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.