Time Manufacturing, a portfolio company of The Sterling Group, has acquired Aspen Aerials, a manufacturer of specialty equipment used to inspect the safety and integrity of bridges.
Aspen Aerials’s products include functions and capabilities that allow for bridge inspection from above, below or alongside structures. The company is headquartered in Duluth, MN (www.aspenaerials.com).
Time Manufacturing, acquired by Sterling in February 2017, is a designer, manufacturer, and distributor of vehicle-mounted aerial lifts primarily for the telecom and electric utility end markets. These lifts are marketed under several brand names, primarily Versalift. Time Manufacturing, founded in 1965, has more than 300,000 sq. ft. of manufacturing facilities and is headquartered in Waco, TX (www.timemfg.com) (www.versalift.com).
“We are delighted to welcome Aspen Aerials, a market leading manufacturer in the bridge inspection space, to the Versalift family,” said Time CEO Curt Howell. “With this acquisition, we extend our reach into an important and growing industry, and continue to expand our offering of high-quality, safe and reliable equipment.”
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).
© 2018 Private Equity Professional | October 4, 2018