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January 26, 2023 8am
2022 was a productive year for our firm.
During the year, we exited four investments.
Exited Investments
Americo Manufacturing, an Acworth, Georgia manufacturer of 100% end-to-end recyclable floor pads and industrial cleaning solutions, on February 2nd
Timber Automation, a Hot Springs, Arkansas manufacturer and supplier of automation equipment and systems for the forest products and biomass industries, on June 30th
Ligchine International, a leading designer, manufacturer, and marketer of laser-guided boom operated concrete screed machines used in the construction of industrial properties, particularly those engaged in e-commerce, on July 11th
Frontier Waste Solutions, a Texas-based provider of municipal solid waste services for the municipal, commercial, residential, and industrial markets, on November 9th
Blue Sage Capital Sells Majority Ownership in Frontier Waste Solutions
Blue Sage Capital is pleased to announce its sale of Frontier Waste Solutions to a global investment group led by Concentric Equity Partners and Summer Street Capital Partners. Blue Sage helped create Frontier alongside founding CEO John Gustafson in 2017. Over the last six years, Blue Sage guided Frontier's growth from its initial startup to one of the largest independent municipal solid waste collection companies in Texas and the United States. During Blue Sage's ownership, Frontier grew its run-rate revenue by over 15x and its EBITDA (earnings before interest, taxes, depreciation, and amortization) by over 30x. Frontier continues to expand rapidly today by focusing on non-hazardous solid waste and recycling collection in numerous Texas communities stretching from Dallas-Fort Worth to Austin and San Antonio to Houston.
"It is certainly bittersweet to part with our friends at Frontier," said Blue Sage Co-Founder and Managing Member Peter Huff. Huff further noted that "it is extremely rare...
All-State Industries Expands Insulation Capabilities with Acquisition of dB Engineering
Blue Sage Capital ("Blue Sage") is pleased to announce that All-State Industries, Inc. ("All-State") acquired substantially all of the assets of dB Engineering, Inc. ("dB Engineering"), a Mansfield, Texas-based manufacturer of thermal, acoustic and vibration isolation components for OEMs throughout North America. Under the leadership of its owner, Mike Gibson, dB Engineering has built a strong expertise in the vibration and insulation arena, and All-State intends to further leverage these capabilities across its end markets and customers.
"We are thrilled to welcome dB Engineering into the All-State family," said Scott Pulver, CEO of All-State. "This acquisition rounds out our thermal and vibration insulation capabilities and will allow us to better service our existing customer base and expand into new end markets, anchored by the strong customer relationships built by Mike and his team."
Jonathan Kaskow, Principal at Blue Sage, noted, "dB Engineering fits...
Blue Sage Exits Ligchine International Corporation
AUSTIN, TX -- Blue Sage Capital ("Blue Sage") announced today that it closed on the sale of Ligchine International Corporation ("Ligchine") to RAF Industries, Inc., a Philadelphia, Pennsylvania-based long-term focused capital provider. Ligchine is a leading designer, manufacturer, and marketer of laser guided boom screeds used for placing concrete. The company's equipment utilizes cutting-edge technology to automate the process of flat-finishing concrete, enabling best-in-class flatness and levelness. Ligchine's product portfolio is comprised of a full line of high-performance boom operated screeds, a drive-in machine, and has a number of other products on the drawing board. Blue Sage invested in Ligchine in August 2018 through its partnership with Peter and Gary Ligman (Ligchine's founders), Hanover Partners and Dave Ring, CEO.
Blue Sage Partner, Eric Weiner, exclaimed, "Ligchine is a great example of Blue Sage partnering with founders, augmenting the management team, and...
Blue Sage Capital Invests in Baker Manufacturing Company
AUSTIN, TX -- Blue Sage Capital is pleased to announce its recently completed investment in Baker Manufacturing Company, LLC ("Baker" or the "Company"). Founded nearly 150 years ago and headquartered in Evansville, WI, Baker manufactures residential, industrial, municipal, and environmental water well equipment and accessories, as well as specialized rotary gear pumps and ductile and gray iron castings. Over a long arc of time, Baker has carved out a leadership position in several niche markets and established a portfolio of well-known products, including pioneering the pitless well adapter.
