Author Archives: fjones

The Sterling Group Completes the Sale of Velcon Filters, LLC to Parker Hannifin Corporation

HOUSTON, TEXAS (November 1, 2012) – The Sterling Group, a middle market private equity firm based in Houston, Texas, today announced that they have finalized the sale of their portfolio company, Velcon Filters, LLC to Parker Hannifin Corporation (NYSE: PH). Terms of the transaction were not disclosed. Headquartered in Colorado Springs, Colorado, Velcon is a niche manufacturer of filtration systems, including vessels and replacement cartridges, which meet specific requirements for fluid filtration processes in a variety of domestic and international end-markets. When Sterling acquired Velcon in 2009 from the founding family, the business was the market leader in the aviation filtration market with a stable base of recurring revenue. Sterling and Velcon together have made three strategic acquisitions over the …

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The Sterling Group Completes the Acquisition of Dexter Axle from Tomkins Industries, Inc.

HOUSTON, TX (November 1, 2012) – The Sterling Group, a middle market private equity firm based in Houston, Texas, today announced that its affiliated investment fund, Sterling Group Partners III, L.P., has completed the acquisition of the Dexter Axle business from Tomkins Industries, Inc., a subsidiary of Pinafore Holdings B.V. The investment is Sterling’s fourth investment in its third fund, an $820 million fund raised in 2010. Dexter is the second business Sterling has acquired from Tomkins in the last fourteen months. Dexter is a leading designer and manufacturer of trailer axle, brake, and suspension assemblies and related replacement parts and components for use primarily in the industrial and utility trailer and RV markets in North America. “For over 50 …

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The Sterling Group to Sell Velcon Filters, LLC to Parker Hannifin Corporation

HOUSTON, TEXAS (October 5, 2012) – The Sterling Group, a middle market private equity firm based in Houston, Texas, today announced that it has entered into a definitive agreement to sell its portfolio company, Velcon Filters, LLC to Parker Hannifin Corporation (NYSE: PH). Terms of the transaction were not disclosed. Headquartered in Colorado Springs, Colorado, Velcon is a niche manufacturer of filtration systems, including vessels and replacement cartridges, which meet specific requirements for fluid filtration processes in a variety of domestic and international end-markets. When Sterling acquired the business from the founding family in 2009, the company was the domestic leader in the aviation fuel filtration industry. Today, Velcon has a global platform servicing the aviation, industrial and oil and …

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