October 2, 2014
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Archives for October 2, 2014

Littlejohn Acquires Interior Specialists

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isi nf1Littlejohn & Co. has acquired Interior Specialists, a provider of outsourced interior design and installation services for the homebuilding industry.

Interior Specialists (ISI) sells flooring, countertops, window coverings, cabinets and other products to homeowners and contracts with companies to install these products.  The company primarily markets products to homeowners through design centers, which are either ISI-branded or operated on a fully-outsourced basis for regional, superregional and national homebuilders.  ISI is headquartered in Carlsbad, CA and currently serves markets in Nevada, Arizona, California, Colorado, Idaho, Oregon, Washington, Virginia, and Washington, DC (www.interiorspecialists.com).

steven raich nf1“ISI is an industry leader and the only large-scale provider of fully-outsourced design centers for homebuilders.  With the added support and commitment of Littlejohn, ISI will aggressively leverage this key differentiator and significant value proposition for homebuilders to expand well beyond the company’s existing markets,” said Steven Raich, Managing Director of Littlejohn & Co.  “We also look forward to partnering with the management team at ISI to identify strategic acquisitions that will further build the company’s geographic footprint and broaden its product offerings.”

In July 2014, ISI completed the acquisition of Las Vegas-based DelGrosso Floor Covering, which serves the residential and commercial building industry, offering and installing flooring, countertop and cabinetry products, in addition to operating a design center to support their residential home builder customers.

Littlejohn & Co. makes control and non-control investments in middle-market companies that are undergoing a fundamental change in capital structure, strategy, operations or growth. Littlejohn invests in middle market companies with annual revenues typically between $100 million and $800 million, and generally invests $50 to $150 million of equity in its private equity investments.  The firm invests across a range of industries and acquires manufacturers, distributors, and service providers. Littlejohn is currently investing from Littlejohn Fund V which has over $2 billion in capital commitments. The firm is based in Greenwich, CT (www.littlejohnllc.com).

2014 PEPD • Private Equity’s Leading News Magazine • 10-2-14

Argosy Private Equity Acquires Flow Dry Technology

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flowdry nf1Argosy Private Equity has acquired a controlling ownership interest in Flow Dry Technology, a provider of moisture control products.

The management team of Flow Dry, led by CEO Doug LeConey, will continue to manage the business. Bill Massa, an industry executive that Argosy has partnered with on other investments, is also investing in Flow Dry and will join the company’s Board of Directors.

Flow Dry Technology is a provider of (1) moisture control products to the automotive, healthcare and industrial markets and (2) gaskets to automotive and industrial markets. According to Argosy the company is also the leading provider of desiccants used in HVAC systems in automobiles in the United States, with a significant international market share. Flow Dry is headquartered northwest of Dayton in Brookville, OH and has additional facilities in Hungary and China (www.flowdry.com).

Argosy Private Equity invests from $4 million to $10 million in lower middle market companies with revenues of $15 million to $100 million and EBITDA margins of 10% or greater.  Sectors of interest include manufacturing, business services, and value-added distribution.  The firm is headquartered in the Philadelphia suburb of Wayne, PA (www.argosycapital.com).

2014 PEPD • Private Equity’s Leading News Magazine • 10-2-14

Trinity Hunt Acquires Miller Environmental Services

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miller me nf1Trinity Hunt Partners has acquired Miller Environmental Services, a provider of industrial cleaning and environmental services. Trinity Hunt partnered with Founder and Chief Executive Officer Charles Miller and his management team on this transaction.

dan dross nf1“We are excited to partner with Charles Miller and the exceptional management team at Miller Environmental,” said Dan Dross, Managing Partner of Trinity Hunt. “With a strong culture of safety, proprietary technology-enhanced equipment, and experienced operations personnel, Miller is a premier provider of industrial cleaning and environmental services in the Gulf Coast marketplace.”

Miller Environmental Services provides industrial cleaning and environmental services to companies operating in the downstream, midstream, and upstream hydrocarbon processing markets. Services include tank cleaning, chemical cleaning, vacuum truck services, vapor control, hydroblasting, waste management and hydro-excavation.  The company has 400 employees and five operations centers located in Texas (Corpus Christi, Houston, Beaumont, Catarina, and Three Rivers) and a sixth operations center in Sulphur, LA. Miller Environmental Services was founded in 1985 and is headquartered in Corpus Christi (www.millerenviro.com).

“Our partnership with Miller presents a tremendous opportunity for Trinity Hunt and our investors to capitalize on a strong company that plays a critical role in an industry and region forecasted for significant growth,” added Mr. Dross. “With the expected expansion of downstream capacity, Miller is poised to become the leading industrial cleaning and environmental services company in the Gulf Coast region.”

Trinity Hunt invests in companies that have EBITDAs between $3 million and $15 million and have enterprise values between $10 million and $150 million. The firm considers investment opportunities across a range of industries but has a specific interest in industrial products and services, business services and healthcare services. Trinity Hunt is based in Dallas (www.trinityhunt.com).

“The Trinity Hunt team will serve as a valued partner in our continued growth,” said Charles Miller, who will remain Chief Executive Officer and a shareholder. “Their proven approach to growing businesses and significant resources will enable us to expand Miller’s reach and market share along the Gulf Coast.”

2014 PEPD • Private Equity’s Leading News Magazine • 10-2-14

Perella Weinberg Beats Target, Closes Lower Mid-Market Fund at $600 Million

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peralla weinberg nf2Perella Weinberg Partners has held a final closing of PWP Growth Equity Fund with $600 million in capital commitments, exceeding the original $400 million target and meeting the revised cap of $600 million.  Barclays Capital served as a placement agent for a portion of the new fund.