Baker's President and CEO, Don Wesdell, commented, "Our partnership with Blue Sage Capital represents an exciting inflection point in Baker's history. We are looking forward to working alongside the Blue Sage team to continue to launch new water systems and pump products, expand into new geographies, pursue strategic acquisitions, and invest in our business."
Jonathan Pearce, Partner at Blue Sage,...
Blue Sage Exits Timber Automation
AUSTIN, TX -- Blue Sage Capital ("Blue Sage") announced today that it closed on the sale of Timber Automation, LLC ("Timber") to USNR, a subsidiary of Wood Technologies International. Timber is a leading manufacturer and supplier of equipment and systems for the forest products and biomass industries. The company manufactures and supplies blue-chip customers and independent sawmills with custom engineered equipment and control systems that maximize lumber yield and reduce labor costs, as well as machinery for sawmill logyards, engineered wood products plants, pulp and paper plants, chip mills, and pellet mills. Blue Sage invested in Timber in August 2015 through its partnership with the company's founders and management team.
Blue Sage Managing Member, Jim McBride, remarked, "Timber is a great example of the Blue Sage strategy at work. We partnered with the founders of the business, helped them transition into retirement and hired an excellent team to usher Timber into its...
Impact Property Solutions Increases North Carolina Footprint with Acquisition of Multi Floors
AUSTIN, TX -- Impact Property Solutions ("Impact"), a Dallas, TX-based portfolio company of Blue Sage Capital ("Blue Sage"), is proud to announce its acquisition of Multi Floors ("Multi"), a Raleigh, NC-based provider of flooring products and installation services to multifamily properties as well as retail refinishing and restoration services. Led by Brent Rice for over 20 years, Multi covers the broader Raleigh-Durham area and other tertiary cities in eastern North Carolina.
This announcement comes on the heels of Impact's April 2022 acquisition of Cutting Edge Carpet, which operates in Orlando and Jacksonville, Florida, and bolsters Impact's North Carolina presence after the September 2021 acquisition of Got You Floored in the Piedmont-Triad region. Impact's presence in the Sun Belt as a leading multifamily flooring solutions provider will continue to grow, both organically and inorganically.
"Brent, his son CB, and the Multi...
Impact Property Solutions Expands to Florida with Acquisition of Cutting Edge Carpet
Impact Property Solutions ("Impact"), a Dallas, Texas-based portfolio company of Blue Sage Capital ("Blue Sage") headquartered in Austin, Texas, is proud to announce its acquisition of Cutting Edge Carpet ("Cutting Edge"), a Florida-based provider of flooring products and installation services to multifamily properties and developers. Headquartered in Orlando with additional operations in Jacksonville, Gainesville, and the broader northeast corridor of Florida, Cutting Edge opened its doors in 1997 and continues to be led by founders Lance and Joan Smith, who will be staying on with Impact.
After Impact's acquisition of Got You Floored in North Carolina in September 2021, this represents the second transaction since Impact began its partnership with Blue Sage at the end of 2020, further solidifying Impact's presence in the Sun Belt as a leading multifamily flooring solutions provider. Impact will continue to build out its platform in...
Blue Sage Exits Americo Manufacturing Co.
Blue Sage Capital ("Blue Sage") announced today that it closed on the sale of Americo Manufacturing Co. ("Americo") to Fibrix Filtration, a provider of high loft and pleat media filtration products. Americo is a manufacturer of specialty nonwoven products across a variety of industry verticals, including floor cleaning, roofing, filtration and other OEM applications. Americo also manufactures specialty matting products sold through OEM, Janitorial/Sanitation and promotional products channels. Blue Sage invested in Americo in December 2017 through its partnership with the founding Rones family, including CEO Lenny Shutzberg and President Richard Rones.
Blue Sage Managing Member, Jim McBride, remarked, "Americo is the quintessential Blue Sage investment. We had great partners in Lenny Shutzberg and Richard Rones, and we were able to successfully grow the business through strategic investments in the company's manufacturing capabilities, R&D function and sales channels....
The second year of the Covid pandemic was, in many ways, more challenging for investing than year one.
