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.
Southlake, TX October 10, 2019
Artisan Design Group (“ADG”), a portfolio company of The Sterling Group, today announced the acquisition of Dixie Carpet Installations, Inc. (“Dixie” 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.
Dixie is a leading provider of flooring installation and replacement services to existing and new-construction multi-family properties across Texas. The operational footprint of the company allows Dixie to serve customers in Houston, Austin, Dallas, San Antonio and Corpus Christi. The Dixie acquisition provides ADG with additional exposure to the flooring replacement or “relay” market in some of the fastest growing cities in the country.
“Artisan Design Group is excited to partner with Dixie Carpet Installations. We are confident that the Dixie team can build on its strong legacy of excellence and continue to grow beyond its current footprint. Dixie significantly expands our relay capabilities, allowing us to better serve our multi-family customers,” said Larry Barr and Wayne Joseph, Co-CEOs of ADG.
Headquartered in Southlake, Texas, ADG operates more than 70 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. The acquisition of Dixie represents ADG’s fifth acquisition over the past ten months under Sterling’s ownership. The company has completed thirteen 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 55 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, 2019
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 Construction Materials. Operating 16 branches in the Southeastern United States, Construction Materials is a long-established wholesale distributor of specialty building products, primarily for concrete contractors.
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 holds the clear number two position in the industry and is five times larger than its next closest competitor. The company has over 125 branches with approximately 1,600 employees and offers over 60,000 SKUs to nearly 60,000 customers.
The partnership with Construction Materials expands CSG’s geographical presence in important MSAs such as Florida, Georgia, Alabama and Texas, and further enhances its ability to serve customers and partner with suppliers. “With its substantial regional scale and leading market position, the partnership with Construction Materials results in further geographical diversification,” said Mitch Williams, CEO of Construction Supply Group. “We are looking forward to continuing to build on the success and market leadership that Construction Materials has experienced to date.”
The acquisition of Construction Materials is Construction Supply’s nineteenth acquisition in three years. 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 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 October 01, 2019
Lynx FBO Network (Lynx), a portfolio company of The Sterling Group, announced today it has acquired the assets of FTC FBO (FTC) and will now operate as the second full-service FBO at the Morristown Airport (MMU) in Morristown, New Jersey. The acquisition marks Lynx’s eighth FBO location.
“We are excited to enter the New York metropolitan area and believe this expansion into the largest general aviation market in the United States is a perfect complement to our growing network of FBOs. We look forward to working with DM Airports, LTD., the town of Morristown and the local team to develop a safe, customer-centric FBO that operators in the region have come to expect,” said Matt DeLellis, Chief Financial Officer with Lynx. Scott McMahon, Executive Director of DM Airports, LTD., added, “We’re pleased to welcome Lynx to the Morristown Airport. They will be a valuable addition to the exceptional amenities currently offered to general aviation operators in Morristown.”
The Morristown Airport is conveniently located just 27 miles west of New York City and provides fast and convenient travel into New York City. The newly acquired FBO offers more than 45,000 square feet of hangar space and more than 4.5 acres of available apron for aircraft parking. Post-closing, Lynx will begin planning for the design and development of a new FBO terminal and hangar complex.
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, Fort Lauderdale, Florida and now Morristown, New Jersey. 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. Honigman Miller Schwartz & Cohn LLP served as legal advisor to Lynx in the acquisition. Lynx and Sterling continue to actively seek FBO 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 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 September 20, 2019
The Sterling Group, a Houston-based middle market private equity firm, announced that its portfolio company, Tangent Technologies, has completed the acquisitions of Home & Leisure and Vinyl Tech. 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. 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 uses post-consumer recycled milk bottles as a primary raw material along with many other post-industrial recycled waste streams.
Home & Leisure is a vertically-integrated extruder, fabricator, and assembler of plastic lumber furniture focused on the mass market casual furniture industry. Vinyl Tech is Tangent’s long-time fulfillment provider with two distribution facilities, serving furniture and playground builders primarily located in Ohio, Pennsylvania, and Indiana. The acquisitions will further Tangent’s capabilities in sheet manufacturing, fabrication and assembly, as well as in distribution and fulfillment for key geographies. Together these capabilities will further enhance Tangent’s abilities to serve its current customer base.
“We are excited to partner with Tangent to expand production capacity and tap into their extrusion and base material expertise,” said Doug Holmstead, founder of Home & Leisure.
“Our company has been doing business exclusively with Tangent since 2006, and we are excited to further formalize our close partnership by adding new warehousing capabilities and expanding our footprint in Ohio and Pennsylvania,” said Eugene Miller, founder of Vinyl Tech.
The management teams and employee bases of Home & Leisure and Vinyl Tech are remaining in place to drive and support the continued expansion of both organizations. Doug Holmstead, founder of Home & Leisure, and Eugene Miller, founder of Vinyl Tech, both will continue to serve as leaders respectively.
“Having founded Tangent in 2003, I am excited to partner with two strong founder-led organizations to collectively serve our customers with enhanced capabilities and industry-leading innovation” said Guy DeFeo, CEO of Tangent.
Tangent will continue to pursue further acquisitions in support of its strategy to be the world-leader in wood alternative material manufacturing.
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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