Time Manufacturing, a portfolio company of The Sterling Group, has completed the acquisition of BrandFX, from Stonebridge Partners.
BrandFX is a manufacturer of lightweight composite work truck bodies including service bodies, line bodies, inserts, tonneau covers, and toppers.
Composite truck bodies are up to 60% lighter than traditional steel bodies, and this reduced weight load improves fuel efficiency and minimizes the stresses on tires, brakes, and suspension systems. BrandFX was founded in 1984 and is headquartered in Fort Worth, TX.
Time Manufacturing, acquired by Sterling through its fourth fund in February 2017 from long-time owner and Dublin-based O’Flaherty Holdings, is a designer, manufacturer, and distributor of vehicle-mounted aerial lifts primarily for the electric utility, telecom, infrastructure, and forestry end markets.
The company’s products include the Versalift line of aerial lifts and digger derricks, and the Aspen Aerials line of under-bridge inspection units. Duluth, MN-based Aspen Aerials was acquired by Time in October 2018. Time, founded in 1965, has more than 300,000 sq. ft. of manufacturing facilities and is headquartered in Waco, TX.
BrandFX is Time’s sixth acquisition in the last two years. “The addition of BrandFX’s complementary product line further enhances Time’s ability to offer our customers the most reliable equipment at the lowest true cost of ownership,” said Curt Howell, CEO of Time. With the close of this acquisition, Time now has more than 1,400 employees and 25 locations worldwide.
Houston-based 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. Since its founding in 1982, The Sterling Group has sponsored the buyout of 55 platform companies and numerous add-on acquisitions with a total transaction value of over $10 billion.
Stonebridge Partners, which acquired BrandFX in August 2013, invests in companies with revenues of up to $200 million. Sectors of interest include niche manufacturing, business services and distribution. The firm was founded in 1986 and is based in White Plains, NY.
© 2019 Private Equity Professional | November 7, 2019