The Halifax Group has sold BCI Burke, a manufacturer of commercial playground equipment, to Bertram Capital. Halifax acquired BCI Burke from Incline Equity Partners in June 2017. The buy of BCI Burke is the sixth investment completed by Bertram for its fourth fund.
BCI Burke’s products include playground and park equipment such as climbers, slides, swings, park furniture and sports equipment. The company sells its products to municipal parks and recreation departments, schools, daycares, churches, apartment complexes, childcare centers and children’s museums.
BCI Burke was founded by John Burke in 1920 as the J.E. Burke Company, a provider of weather-stripping services and designer radiator furniture. In the mid-1920s, after a family friend asked Mr. Burke to fabricate a backyard play slide, the company entered the playground equipment industry. Today, BCI Burke is led by CEO Michael Phelan and is headquartered in Fond du Lac, Wisconsin.
“Burke has established itself as a category leader in premium, single-brand commercial play equipment,” said Kevin Yamashita, a partner at Bertram Capital. “The company’s successes reflect their innovative product offering and best-in-class customer support, as well as their targeted go-to-market strategy in the United States and internationally. We recognized a strong cultural fit during the sale process and are honored to partner with Mike Phelan and the Burke team in their next chapter.”
Post-closing, Bertram will assist BCI Burke with growth via add-on acquisitions, geographic expansion, and new product introductions.
“The Burke team is thrilled to have the opportunity to partner with Bertram Capital and accelerate our momentum in the outdoor recreation market,” said Mr. Phelan. “The Bertram team differentiated themselves in the sale process through their clear understanding of our business model and go-to-market strategy, shared vision for Burke’s future, and their Bertram Labs resource. We look forward to working with Bertram as we continue to deliver on our mission of bringing play to communities around the world.”
Bertram invests in middle-market business services, consumer, industrial/manufacturing, and technology companies that have revenues from $20 million to $250 million and EBITDA of $5 million to $35 million.
In June 2021, Bertram held a final and hard cap close of Bertram Growth Capital IV LP with $940 million of total capital. Earlier in June, prior to its final close, Fund IV acquired AFC Industries, an Ohio-based distributor of fasteners and C-parts (small and low cost connecting components); and in February it acquired Bulk Reef Supply, a Minneapolis-based provider of saltwater aquarium products including lighting, controllers, and plumbing equipment.
The Halifax Group, the seller of BCI Burke, invests from $40 million to $80 million of equity in companies with EBITDA from $8 million to $30 million and enterprise values from $50 million to $300 million. Sectors of interest include health and wellness, outsourced business services, and franchising. The firm is headquartered in Washington DC with an additional office in Raleigh, North Carolina.
© 2021 Private Equity Professional | December 16, 2021
