Archives for April 5, 2013

Olympus Partners Acquires The Lindley Group

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Centerplate, a portfolio company of Olympus Partners, has acquired The Lindley Group, a provider of catering services and a portfolio company of  Sovereign Capital, which acquired the business n 2005.

Lindley is a provider of catering services to stadiums, arenas, racecourses, museums, art galleries, visitor attractions and theatres. The company is based in Stoke-on-Trent, UK (www.thelindleygroup.com).

Centerplate, acquired by Olympus Partners in October 2012, is an event hospitality provider to sports venues, convention centers and entertainment venues. The company serves approximately 250 unique venues and 100 million guests annually. Centerplate has provided event hospitality services to 15 official U.S. Presidential Inaugural Balls, 13 Super Bowls, 20 World Series, and the 2010 Winter Olympic Games. The company is based in Stamford, CT (www.centerplate.com).

Revenues for The Lindley Group and Centerplate are expected to exceed $1 billion in 2013 and the combined entity will have a worldwide workforce of over 35,000. Lindley CEO Adam Elliott will assume the title of President, The Lindley Group, and Executive VP, Centerplate, reporting to Centerplate President and CEO Des Hague.

Olympus Partners, with $3 billion of capital under management, provides equity capital for middle market management buyouts and for companies needing capital for expansion. Sectors of interest include: business services; transportation and logistics services; healthcare manufacturing and services; financial services; consumer and restaurant; and software and IT services. The firm was founded in 1988 and is based in Stamford, CT (www.olympuspartners.com).

Investment banking firm Livingstone acted as the exclusive financial advisor to The Lindley Group. “Lindley presented a unique opportunity for an international group to gain immediate access, recognition and market share in the UK,” said Livingstone Vice President Ryan Buckley. “Centerplate seized the opportunity and we are delighted to have successfully sold a second business to Centerplate.” Livingstone advised Marsh Supermarkets, a portfolio company of Sun Capital Partners, on the sale of Crystal Food Services to Centerplate in 2008.

Livingstone is an international investment banking firm focused on M&A and private capital transactions with values between $30 and $300 million. Across its principal offices in the US and Europe, Livingstone’s corporate finance professionals specialize in five key sectors: business services; consumer; healthcare; industrial; and media & technology. The firm has offices in Chicago, London and Madrid (www.livingstonepartners.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 4-5-13

Tricor Pacific Capital Partners Exits Expocrete

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Tricor Pacific Capital Partners has sold its portfolio company Expocrete Concrete Products to Oldcastle Building Products.

Expocrete Concrete Products is Western Canada’s largest custom manufacturer of specialized concrete hardscape and masonry products supplying the commercial, retail and infrastructure end markets in Western Canada and Washington State. The company is based in Edmonton (www.expocrete.com).

Tricor Pacific Capital Partners acquired Expocrete Concrete Products in November 2007. During the term of ownership Expocrete expanded its geographic footprint from one plant in Alberta to seven plants operating across all four Western Canadian provinces and Washington State, completed two add-on acquisitions, greenfielded one of the industry’s lowest cost manufacturing facilities in North America, and executed significant financial and operational improvements.

Tricor Pacific invests in middle-market companies with enterprise values from $25 million to $250 million in the manufacturing, service, distribution and consumer product sectors that are located in the west and mid-west regions of Canada and the United States. The firm currently manages approximately $1 billion of capital and is investing its fourth fund with $555 million in committed capital. Tricor Pacific was founded in 1996 and is headquartered in Vancouver with an additional office in Chicago (www.tricorpacific.com).

Oldcastle Building Products is a manufacturer of hardscapes, retaining walls, concrete masonry, utility precast, architectural glass, and a variety of other building products. The company operates across 43 US states and with the acquisition of Expocrete has operations in 6 Canadian provinces. Oldcastle Building Products is headquartered in Atlanta (www.oldcastle.com).

Oldcastle Building Products is a subsidiary of CRH plc, which is a provider and distributor of building materials. CRH is headquartered in Dublin, Ireland (www.crh.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 4-5-13

Milestone Closes Fund 4

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Milestone Partners has held a final closing of Milestone Partners IV, L.P. with total commitments of $300 million, representing a 25% increase over its predecessor fund, Milestone Partners III, L.P.

Milestone IV’s limited partners include institutional investors, family offices and individuals. Most of the Milestone III limited partners made commitments to Milestone IV and Milestone IV secured new commitments from various domestic, European and Middle Eastern institutions.

Capstone Partners served as exclusive global placement agent for Milestone IV and Weil, Gotshal & Manges served as legal counsel.

Milestone IV has already invested $71 million of capital with the acquisitions of four companies; Machine Laboratory, a Kansas manufacturer of ultra-high precision components (www.machlab.com); Image API, a Florida business services provider to state and local government agencies (www.imageapi.com); Martex Fiber, a South Carolina manufacturer of recycled textiles (www.martexfiber.com); and Southern Management, a South Carolina provider of consumer installment loans (www.southernfinance.us).

With the closing of Milestone IV, the firm has promoted John Nowaczyk to Partner and Dan Ryan to Principal and Head of Business Development.

Mr. Nowaczyk will continue to lead transactions and serve on Milestone’s Investment Committee. He joined Milestone in 2007, having previously worked at Kidder, Peabody & Co., PaineWebber and Legg Mason Wood Walker.

Mr. Ryan will continue to lead Milestone’s deal sourcing efforts and will oversee Milestone’s lender relations function. Mr. Ryan joined Milestone in 2008, having previously worked at Susquehanna International Group and Friedman Billings Ramsey & Co.

Milestone Partners invests in leveraged buyouts and recapitalizations of lower middle market businesses typically in the $15 million to $100 million valuation range. The firm prefers niche-market leaders that provide high-margin products or services. The firm was founded in 1995 and is located in Radnor, PA (www.milestonepartners.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 4-5-13