Houston, TX September 02, 2014
The Sterling Group, a middle market private equity firm, today announced that its affiliated investment fund has completed the acquisition of Aquatic US Holdings Corp. Aquatic is the third business Sterling has carved-out of the former Tomkins group in a three-year period.
Headquartered in Anaheim, California, Aquatic is a manufacturer of bathtubs and showers primarily used in residential single family and multi-family housing markets. Aquatic produces over 1,700 baths and showers per day from six manufacturing facilities across the United States. The company holds an estimated 20% share of the United States bathware market.
“Sterling’s strategic, operational and financial support of its businesses is a welcome addition to all of us here at Aquatic,” said Stuart Leigh, CEO of Aquatic. “We are thrilled to partner with Sterling as we embark on our next phase of growth.”
During its thirty-two year history, Sterling has sponsored the carve-out of twenty-two businesses from larger corporate parents, including multiple acquisitions from DuPont, British Petroleum and Tomkins. “Aquatic is an industry leader poised to outperform as a stand-alone enterprise with supportive partners,” said Kevin Garland, a Partner at The Sterling Group. “We look forward to achieving new levels of profitability and creating value for all shareholders.”
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 45 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $1.0 billion of assets under management through two active funds. Current portfolio companies include CST Industries, Universal Fiber Systems, Express, B&G Crane, Saxco International, Liqui-Box, Dexter Axle, Safe Fleet and Roberts-Gordon.
Past performance is no guarantee of future results and all investments are subject to loss.