Blue Sage Closes All-State Buy

Blue Sage Capital has acquired All-State Industries, a manufacturer of non-metallic components used by original equipment manufacturers across a range of end markets.

All-State’s products are used for sealing, acoustics, thermal management, motion control, instrumental panel and impact absorption applications for customers in the agricultural, mining, construction, truck, recreational vehicle, marine, medical, utility and power generation sectors. All-State has more than 500 customers many of which are among the Fortune 500.

The company has more than 350,000 square feet of manufacturing space in its facilities in Iowa, Illinois, Texas and Indiana. All-State was founded in 1974 by Bob Pulver and is headquartered in West Des Moines, IA (www.all-stateind.com).

“We are thrilled to announce our partnership with All-State,” said Peter Huff, co-founder and managing member of Blue Sage. “This business fits squarely within our strategy of partnering with family-owned companies that are leaders in their niche industries. Highlighted by the company’s impressive growth trajectory over the past two decades, All-State is a premier provider of innovative engineered products for the industrial economy, and we look forward to working with the company’s management team to execute upon our shared vision for growth.”

“We are excited about our partnership with Blue Sage and look forward to the next phase of our company’s growth,” said Scott Pulver, All-State’s CEO. “Blue Sage has an excellent track record of investing in family-owned manufacturing businesses, and we plan to leverage their strategic and financial resources in order to further expand All-State’s reach and capability set within non-metallics. We plan to invest in additional capacity, pursue targeted acquisitions and enter new end markets, while maintaining the highest level of product quality and service levels for our customers.”

Blue Sage specializes in growth, recapitalization and buyout financings of smaller middle-market companies. Most of Blue Sage’s investments are in established, profitable companies with $20 million to $100 million of revenue and $4 million to $12 million of EBITDA. The firm invests in a variety of industries, with each initial investment in a company ranging from $20 million to $40 million. Blue Sage is based in Austin, TX (www.bluesage.com).

The buy of All-State is Blue Sage’s ninth and final platform investment from Blue Sage Capital II LP and the first platform investment from Blue Sage Capital III LP.

© 2019 Private Equity Professional | February 19, 2019

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