Some businesses (dining, travel, entertainment and fitness) have been, perhaps irreparably, damaged. Other businesses (building products and anything related to home improvement) have experienced a renaissance. Most of the businesses we intersect with saw gradual improvement in demand and operating performance. These dynamic conditions complicate and place a premium on identifying, forecasting and underwriting a stabilized recurring free cash flow stream. Add to this the prospect of a dramatic shift in Federal Reserve monetary policy and the specter of rising long term interest rates with the corresponding impact on valuations, and we sense a need for heightened cynicism, prudence and discipline.
We believe we did just that in closing these four investments in 2021.
All-State Industries Expands Thermoforming Capabilities with Acquisition of Allied Plastics
Blue Sage Capital ("Blue Sage") is pleased to announce that an affiliate of All-State Industries, Inc. ("All-State") acquired Allied Plastics, LLC­ ("Allied"), a Twin Lakes, Wisconsin-based thermoformed plastics manufacturer. Allied specializes in medium-to-heavy-gauge thermoformed plastic components for agriculture and heavy equipment OEMs, consumer products, and packaging/dunnage industries. Under the leadership of its founders, Tim Neal and Steve Wieder, Allied Plastics has grown to become one of the leading thermoformed plastics manufacturers within its markets due to its best-in-class design resources, vertically integrated extrusion capabilities, and product quality standards.
This transaction marks the second sizable acquisition All-State has completed since partnering with Blue Sage in 2019. The combined business will be one of the largest providers of nonmetallic components in its markets, with eight total manufacturing facilities in the United States and Mexico.
"We are...
Impact Floors Expands to North Carolina with Acquisition of Got You Floored
October 6, 2021 8am
Impact Floors ("Impact"), a portfolio company of Blue Sage Capital ("Blue Sage"), announced it has acquired Got You Floored, Inc. ("GYF"), a Greensboro, NC-based provider of flooring products and installation services to multifamily properties and developers. GYF also provides full spectrum flooring solutions to single family homeowners through its distinct retail center with dedicated design teams. Under the leadership of Founder Matt Ketterman, GYF has established a leadership position in the fast-growing Piedmont-Triad region of North Carolina and also serves customers in neighboring states.
This transaction marks the first acquisition Impact has completed since partnering with Blue Sage at the end of 2020 and will serve as a platform from which to expand to adjacent geographies throughout the Carolinas and across the broader Southeast.
"GYF has built an outstanding reputation for exceptional service with its longstanding customers in...
Blue Sage Capital Invests in Cobra Legal Solutions
Blue Sage Capital is pleased to announce its recently completed investment in Cobra Legal Solutions ("Cobra"). Headquartered in Austin, Texas with an additional office in Chennai, India, Cobra is a leading provider of legal services including eDiscovery technology services, eDiscovery managed review, contracts management and legal research. Under the leadership of CEO Candice Corby, Cobra has more than tripled in size over the last three years.
Cobra's CEO, Candice Hunter Corby, commented, "Partnering with Blue Sage will enable us to accelerate our growth. Leveraging Blue Sage's capital resources and strategic network, will enable Cobra to expand its service offerings and provide greater capacity while continuing to deliver exceptional quality to Cobra's clients."
Eric Weiner, Partner at Blue Sage, stated, "We are excited to partner with Candice and her best-in-class team and to support Cobra in the next stage of its evolution. The Cobra platform stands out in its commitment to service, responsiveness, and flexibility in...
March 17, 2021 5pm
Notwithstanding challenges brought on by a global pandemic, and the concurrent economic consequence, 2020 was a busy and successful year for the firm.
Blue Sage Capital made investments alongside founders in two outstanding businesses.
Lubbock, Texas based Barricades Unlimited is a leading service provider of traffic control services in 6 markets across the state of Texas. In addition to barricades the Company also does pavement marking, guardrail installation and equipment rental and sales.
Dallas, Texas based...
