch locations throughout California and Arizona, Hub is a construction supply and concrete accessory provider, serving customers for over 60 years.
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 over 130 branches with approximately 2,000+ employees and offers over 60,000 SKUs to over 65,000 customers.
The partnership with Hub expands CSG’s footprint in California’s attractive Inland Empire. “Hub’s established presence in the industry and strong vendor relationships are a welcome addition to CSG’s overall efforts and will help provide a greater national reach,” said Mitch Williams, CEO of Construction Supply Group. “We are looking forward to partnering with the Hub team.”
The acquisition of Hub Construction Specialties is Construction Supply Group’s nineteenth acquisition since inception. The company will continue to seek growth opportunities to better serve its customers.
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 56 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $2.0 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, 2019
The Sterling Group, a Houston-based middle market private equity firm, is pleased to announce that Scott MacLaren has been named Partner.
Scott joined The Sterling Group in 2014 from The Boston Consulting Group where he focused on operational improvement initiatives for industrial and energy companies. Prior to entering the private sector, Scott was a Ranger qualified officer in the United States Army where he led a scout platoon during the troop surge in Iraq, and later served as a company commander in charge of 120 personnel. Scott received a B.S. in Economics from the United States Military Academy at West Point and an MBA from the Wharton School.
Scott’s first investment at Sterling was American Bath Group, a turnaround effort and industry consolidation in the bathware manufacturing industry. Scott spent a year embedded at the company, using his experience leading teams and driving operational change to completely transform the company’s transportation and logistics program, as well as executing four strategic acquisitions. During his time at ABG, the Company experienced over 200% EBITDA growth. Since then, he has been instrumental in Sterling Group investments such as Highline, Evergreen, Lynx FBO, and Polychem.
“We are excited to have Scott join our partnership. His operational, commercial, and transactional capabilities underlie Scott’s strong contribution to Sterling, our portfolio companies, and our investors,” said Gary Rosenthal, a Partner at The Sterling 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 56 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $2.0 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 11, 2019
The Sterling Group, a Houston-based middle market private equity firm, today announced an investment in Bad Boy, Inc. (“Bad Boy”).
Headquartered in Batesville, Arkansas, Bad Boy is a leading manufacturer of high-performance zero-turn riding lawn mowers. Since its founding in 1998, Bad Boy has operated as a founder-owned business. Bad Boy enjoys a leading brand in the lawn care industry with its lineup of commercial-quality residential mowers and professional grade commercial mowers. Bad Boy sells its mowers across an expanding base of independent dealers and leading outdoor retailers.
“Phil and his team have built an incredible product and strong brand resulting in impressive growth over the last twenty years. We look forward to partnering with Phil and his team in supporting Bad Boy’s future growth as it continues to deliver leading residential and commercial mowers to its loyal customer base,” said Kent Wallace, a Partner at The Sterling Group.
“I am excited to partner with The Sterling Group, as we work together to drive Bad Boy’s continued growth,” said Phil Pulley, founder of Bad Boy.
Sterling has a long history of partnering with family and entrepreneur owners and their management teams to support the growth of their businesses.
Willkie Farr & Gallagher LLP acted as legal advisor to The Sterling Group. Stephens Inc. acted as financial advisor and Jones Day acted as legal advisor to Bad Boy, Inc.
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 55 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $2.0 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.
November 18, 2019
The Sterling Group, a Houston-based, operationally-focused middle-market private equity firm, announces the addition of Nathaniel Reeve, Kern Vijayvargiya, both Vice Presidents, Jared Bell and Joe Cueter, both Associates. In addition, Christine Shtepani has joined the firm as a Senior Associate, Sourcing and Abby Russell has joined as an Associate focused on Investor Relations. Each new hire shares a passion for building industrial businesses, and we welcome them to the Sterling team.
Nathaniel Reeve
Vice President
Nate joins Sterling after graduating from Harvard Business School. Previously, he was Director of FP&A at Warby Parker.
