October 25, 2017
The Sterling Group, a private equity firm based in Houston, Texas, announced that its portfolio company, Safe Fleet, has completed the acquisition of COBAN Technologies, Inc. (“COBAN”). This marks Safe Fleet’s ninth acquisition during Sterling’s ownership. Safe Fleet is a leading supplier of safety components for fleet vehicles.
COBAN is a leading supplier of body cameras and in-car video solutions for law enforcement. “COBAN is an excellent addition to Safe Fleet’s portfolio. We believe the combination of COBAN’s position in law enforcement with Safe Fleet’s leading video positions in School and Transit Bus, Fire, Waste, and Commercial markets establishes Safe Fleet as the largest global provider of video solutions to the fleet market,” stated John Knox, CEO of Safe Fleet. “Safe Fleet/COBAN is now the only video provider able to comprehensively supply common and integrated video solutions to all First Responder departments as well as all municipal fleet markets.”
“The partnership with COBAN further strengthens Safe Fleet’s robust family of technology and safety solutions for a growing list of fleet end markets,” said Gary Rosenthal, Partner at The Sterling Group. COBAN marks the company’s fifth acquisition in the video and telematics sector.
About Safe Fleet
Headquartered in Belton, MO, Safe Fleet owns a portfolio of brands that provide safety solutions to fleet vehicle manufacturers and operators around the world. These brands serve several major markets including: Bus, Rail and RV, Truck and Trailer, Work Truck, Emergency, Waste, and Industrial and Military. With over 1,100 employees and 10 manufacturing locations, Safe Fleet targets markets with increasing demand for operator, passenger, and pedestrian safety. For more information about Safe Fleet and our portfolio of brands please visit www.safefleet.net.
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 52 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $2.1 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.
July 06, 2017
The Sterling Group, a Houston-based middle market private equity firm, announced that its portfolio company, Construction Supply Group, has completed the acquisition of Carter Waters. Construction Supply Group is a leader in the distribution of construction materials and accessories and tools, primarily for professional concrete and masonry contractors in the United States and Canada. The combined company has 72 branches with 1,150 employees and offers over 70,000 SKUs to nearly 25,000 customers.
Carter Waters is the fifth business acquired by Sterling as part of the Construction Supply platform. In late 2016, Sterling acquired Brock White Company, LLC, Border Construction Specialties, LLC and Stetson Building Products to form Construction Supply Group. Brock White, Border and Stetson have strong branch footprints in Western Canada, the Upper Midwest and the Southwest. The company later executed a carve-out of five Gerdau distribution branches in the Midwest. The acquisition of Carter Waters’ 19 construction distribution branches will expand the company’s lower Midwest footprint ranging from Kansas to Ohio.
“We are thrilled to welcome the Carter Waters team to the Construction Supply family. They have built an exceptional business that will continue to provide exceptional service to customers while expanding our footprint,” said Mitch Williams, CEO of Construction Supply Group.
The scale of Construction Supply has grown rapidly through the combination of 5 leading distributors, each with no more than 20 branches but with exceptional track records of growth, customer service and loyal customer relationships. Construction Supply Group will continue to seek further additions to its family of construction distribution businesses.
Willkie Farr & Gallagher provided legal counsel to Construction Supply Group. Raymond James served as Carter Waters’ exclusive financial advisor.
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 51 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $2.2 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.
May 03, 2017
The Sterling Group, a Houston-based middle market private equity firm, announced the acquisition of five distribution branches from Gerdau Construction Products. The branches will become a part of Sterling’s portfolio company, Construction Supply Group.
Construction Supply Group is a leader in the distribution of construction materials, accessories and tools, primarily for professional concrete and masonry contractors in the United States and Canada. The combined company has 53 branches with 850 employees and offers over 70,000 SKUs to nearly 25,000 customers.