Blue Sage Capital Invests in Impact Floors
Blue Sage Capital is pleased to announce its recently completed investment in Impact Floors ("Impact"). Headquartered in Dallas, Texas, Impact is a leading provider of quick-turn flooring and countertop replacement services to multifamily owners and operators across Texas. Under the leadership of Founder Reagan Stricklin, Impact has expanded its service offering to cover multiple aspects of the apartment make ready process, as well as its geographic footprint, which now includes five locations throughout the state of Texas.
Impact's Founder, Reagan Stricklin, commented, "Our partnership with Blue Sage Capital represents the next step forward in our company's history. The team at Blue Sage will help provide the capital and strategic resources to accelerate our growth as we seek to enter new markets to better serve our customers by offering high quality, consistent services throughout the Southern U.S."
Jonathan Pearce, Partner at Blue Sage, stated, "We are thrilled to partner with Reagan, who will remain actively involved, as well...
Blue Sage Capital Closes Oversubscribed Third Fund at $300 Million Hard Cap, Doubles $150 Million Prior Fund
Blue Sage Capital, an Austin, Texas-based private investment firm, announced today the final closing of its oversubscribed third fund. Capital commitments totaled $300 million, well above the $250 million fund target and $150 million prior fund size. Blue Sage enjoyed exceptional demand from existing investors as well as new limited partners despite the current pandemic-driven economic turmoil. Blue Sage's investor base is comprised of a diverse group of limited partners including university endowments, charitable foundations, pension funds, financial institutions, prominent family offices and the Blue Sage team.
Blue Sage is led by founding members, Peter Huff and Jim McBride, along with two additional partners, Jonathan Pearce and Eric Weiner. Founded in 2002, the firm has a team of ten investment professionals and three administrative professionals. Peter Huff, Co-Founder and Managing Member said that Blue Sage is "fortunate to have attracted such a strong team that has worked together to consistently produce outstanding returns for our investors over many years. We...
Blue Sage Capital Invests in Barricades Unlimited
Blue Sage Capital is pleased to announce its recently completed investment in Barricades Unlimited ("Barricades"). Headquartered in Lubbock, Texas, Barricades is a leading service provider of traffic control, pavement marking, guardrail installation and related equipment rentals and sales. Under the leadership of CEO Chris Boutwell and COO David Crews, Barricades has expanded its service offering and footprint, growing from a single location in Lubbock to now operating five locations throughout the state of Texas.
Barricades' CEO, Chris Boutwell, commented, "Our partnership with Blue Sage Capital represents the next evolution in our company's history. The team at Blue Sage will help provide the capital and strategic resources to accelerate our growth through greenfield expansion as well as through mergers and acquisitions while still enabling us to deliver the highest level of service to our customers."
Eric Weiner, Partner at Blue Sage, stated, "We are excited to partner with Chris and David in helping Barricades become...
Blue Sage Exits Cobalt Environmental Solutions
Blue Sage Capital announced today that it closed on the sale of Cobalt Environmental Solutions ("Cobalt") to Bison, an Oklahoma-based water infrastructure, logistics and solutions provider. Operating in the SCOOP and Merge plays of Oklahoma's Anadarko Basin, Cobalt is a leading operator of oilfield wastewater disposal and hydrocarbon extraction facilities in the region. Blue Sage created Cobalt as an oilfield waste platform in 2014 and made its initial investment to finance an acquisition in April 2014. Over the next five years, Blue Sage assisted Cobalt with the subsequent development of five additional greenfield facilities and partnered with management to establish long-term commercial relationships with key producers in the region. During the period in which Blue Sage owned Cobalt, revenue grew by approximately 3x.
Blue Sage Managing Member, Peter Huff, explained, "Given our extensive experience in oilfield and environmental services, our Blue Sage deal team was able to create...
Blue Sage Capital: 2018 in Review
2018 marked the most active year in Blue Sage Capital's 18-year history. The execution of three portfolio company exits, two new platform acquisitions, several tuck-in opportunities, and a number of personnel additions and promotions during the year positions us to continue our strong track record as patient, disciplined, top-quartile investors.
In February 2019, Blue Sage invested in All-State Industries.