PWP Growth Equity was co-founded by Partners David Ferguson and Chip Baird who have worked together for over a decade and have more than 40 years of combined experience in private equity investing. Mr. Ferguson and Mr. Baird join Perella Weinberg Partners in 2012 from Weston Presidio, a lower middle market private equity firm, where they were both partners.

david ferguson nf1“We are thrilled to announce the final close of the PWP Growth Equity fund and are especially excited about the quality and breadth of our investor base. We feel strongly about the opportunities to create value through growth in the lower middle market,” said Mr. Ferguson.

PWP Growth Equity will invest in US-based growth-oriented companies in the lower middle market. Sectors of interest include consumer, retail, services, and industrial.  The fund currently has an equity interest in two portfolio companies.

chip baird nf3“By forming partnerships with management teams, we seek to leverage our expertise and resources to help companies in the lower middle market realize their growth potential. David and I have worked together for over 10 years and we look forward to building on our record of creating value,” said Mr. Baird.

In February of 2013, the PWP Growth Equity completed its second investment in Fashion to Figure, a fast-fashion retail chain dedicated exclusively to plus-size women’s fashion and related accessories.  The company has more than 25 locations across the United States and also operates an online retail business. Fashion to Figure was founded, and is currently led, by the great-grandsons of Lena H. Bryant, the businesswoman and dressmaker who invented full-sized fashion over 100 years ago.  Fashion to Figure is based in New York (www.fashiontofigure.com).

In April of 2014, PWP Growth Equity completed its third investment in Youfit Health Clubs, a value-priced fitness chain.  Youfit has approximately 80 clubs in 10 states. The company operates on a business model that requires no long-term contracts and caters to the average person seeking to improve their fitness. Youfit was founded in 2008 by Rick Berks, the original owner of the Planet Fitness trademark. Youfit Health Clubs is based in St. Petersburg, FL (www.youfit.com).

A third transaction, the acquisition of Trench Plate Rental Company, was completed in August of 2012 by Perella Weinberg Partners, but was completed with equity from outside of the new fund.  Trench Plate is a provider of government-mandated trench safety equipment to the underground construction industry in the Western US. The company, headquartered in Downey, CA, operates 11 branches in Southern California, Northern California, Las Vegas, Reno, and Houston (www.tprco.com).

“PWP Growth Equity continues our success in identifying and supporting talented investment professionals. Chip and David have assembled an excellent team and we are very pleased that investors have enthusiastically embraced their unique investment approach,” said Terry Meguid, Co-Head of Asset Management at Perella Weinberg Partners.

PWP Growth Equity is the third strategy to be launched by Perella Weinberg Partners in the last year. In March of 2012, the firm introduced PWP Diversified Equities, a fundamental long/short equity and event-driven strategy led by Partner and Portfolio Manager, David Baker. In August of 2012, the firm launched PWP Alpha Europe, a European long/short equity strategy led by Partner and Portfolio Manager Andrew Dickson. Perella Weinberg Partners Asset Management business is comprised of eight strategies with more than $11.4 billion in assets under management and capital commitments.

Perella Weinberg was founded in 2006 and has more than 400 employees in its offices in New York, London, Abu Dhabi, Denver, Dubai, and San Francisco (www.pwpartners.com).

Weil, Gotshal & Manges LLP provided fund formation counsel.

2014 PEPD • Private Equity’s Leading News Magazine • 10-2-14

Levine Leichtman Promotes Three    

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levine leichtman nf1Levine Leichtman Capital Partners has promoted Aaron Perlmutter to head the Firm’s Corporate Finance Group.  The firm also promoted Matthew Frankel and Andrew Schwartz to Managing Directors.

perlmutter nf1Mr. Perlmutter joined LLCP in 2003 and became a General Partner in 2012.  For the past several years, Mr. Perlmutter has led the Corporate Finance Group with Kimberly Pollack.  Mr. Perlmutter promotion is due to his successful leadership in managing the Corporate Finance Group. He has demonstrated expertise in analyzing middle market investments, business due diligence and post-investment monitoring.  Ms. Pollack has resigned to spend more time with her family however she will remain on the board of directors of her portfolio companies and serve as a strategic advisor to the firm.

Mr. Frankel joined Levine Leichtman Capital Partners as a Director in 2010.  Since that time, Mr. Frankel has led the firm in several transactions including the sale of Luminator Technology Group and a recent recapitalization of Tronair.  Mr. Frankel will continue to monitor LLCP portfolio companies as well as be responsible for deal execution, due diligence and analysis of new investment opportunities. Prior to joining LLCP, Mr. Frankel was a Vice President with American Capital.

Mr. Schwartz joined Levine Leichtman Capital Partners as a Director in 2011. Since that time, Mr. Schwartz has led the firm in several transactions including the sale of Santa Cruz Nutritionals and the recent recapitalizations of McKenzie Products and Pacific World.   Mr. Schwartz will continue to monitor LLCP portfolio companies as well as be responsible for deal execution, due diligence and analysis of new investment opportunities. Prior to joining LLCP, Mr. Schwartz was a Vice President at Liberty Partners.

Levine Leichtman manages approximately $7 billion of capital through private equity partnerships, distressed debt and leveraged loan funds. The firm is currently making new investments through Levine Leichtman Capital Partners V, LP; Levine Leichtman Capital Partners SBIC Fund, LP; and Levine Leichtman Capital Partners Private Capital Solutions II, LP. The firm is based in Los Angeles with offices in Chicago, Dallas, New York and London (www.llcp.com).

2014 PEPD • Private Equity’s Leading News Magazine • 10-2-14

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