In late 2016, Sterling acquired Brock White Company, LLC, Border Construction Specialties, LLC and Stetson Building Products to form Construction Supply Group. Brock White, Border and Stetson each have strong branch footprints in Western Canada, the Upper Midwest and the Southwest. The acquisition of the five Gerdau branches in Appleton, Wisconsin; Madison, Wisconsin; Decatur, Illinois; Urbana, Illinois and Eldridge, Iowa will allow Construction Supply Group to further serve customers in those territories.
“The Gerdau branch additions will further strengthen our footprint and ability to provide exceptional service to customers. We look forward to partnering with the Gerdau employees as we continue to build the platform,” said Mitch Williams, CEO of Construction Supply 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 51 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $2.2 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.
February 06, 2017
The Sterling Group, a middle market private equity firm based in Houston, Texas, today announced that it acquired Time Manufacturing Company (“Time”) from O’Flaherty Holdings Limited.
Headquartered in Waco, Texas, Time is a global designer, manufacturer, and distributor of vehicle-mounted aerial lifts primarily for the telecom and electric utility end markets. Time has pioneered several brands within the aerial lift market, including the market leading Versalift brand. The business had been owned by the O’Flaherty family for over 40 years.
“Sterling is the right partner for Time as we continue to pursue the significant growth opportunities that exist for the company today,” said Charles Wiley, CEO of Time. “The Time team is excited to partner with Sterling, and together we expect continued success in this next phase of our company’s history.”
“The team at Time has built the company into an industry leader that provides outstanding products and services to its customers, and we look forward to further supporting their future growth,” said Kent Wallace, a Partner at The Sterling Group. Sterling has a long history of partnering with management teams of family- and entrepreneur-owned businesses in the industrial sector.
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 over 50 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $2.2 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.
January 16, 2017
The Sterling Group, a private equity firm based in Houston, Texas, announced that its portfolio company, Safe Fleet, has completed the acquisition of Randall Manufacturing LLC (“Randall”). This marks Safe Fleet’s eighth acquisition during Sterling’s ownership. Safe Fleet is a leading supplier of safety components for fleet vehicles.
Based in suburban Chicago, Illinois, Randall is a leading manufacturer of specialized safety products used mainly in refrigerated semi-trailers in connection with the transportation of food and beverages. “Randall is an excellent addition to Safe Fleet’s portfolio. Through innovation and consistent execution, Randall has developed a high level of brand equity and trust with their customers and end-users,” stated John Knox, CEO of Safe Fleet. “The Randall brand and product line strongly complements Safe Fleet’s truck and trailer offerings. We are delighted to welcome Fred Jevaney and the Randall organization to Safe Fleet.”
Safe Fleet provides a wide variety of safety-and productivity-oriented components to bus, rail, RV, truck and trailer, work truck, emergency, waste, industrial and military end markets. “The addition of the Randall team and product will further Safe Fleet’s ability to offer a full line of safety solutions to our wide range of fleet customers,” said Brian Henry, a Partner at The Sterling Group.
Safe Fleet has more than doubled in size during its partnership with Sterling and will continue to pursue both organic and acquisition related growth.
About Safe Fleet
Headquartered in Belton, MO, Safe Fleet owns a portfolio of brands that provide safety solutions to fleet vehicle manufacturers and operators around the world. These brands serve several major markets including: Bus, Rail and RV, Truck and Trailer, Work Truck, Emergency, Waste, and Industrial and Military. Within Truck and Trailer, the ROM and Bustin brands provide a variety of access and safety products specific to over the road semi-trailers, including refrigerated semi-trailers. With over 1,100 employees and 10 manufacturing locations, Safe Fleet targets markets with increasing demand for operator, passenger, and pedestrian safety. For more information about Safe Fleet and our portfolio of brands please visit www.safefleet.net.
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 50 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $2.2 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.
January 03, 2017
The Sterling Group, a middle market private equity firm based in Houston, Texas, today announced that its platform company, Lynx FBO Network, has completed two acquisitions at Anoka County-Blaine Airport serving the Minneapolis/St. Paul metropolitan area, with prime access to US Bank Stadium and downtown Minneapolis. Lynx simultaneously acquired both Cirrus Flight Operations and Key Air Twin Cities. “We look forward to bringing the Lynx level of service and our extensive FBO expertise to the Minneapolis/St. Paul area,” said Chad Farischon, a Partner with Lynx.