Blue Sage Capital completed an investment in All-State Industries ("All-State") in February 2019. Headquartered in Des Moines, Iowa with six manufacturing facilities throughout the Midwest and Texas, All-State is a leading manufacturer of non-metallic components for OEMs across a diverse range of end markets. The company has a demonstrated history of partnering with its customers to design and manufacture solution-oriented products that are used for sealing, acoustics, thermal management, motion control, instrumental panel and impact absorption...
Blue Sage Capital Invests in All-State Industries, Inc.
Blue Sage Capital is pleased to announce its recently completed investment in All-State Industries, Inc. ("All-State"). Headquartered in Des Moines, Iowa with six manufacturing facilities located throughout the Midwest and Texas, All-State is a leading manufacturer of non-metallic components for OEMs across a diverse range of end markets. The Company was founded in 1974 by Bob Pulver and has a demonstrated history of partnering with its customers to design and manufacture solution-oriented products that are used for sealing, acoustics, thermal management, motion control, instrumental panel and impact absorption applications.
All-State's CEO, Scott Pulver, commented, "We are excited about our partnership with Blue Sage and look forward to the next phase of our company's growth. Blue Sage has an excellent track record of investing in family-owned manufacturing businesses, and we plan to leverage their strategic and financial resources in order to further expand All-State's reach and...
Blue Sage Exits Final Fund I Portfolio Company, PRIMUS Sterilizer
Blue Sage Capital announced today that it closed on the sale of PRIMUS Sterilizer Company, LLC ("PRIMUS" or the "Company") to the Chalmers Group of Companies, a privately-owned Canadian corporation headquartered in Mississauga, Ontario. The sale represents the thirteenth and final portfolio company exit for Blue Sage's first fund, Blue Sage Capital, L.P.
Based in Omaha, Nebraska, PRIMUS is the leading independent manufacturer of steam sterilizers in the United States. The Company's sterilizers can be found in premier research laboratories, hospitals and pharmaceutical companies throughout the world.
PRIMUS and Blue Sage were represented in the transaction by Livingstone Partners LLC and Queen Saenz + Schutz PLLC.
About Blue Sage
Blue Sage is an Austin, Texas-based private equity firm...
Blue Sage Capital Grows Investment Team
Blue Sage Capital, an Austin, Texas-based private investment firm, is pleased to announce the additions of David Berry and Blake Jones to the investment team. David and Blake join Blue Sage as Associates. In their roles, they will assist with evaluating, structuring, due diligence, and financial monitoring of investment opportunities.
Blue Sage Capital and Hanover Partners Invest in Ligchine International Corporation
Blue Sage Capital and Hanover Partners are pleased to announce their recently completed investment in Ligchine International Corporation ("Ligchine"). With primary manufacturing facilities in Darien, WI and an additional office in Floyds Knobs, IN, Ligchine is a globally-recognized, leading designer, manufacturer and marketer of laser-guided boom operated concrete screeds. The Company produces a diverse range of models under the ScreedSaver™ banner, and Ligchine's products provide best-in-class concrete floor flatness and levelness results for its customers.
Ligchine's co-founders, Gary and Peter Ligman, commented, "We are excited to partner with Blue Sage and Hanover to accelerate our Company's growth trajectory. Both Blue Sage and Hanover have a strong track record leveraging their strategic and financial resources to help founder-owned businesses reach their full potential. We believe the investment will enable us to reach more customers while elevating our already top service levels."...
Blue Sage Exits Marine Accessories Corporation
Blue Sage Capital announced today that it closed on the sale of Marine Accessories Corporation ("MAC") to Patrick Industries, Inc. Based in Maryville, Tennessee, MAC is a manufacturer, distributor and aftermarket supplier of custom tower and canvas products and other related accessories to OEMs, dealers, retailers and distributors, as well as direct to consumers within the marine market. Blue Sage made its initial investment in MAC in July 2015, and during its ownership, assisted MAC with multiple tuck-in acquisitions.
Blue Sage Co-Founder, Jim McBride, explained, "We were honored and privileged to partner with MAC's proven and motivated leadership team to accelerate the business's growth trajectory in a rebounding market. MAC is now a larger and stronger organization, and we are excited to follow the next stage of the company's evolution under Patrick Industries' leadership."
MAC and...
