The Sterling Group has sold Process Barron, a provider of air and material handling equipment, to Carousel Capital.
Process Barron designs, manufactures and installs industrial process fans and material handling systems used in the pulp and paper, power, steel, cement, food, and agriculture sectors. The company’s systems are used to move air, gas, or materials to and from boilers, kilns, and furnaces. Process Barron also offers repair and maintenance services.
The company was founded in 1981 as Process Equipment and was renamed in May 2002 when it acquired Barron Industries. Process Barron has more than 150,000 square feet of facilities and is headquartered south of Birmingham in Pelham, AL (www.processbarron.com).
Sterling acquired Process Barron in September 2015 in partnership with management and the founding family. “Important to our family was the right cultural fit and the ability to reinvest alongside our partners,” said Ken Nolen, CEO of Process Barron. “Sterling has been the right partner for our family and for all employees. We look forward to future continued growth with Carousel Capital.”
Carousel Capital invests in business, consumer and healthcare services companies that are headquartered in the Southeastern United States and have enterprise values of up to $200 million and EBITDA of at least $3 million. The firm, based in Charlotte, was founded in 1996 and is led by managing partners Charles Grigg and Jason Schmidly (www.carouselcapital.com).
The Sterling Group invests in manufacturing, industrial services and distribution companies that have enterprise values from $100 million to $750 million. The firm emphasizes an operational approach in partnership with management teams to grow and improve the companies it acquires. Sterling was founded in 1982 and is headquartered in Houston (www.sterling-group.com).
© 2019 Private Equity Professional | March 7, 2019
