Infrastructure and Building Products
Cast-Crete
Sold: November 2021
Cast-Crete was acquired by Stonebridge in January 2017. The Company was a leading vertically integrated manufacturer and distributor of residential building products serving the Florida market offering a wide range of essential building products which include precast concrete lintels and sills, truss anchors, rebar, mesh, mortar, curbing, and sidewalks. Stonebridge supported the management team in its strategic growth plan, including the construction of a new fabrication facility in Sarasota, Florida, adding state-of-the-art machinery and equipment, and the acquisition of a concrete contracting business. Cast-Crete’s earnings increased more than 400% during Stonebridge’s ownership of almost five years.
National Trench Safety
Sold: March 2021
National Trench Services (“NTS”) was acquired by Stonebridge in March 2012. The Company was a leading provider of various safety products to industrial contractors that operate in the underground construction and repair project space for roads and highways, pipelines, industrial plants, waterworks and airports. During its investment period with Stonebridge, NTS expanded from 13 to 43 branch locations throughout the United States and the U.K. while gorwing EBITDA at a 16.5% CAGR. Stonebridge recapitalized the business in 2017 while retaining a significant minority interest and fully exited in March, 2021 when NTS was acquired by Trench Plate Rental Services.
Brand FX, LLC
Sold: November 2019
During its investment period, BrandFx was the largest manufacturer of composite fiberglass vehicle bodies in the nation, primarily serving the power and telephone industries, headquartered in Fort Worth, Texas. Stonebridge assisted management’s efforts in new product introductions and achieving significant production efficiencies. BrandFX was acquired by Time Manufacturing in November, 2019.
Durcon, Inc.
Sold: September 2010
Durcon, Inc. was the leading provider of epoxy resin laboratory countertops, sinks and related accessories to educational, industrial and commercial institutions as well as government agencies. Stonebridge’s investment in Durcon was a result of its acquisition of Laboratory Tops, Inc. and subsequent merger with its longstanding competitor, the Durcon Company. The combined entity known as Durcon significantly expanded its product offering to include phenolic resin products for the lab market together with engineered stone and advanced epoxy resin surfaces for use in the adjacent commercial and residential markets. The combination of Stonebridge guidance and management initiatives resulted in a compounded annual EBITDA growth rate of approximately 15% during Stonebridge’s ownership period.
Alpine Engineered Products, Inc.
Sold: February 2006
Alpine was the second largest manufacturer and supplier of products and services to the pre-manufactured, residential truss industry in the United States. The company’s integrated product offering provided its customers, truss manufacturers, with a total building solution for designing and manufacturing roof and floor truss components and wall panels. Alpine’s product and service offerings included its proprietary truss design software, engineering and design support services, truss manufacturing equipment, and metal connectors used in the construction of wood truss components. Alpine grew substantially during Stonebridge’s ownership and was sold to Illinois Tool Works (ITW-NYSE).
Chase Doors
Sold: March 2006
With sales of approximately $35 million, Chase was a leading producer and supplier of high impact traffic doors sold throughout the U.S. to commercial and industrial customers. The company also manufactured sliding doors, fire doors, cold storage doors, strip doors and motorized door operators. Chase completed three add-on acquisitions under Stonebridge’s management.
Joelson Taylor Concrete Products, Inc.
Sold: May 2000
The company was formed through the initial acquisition of Joelson Concrete Pipe Company in June 1995 and the subsequent acquisitions of Taylor Precast in July 1998, and two other smaller acquisitions. Joelson Taylor grew from a $17 million business at the time of acquisition to an $85 million business at the time of sale. The company became the leading manufacturer of concrete pipe and precast concrete structures and bridges in the State of Florida. Joelson Taylor’s state-of-the-art facilities and its manufacturing and product technology served as an excellent base for profitable growth.