In August 2016, Sterling launched Lynx, a buy-and-build effort in the FBO industry, and is executing a plan to build a leading FBO network providing general aviation services. The Cirrus and Key locations at Anoka mark the third and fourth acquisitions for Lynx during the first four months of operations.
“Key Air Twin Cities has developed world class FBO terminal and hangar facilities, a state of the art fuel farm, and a large ramp capable of handling significant aircraft activity in a safe and efficient manner. Those attributes combined with the Lynx team’s experience in handling special events, the ease of access to US Bank stadium, and a group of talented employees joining our team from both Cirrus and Key make Lynx the optimal location to serve our customers during the 2018 Super Bowl,” stated Tyson Goetz, a Partner with Lynx.
Sterling has assembled a strong and experienced team to build the new network. Greg Elliott, a Partner at The Sterling Group, has been involved in building several FBO networks in the past fifteen years, including roles as the Chairman of Encore and Trajen, and Board member of Landmark Aviation. Chad Farischon and Tyson Goetz are former members of both the Trajen, Atlantic Aviation, and Landmark Aviation management teams and have purchased and integrated over 50 FBOs over the course of their careers. The pipeline for further acquisitions remains strong.
“Anoka County is an excellent addition to our rapidly growing network,” said Greg Elliott. Lynx currently operates locations near Destin, Florida, Portland, Oregon and now Minneapolis, Minnesota. Lynx and Sterling are actively seeking 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 50 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $2.2 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.
December 30, 2016
The Sterling Group, a Houston-based middle market private equity firm, announced the acquisition of Stetson Building Products, Inc. Stetson is the third business comprising the newly formed Construction Supply Holdings. Stetson is a management owned construction supply distributor with nine branches and a distribution center in the Midwest.
In November 2016, Sterling completed the simultaneous acquisitions of Brock White Company, LLC and Border Construction Specialties, LLC to form Construction Supply Holdings. Each an industry leader in their respective markets, Brock White and Border have strong branch footprints in the Western Canada, the Upper Midwest and the Southwest. The addition of Stetson further expands the company’s presence in the Midwest and adds technical expertise in the reinforcing steel fabrication and form rental categories.
Construction Supply Holdings is a leader in the distribution of construction materials, accessories and tools, primarily for professional concrete and masonry contractors in the United States and Canada. The combined company has 48 branches with 750 employees and offers over 70,000 SKUs for nearly 25,000 customers.
“Sterling has a vision to build a best-in-class distribution business, and the entire Stetson team is excited about being a part of that success,” said Marte Cook, President of Stetson. “The opportunity to join forces with Brock White and Border made Sterling the ideal partner for the next phase of our company’s growth.”
“The Stetson team has a fantastic reputation, and we look forward to drawing on the unique strengths of the Brock White, Border and Stetson organizations to continue to build the platform,” said Brian Henry, a Partner at The Sterling Group. Sterling has a long history of partnering with management to build businesses and transform segments of the building products industry, including successful investments in Roofing Supply Group and American Bath 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 50 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $2.2 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 02, 2016
The Sterling Group, a Houston-based middle market private equity firm, announced the formation of a new platform in the construction supply distribution industry. Today Sterling completed the simultaneous acquisitions of Brock White Company, LLC and Border Construction Specialties, LLC, each an industry leader in its respective markets.
Headquartered in St. Paul, Minnesota, Brock White was founded in 1954 and operates 29 branches in the Upper Midwest and western Canada. Headquartered in Phoenix, Arizona, Border was founded in 1955 and operates 10 branches in the Southwestern United States. Together, the new business will be a national leader in the distribution of construction materials, accessories and tools, primarily for professional concrete and masonry contractors in the United States and Canada. The combined company will have 39 branches with 625 employees and offer over 40,000 SKUs for nearly 20,000 customers. “Sterling has a vision to build a national leader in our industry, and we are thrilled about the partnership with Sterling and Border to execute on that plan,” said Rick Garland, President of Brock White. “Sterling’s experience in branch-based building products businesses and the opportunity to join forces with Brock White made Sterling the ideal partner for the next phase of our company’s growth,” said Brian Saker, CEO of Border.
