May 2, 2012 -Clearview Capital’s recent sale of its portfolio company EN Engineering to CIVC Partners yielded a gross return of 4.5x invested capital for Clearview and a 68% internal rate of return over Clearview’s three-year hold period. Clearview’s investment in EN Engineering was made through Clearview’s second fund which invests in and develops lower middle market companies in the business services, health care services, design/importing, distribution and manufacturing sectors.
“Throughout the period of our ownership of EN Engineering, the company’s management team did a terrific job building the business organically and through acquisition,” said James Andersen, co-Managing Partner of Clearview Capital. “EN Engineering is a world-class business and we are proud to have had the opportunity to partner with its management team and help the company through a phase of rapid growth.”
EN Engineering is an energy-focused professional services firm providing engineering, consulting, automation and integrity management services to the natural gas, liquid petroleum and related industrial markets. The company has 350 employees and is headquartered near Chicago in Woodridge, IL, with additional offices in Baltimore, Denver, and Kansas City (www.enengineering.com).
Clearview Capital invests in mid-sized manufacturing and service companies that have cash flow between $4 million and $20 million (lower levels of cash flow are considered for add-on acquisitions). Clearview has in excess of $250 million under management and is currently making investments through its committed fund, Clearview Capital Fund II, LP. The firm is located in Old Greenwich, CT (www.ClearviewCap.com).
Clearview’s other holdings include GCR, Inc., a professional services firm delivering consulting services and technology solutions to governmental and commercial clients; Child Health Holdings, Inc., d.b.a. Pediatric Healthchoice, the country’s largest operator of prescribed pediatric extended care centers; Pyramid Healthcare, Inc., a provider of in-patient and out-patient behavioral health services; The Results Companies, LLC, a Business Process Outsourcing (“BPO”) provider of customer management solutions; All Tech Inspections, Inc./IESCO, LLC, providers of inspection and nondestructive testing services to the refining, petrochemical market and other industrial process industries; Rowmark, LLC, a manufacturer and marketer of specialty plastic sheet and related products for the awards/recognition, engraving and signage markets; Air Cooled Exchangers, LLC, a manufacturer of air cooled heat exchangers used in natural gas compression applications; Senior Care Centers of America, Inc., the country’s largest operator of adult day care centers; Hillsdale Furniture, LLC, a designer and importer of wood and metal furniture; and a minority interest in Compression Polymers Group, the leading extruder of thick gauge polyolefin and PVC sheet, including AZEK brand trim boards.
Houlihan Lokey served as financial advisor and Loeb & Loeb served as legal advisor to EN Engineering.