Hunter Fan Company
Sold: December 2003
Hunter was the leading manufacturer and distributor in the branded ceiling fan category. Ceiling fans, including the Hunter and Casablanca brands, are the main products of the company, while home comfort products, which consist of air purifiers, humidifiers, thermostats and lighting, comprise the remainder. Hunter had a very strong management team that was highly successful in maintaining the company’s market leadership position, reducing manufacturing costs through ongoing strategic initiatives, and growing the business by extending the product lines of current home comfort products, as well as introducing new products utilizing the company’s highly recognized brand names.
Titan Tool, Inc.
Sold: August 1999
The company was the second largest manufacturer of spray painting accessories, parts and equipment sold into the professional painter, decorator and contractor segment of the paint industry. Titan sold a high quality line of professional spray paint tips, guns, pumps and peripheral equipment. The company’s primary painting systems were recognized within the industry for their innovative design, excellent performance and good value. Titan had revenues at the time of sale of approximately $35 million.
The D.S. Brown Company
Sold: March 1998
D.S. Brown was a manufacturer of bridge expansion joints, structural bearings and concrete highway paving seals, and was the only vertically integrated manufacturer serving its markets. D.S. Brown built a dominant market share in a number of its product lines and furthered its growth through two acquisitions under Stonebridge’s ownership. A fourth generation family owned enterprise, under Stonebridge’s ownership the business was continued to be run by a member of the Brown family. The company had revenues at the time of sale of approximately $40 million.
Specialty Packaging
Alpha Packaging
Sold: September 2010
Alpha was a leading manufacturer and decorator of blow molded plastic bottles and jars for the nutritional supplement, pharmaceutical, personal care, hotel amenities and niche food and beverage industries. In addition to manufacturing, Alpha Packaging possessed tool-making capabilities, from unit body cavity molds to complete high-cavity production tooling. It also offered in-house design on CAD/CAM systems, serving as a strategic industrial design partner for customers in a variety of industries. Alpha sold a substantial amount of its products through leading distributors and also maintained a network of international distributors in key markets. Alpha’s history of rapid growth continued under its Stonebridge partnership, acquiring four companies that broadened Alpha’s product and geographical scope and constructing four greenfield manufacturing facilities. As a result, revenue tripled to $135 million and EBITDA grew by almost four times during Stonebridge’s five-year involvement.
Delta Plastics, Inc.
Sold: September 2005
Delta, based in Hot Springs, Arkansas, with a captive technology center in La Mirada, California, was a leading manufacturer of plastic packaging, specializing in injection-molded jars and caps utilized primarily for personal care and food-related products. Other markets included medical, pharmaceutical, vitamins and nutritional supplements and household chemicals. Delta, with annual sales of approximately $50 million at the time of sale, was founded in 1991 by a group of operating executives with considerable experience in the injection-molding industry. The Company’s strong management team was highly successful in building an extraordinary company with state-of-the-art plants and equipment. Delta’s unique ability to design and manufacture its own molds and materials handling equipment was a critical element of its sustainable competitive advantage.
PROMA Technologies
Sold: July 2005
PROMA Technologies was acquired in concert with management in January 2000 from Royal Packaging Van Leer NV. PROMA was a manufacturer of metallized paper and holographic paper used in gift wrap, labels, and other consumer packaging applications. PROMA had state-of-the-art manufacturing facilities and was the worldwide low cost producer. The company had a significant and sustainable cost advantage, superior quality and service, and an exceptional management team. At the time of sale, PROMA had revenues of $45 million.
Winkler/Flexible Products, Inc.
Sold: September 1989
Winkler was the leading manufacturer and supplier of plastic cutlery and straws to the U.S. food service industry. The company was a turnaround investment purchased from a large private company without senior management. Stonebridge brought in a new management team with substantial industry experience. Management significantly enhanced Winkler’s profitability through operating improvements, product reengineering and substantial investment in state-of-the-art injection molding equipment. One add-on acquisition was completed during Stonebridge’s ownership of the company. The company had annual sales in excess of $80 million at the time of its sale.