“Both businesses have outstanding reputations as trusted partners for both suppliers and customers in their respective geographies,” said Brian Henry, a Partner at The Sterling Group. “We look forward to drawing on the unique strengths of the Brock White and Border organizations to continue to build the platform.” Sterling has a long history of partnering with management to build businesses and transform segments of the building products industry, including successful investments in Roofing Supply Group and American Bath 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 50 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $2.2 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.
October 31, 2016
The Sterling Group, a middle market private equity firm based in Houston, Texas, today announced the new name of its buy-and-build in the FBO industry, Lynx FBO Network (“Lynx”). Sterling has dedicated significant resources from its recent $1.25 billion fund to build Lynx into a leading FBO network providing fuel, ramp and other services to the general aviation industry.
Sterling also announced Lynx’s acquisition of Aurora Jet Center at the Aurora State Airport serving the Portland, Oregon metropolitan area. “Aurora Jet Center is the primary provider on the airfield and has been growing substantially over the past several years. It is an exceptional addition to our new network,” said Chad Farischon and Tyson Goetz, leaders of Lynx.
Sterling has assembled a strong and experienced team to build the new network. Greg Elliott, a Partner at The Sterling Group, has been involved in building several FBO networks in the past fifteen years, including roles as the Chairman of Encore and Trajen, and Board member of Landmark Aviation. Chad Farischon and Tyson Goetz are former members of both the Trajen and Landmark Aviation management teams and have purchased and integrated over 50 FBOs over the course of their careers.
“This acquisition is further affirmation that we partnered with the right team,” said Greg Elliott. “The first two locations, both primary providers at their respective airports, are perfect representations of our vision for the Lynx network. We are just getting started.”
Lynx currently boasts locations in Destin, Florida and Aurora, Oregon. Sterling and management are actively seeking 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 49 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $2.2 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.
October 05, 2016
The Sterling Group, a middle market private equity firm based in Houston, Texas, announced the creation of a new fixed based operator (“FBO”) network and the acquisition of Destin Jet. Today’s acquisition of Destin Jet, an FBO located at the Destin Executive Airport in Destin, Florida, is the first location in the new network.
Sterling has assembled a strong and experienced team to build the new network. Greg Elliott, a Partner at The Sterling Group, has been involved in building several FBO networks in the past fifteen years, including roles as Chairman of Encore and Trajen, and Board member of Landmark Aviation. Chad Farischon and Tyson Goetz, former members of both the Trajen and Landmark Aviation management teams, will lead and manage the network, executing a buy-and-build strategy. Chad and Tyson have purchased and integrated over 50 FBOs over the course of their careers.
“Sterling is thrilled to partner with a talented team in Chad and Tyson,” said Greg Elliott. “Having worked together at both Trajen and Landmark, we knew that they were the right leaders to build a premiere network.”
“Sterling shares our vision to build a national leader in aviation services,” said Tyson Goetz. “Given their past experience in the industry and their track record of partnering with entrepreneurs to grow businesses through acquisitions, Sterling was the ideal partner for us.”
Destin Jet, the sole service provider on the Destin Executive Airport field, serves resort destinations in the Florida panhandle area and the Emerald Coast. Destin Jet’s facilities are world-class, featuring modern terminals with a wide range of passenger and crew amenities.
“We are looking forward to working with the airport and becoming an active member in the community,” stated Chad Farischon. “Destin is the perfect first location for our network given the best-in-class customer service and facilities, all built out under the superb leadership of Jay Odom. We look forward to building on this successful model across the country.”
Sterling and management are actively seeking 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 49 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $2.4 billion of assets under management. For further information, please visit www.sterling-group.com.
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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