Blackford Capital has acquired Artificial Turf Supply (ATS), a manufacturer and distributor of synthetic and artificial turf.
ATS’ turf products are used in residential, commercial, playground, and athletic applications. The company sells its products through its e-commerce website and through a network of dealers with installation provided by thousands of independent installers.
ATS is headquartered near Los Angeles in Chino, California, and has nationwide distribution with facilities in California, Texas, Georgia, Florida, and Maryland. The company was founded in 2005 by President David Barbera. Post-closing, Mr. Barbera will continue in his role as president of ATS and will become an operating partner at Blackford Capital.
The buy of ATS is Blackford’s second investment for its patio consolidation strategy which looks to create a platform of asset-light, multi-product, omni-channel companies within the home and outdoor living products sector. Last month, Blackford acquired Starfire Direct, a California-based direct-to-consumer seller of fireplaces, and gas fire pits used in both residential and commercial installations.
“David and his team have built a strong and resilient business. It’s an honor to welcome him to the Blackford family as president of ATS and as the newest addition to our experienced team of operating partners,” said Martin Stein, founder and managing director of Blackford. “With the addition of ATS to our family of backyard companies, we are well positioned to accelerate the entire platform’s reach by optimizing ATS’ already impressive marketing prowess and distribution network. Very exciting times ahead.”
“We are excited to work with Martin and the Blackford leadership team to further expand our reach within the growing artificial turf market,” said Mr. Barbera. “We share the same vision and passion for driving growth. Our partnership, supported by increased resources and an impressive and inspiring leadership team, will position us well to not only accelerate our growth, but also better serve our customers and, in turn, offer more attractive opportunities and benefits for our employees.”
Grand Rapids, Michigan-based Blackford Capital invests in founder- and family-owned, lower middle-market manufacturing, industrial, and distribution companies. Target companies typically have revenues of $20 million to $100 million and EBITDA of $2 million to $20 million.
Generational Equity was the financial advisor to ATS while Plante Moran was the financial and tax advisor to Blackford. Mercantile Bank of Michigan provided debt financing and Rush Street Capital provided financing advisory services.
© 2022 Private Equity Professional | December 1, 2022
