DALLAS, July 8, 2024
/PRNewswire/ -- The Sterling Group, an industrial focused middle
market private equity firm, announced the addition of Jonathan Jackson as Managing Director of
Foundation Fund, the firm's lower middle market strategy.
Jonathan Jackson joins Sterling
from Sun Capital Partners, where he spent thirteen years focused on
middle market investing in a variety of services, industrial and
food sectors. "Jonathan is a key addition to Foundation Fund's
senior leadership team," said Lucas
Cutler, Partner. Foundation Fund launched in 2023 to apply
Sterling's experience and operational capabilities by partnering
with industrial companies in the lower middle market.
In addition, Sterling Foundation Fund has completed the
acquisition of founder-owned OGD Overhead Garage Door ("OGD"), a
provider of repair, replacement and installation services in the
overhead door and dock industry. Headquartered in Fort Worth, Texas, OGD serves a large and
growing base of commercial and residential overhead door and dock
customers with installation and repair and replacement services.
"We look forward to leveraging Sterling's industry expertise and
operational capabilities to continue to expand OGD," said
Bret Westbrook, founder and CEO of
OGD.
Sterling has extensive experience partnering with founders to
build residential and commercial service businesses. OGD is the
fourth acquisition for Sterling Foundation Fund. Each partnership
to date has been with founder owned businesses.
Adams Street Partners' Private Credit investment strategy
provided senior debt financing and an equity co-investment in
support of the acquisition.
McDermott Will & Emery LLP
served as legal counsel and HamptonRock Financial Advisory, LLC
served as a financial due diligence advisor to The Sterling
Group.
About OGD
OGD is a provider of repair, replacement and installation
services in the overhead door and dock industry. OGD operates in 45
MSAs across the Southeast, Midwest, Mid-Atlantic and the Mountain
West regions. OGD is headquartered in Fort Worth, Texas.
About The Sterling Group Foundation Fund
Founded in 1982, The Sterling Group is a private equity and
private credit investment firm that targets investments in basic
manufacturing, distribution, and industrial services companies.
Typical enterprise values of these companies at initial formation
range from $100 million to over
$1 billion. Sterling has sponsored
the buyout of 72 platform companies and numerous add-on
acquisitions for a total transaction value of over $24.0 billion. Sterling recently closed its sixth
investment fund with $3.5 billion in
commitments and currently has $9.4
billion of assets under management. Launched in 2023, The
Sterling Foundation Fund aims to leverage the firm's operational
capabilities and experience in the industrial sector to "set the
foundation" for growth at lower middle market companies. For
further information, please visit www.sterling-group.com.
Past performance is no guarantee of future results and all
investments are subject to loss.
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SOURCE The Sterling Group, L.P.