Alpha Cellulose Corporation
Sold: August 1996
Alpha Cellulose was the leading worldwide manufacturer of cotton fiber pulp used by specialty paper mills in the production of fine writing and printing paper. Alpha Cellulose operated a state-of-the-art pulp mill, the result of years of investment in technology, processes and equipment tailored to cotton-based paper products. The company had revenues of approximately $50 million at the time of sale.
Specialty Manufacturing
American Dryer Corporation
Sold: July 2015
American Dryer Corporation (ADC) was recapitalized in July 2008 as the first core company investment of Stonebridge Partners Equity Fund IV, L.P. ADC is the world’s largest manufacturer dedicated exclusively to commercial laundry dryers. Consistently recognized as an innovator in its field, ADC provides energy-efficient drying solutions for the commercial laundry market in 90 countries worldwide. During Stonebridge’s ownership, ADC successfully expanded its spare parts division, entered ancillary markets, and established a complete line of commercial washers. Stonebridge orchestrated a sale of ADC to Whirlpool Corporation in July 2015.
BondCote Corporation
Sold: January 2015
BondCote was acquired by Fund I in October 1994. The company is the premier manufacturer of highly engineered coated and laminated industrial fabrics. Headquartered in Pulaski, Virginia, BondCote maintains an industry leading reputation for its manufacturing versatility, high quality standards and its technical capabilities, including its ability to formulate proprietary coatings utilizing its own development laboratory. The company primarily provides coated and laminated fabrics to many of the leading prime fabricators of military tents, shelters, vehicle and cargo covers and homeland security products. Specialty coated fabrics are also manufactured and sold directly to commercial and industrial manufacturers for end applications including boat covers, truck tarps, pool covers and athletic/recreational products.
Boyd Corporation
Sold: July 2011
Boyd Corporation was acquired by Fund II in February 1998. The company is a leading fabricator and converter of rigid and semi-rigid plastic and rubber-type materials serving the electronics, medical, aerospace, transportation and general industrial markets. Boyd’s expertise in materials, design and fabrication techniques, combined with state of the art equipment, enabled the company to be a valued partner with its customers. Boyd completed a strategic add-on acquisition of Miles Rubber in 1999, which was integrated into its operations.
From 2004 until a year prior to its sale in 2011, Boyd retired all of its senior debt as well as all of the shareholder’s subordinated debt and preferred stock investments, while continuing to pay scheduled interest and dividends, all through internally generated cash flows.
Four Star Lighting, Inc.
Sold: April 1998
As the largest lessor of theatrical lighting systems for Broadway productions, Four Star provided systems for a substantial majority of the long-running shows on the Broadway stage. Revenues increased 36% from the time of purchase to the time of sale.
CII Technologies, Inc.
Sold: September 1997
CII was a leading niche market manufacturer of high performance, high reliability, electromechanical and solid state relays and solenoids. The company enjoyed significant market share in most of the markets served, including crystal can relays, T0-5 relays, sensitive/switch/telephone relays and miniature telephone relays. Under Stonebridge ownership, CII’s revenues increased from $20 million to over $90 million through internal growth and six add-on acquisitions.
Tee Jays Manufacturing Co., Inc.
Sold: July 1995
An integrated manufacturer of branded and private label T-shirts and sweat clothes, Tee Jays maintained a state-of-the-art manufacturing operation in each of its plants. A low corporate overhead structure and the continuous development of manufacturing efficiencies led to significant enhancements and sales growth to the $140 million level.
Presented above is information related to certain portfolio companies that were at one time managed by Stonebridge Partners LLC. Not all former investments are presented. The presented investments are selected by Stonebridge Partners LLC as those which most accurately represent the firm’s investment approach and industry expertise. The investments presented vary in terms of length of holding period, industry, and performance. For a full list of current and former investments, please contact info@stonebridgepartners.com.