Portfolio Companies: Polychem
Kern Vijayvargiya
Vice President
Kern joins from Tiger Global Management where he was focused on analyzing investments in the technology and consumer sectors. Kern received an M.B.A from The Wharton School.
Portfolio Companies: Highline
Christine Shtepani
Senior Associate, Sourcing
Prior to Sterling, Christine was an Associate on the Leveraged Finance team at J.P. Morgan focusing on acquisition financing, leveraged high yield debt originations for regional diversified middle market and corporate clients.
Abby Russell
Associate, Investor Relations
Abby joins Sterling from Evercore where she focused on advising clients in the energy industry on mergers and acquisitions. Abby is also a licensed CPA in the State of Texas.
Jared Bell
Associate
Jared joins from Credit Suisse, where he focused on mergers, acquisitions, and high yield financings for companies across the energy industry.
Portfolio Companies: Tangent and Highline
Joe Cueter
Associate
Joe joins Sterling from Harris Williams, where he focused on advising clients in the helathcare and life sciences industry on mergers and acquisitions. Joe is a Certified Public Accountant.
Portfolio Companies: Time and DexKo
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 55 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $2.0 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 November 11, 2019
The Sterling Group, a Houston-based middle market private equity firm, announced that its portfolio company Highline Aftermarket (“Highline”) has completed the acquisition of Camco Manufacturing’s Liquids division (“Liquids”). Liquids is a leading nationwide manufacturer of windshield wash, RV antifreeze, and diesel exhaust fluid, including private label products, with plants in Leominster, MA, Reidsville, NC, Elkhart, IN, and Albany, OR. Longstanding Liquids employees are joining the Highline team to provide continuity for customers and to continue building world-class operations to support Highline’s growth.
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 subsequent acquisitions of Service Champ, Levin’s, and South/Win have increased channel and geographic penetration and further solidified Highline as a market leader. The addition of Liquids fortifies Highline’s position as the largest and most efficient nationwide network for producing and distributing selected liquids and chemicals for the automotive, RV, and marine markets. Highline continues to invest rapidly to expand its blending and filling capabilities, and the addition of these Liquids plants represents a substantial increase in capacity. Will DuBose, President of Manufacturing, will continue to lead Highline’s blending and filling business.
“Over 50 years, the Caine family has built a fantastic Liquids business at Camco, with a reputation for high-quality products and exceptional customer service,” says Darcy Curran, CEO of Highline Aftermarket. “We are excited to combine the strengths of the Liquids business with Highline’s seven plants and 14 distribution centers to better serve customers nationwide. This combination is a perfect strategic fit and enables Highline’s growth ambitions. I welcome Liquids employees and customers to Highline.”
Highline has more than doubled in size during its three-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 55 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $2.0 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 November 06, 2019
The Sterling Group, a Houston-based middle market private equity firm, announced today that one of its portfolio companies, Time Manufacturing Company (“Time”), has completed the acquisition of BrandFX.
Headquartered in Waco, Texas, Time is a global designer, manufacturer, and distributor of vehicle-mounted aerial lifts primarily for the electric utility, telecom, infrastructure, and forestry end markets. Time goes to market via several industry-leading brands, including the Versalift line of aerial lifts and digger derricks, and the Aspen Aerials line of under-bridge inspection units.
Headquartered in Fort Worth, Texas, BrandFX is a market-leading manufacturer of advanced composite service bodies, line bodies, inserts, toppers and covers. Founded in 1984, BrandFX has served as a longstanding leader in the industry, with a reputation for quality, innovation, engineering and lightweight and durable line of products. “The addition of BrandFX’s complementary product line further enhances Time’s ability to offer our customers the most reliable equipment at the lowest true cost of ownership,” said Curt Howell, CEO of Time.
With the acquisition of BrandFX, Time Manufacturing Company will employ more than 1,400 associates at 25 locations worldwide. BrandFX is Time’s sixth acquisition in the last two years.
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 55 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $2.0 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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