Blue Sage Exits C&M Conveyor
Blue Sage Capital announced today that it closed on the sale of C&M Conveyor, Inc. to CapitalWorks, LLC, a Cleveland-based private equity firm.
Based in Bloomington, Indiana, C&M Conveyor designs, engineers, manufactures and services turnkey automated material handling and conveying systems, serving as a value-added and critical partner to its industrial and commercial customers, particularly in the corrugated box industry. Blue Sage made its initial investment in C&M Conveyor in July 2006.
Blue Sage and other stakeholders were represented in the transaction by BB&T Capital Markets.
Blue Sage is an Austin, Texas-based private equity firm specializing in growth, recapitalization and buyout financings of small middle market companies. With over fifteen years as a team and over $200 million in assets under management, we have extensive experience transitioning founder-run businesses and seek companies with leadership in their...
Blue Sage Capital Announces Promotions
Blue Sage Capital, an Austin, Texas-based private equity firm focused on investing in small middle-market companies, is pleased to announce the promotions of Jonathan Pearce and Eric Weiner to Partner, Erica Holland to Vice President, and Davis Miller to Senior Associate.
Blue Sage Capital: 2017 Year in Review
We begin each year with the goal of identifying two or three opportunities to partner with business owners to build and grow interesting, profitable, small/middle-market companies. To find these two or three "gems," we evaluate over 300 opportunities. Our patience and discipline were rewarded again this year.
Blue Sage Invests in Americo Manufacturing Company
AUSTIN, Texas — Blue Sage Capital is pleased to announce its recently completed investment in Americo Manufacturing Company ("Americo"). Headquartered in Acworth, GA, with additional facilities in Cartersville, GA and Los Angeles, CA, Americo is a globally-recognized, leading manufacturer of floor maintenance pads and a top manufacturer of commercial and retail floor matting products in the USA. The Company produces a diverse range of high-loft, nonwoven products, which include floor maintenance pads as well as specialty fabrics which are utilized in a variety of industries. Aside from nonwovens, Americo also designs and manufactures a complete line of vinyl-backed, walk-off floor mats for use in industrial, promotional, retail, custom and specialty market applications.
Americo's CEO, Lenny Shutzberg, commented, "We are delighted to be partnering with Blue Sage as we continue to grow our business from the solid foundation established nearly 50 years ago. Blue Sage's expertise of investing in...
Blue Sage Capital Grows Team
AUSTIN, Texas – Blue Sage Capital, an Austin, Texas-based private investment firm, is pleased to announce the additions of Jonathan Kaskow and Alan Mire to its team.
Blue Sage Forms Frontier Waste Holdings in Partnership with John Gustafson and Trailcreek
AUSTIN, Texas – Lower middle-market private equity firm Blue Sage Capital is pleased to announce its partnership with John Gustafson and Trailcreek Capital Group in the formation of Frontier Waste Holdings. Headquartered in Dallas, Texas, Frontier is a provider of municipal solid waste services to the municipal, residential, commercial and industrial markets. The initial Frontier platform includes the acquisitions of Access Disposal Services, serving Hillsboro, Texas and the market area between Waco and Ft. Worth, Texas and K2 Waste Solutions, servicing the areas around Corpus Christi and Liberty County, Texas markets. As part of those acquisitions, Tim Henderson (Access) and Bill Killian (K2) have joined the Frontier leadership team. Leading Frontier is CEO John Gustafson, a veteran in the waste industry with prior experience in senior management roles at Progressive Waste Solutions and IESI.
Jake Friemel has also joined the company as Chief Financial Officer. Previously, Friemel worked at Comerica as a Vice President in the bank's Environmental Services Department....
AUSTIN, Texas - Despite an unpredictable political climate in 2016, Blue Sage enjoyed an active and productive year. We trained our focus on identifying compelling investment opportunities, building value alongside our operating partners, and evolving our team to generate top quartile risk-adjusted returns for our investors.
Blue Sage Invests in Broken Arrow Communications
AUSTIN, Texas – Blue Sage Capital ("Blue Sage") is pleased to announce the recently completed acquisition of Broken Arrow Communications, Inc. ("BACOM"). Headquartered in Albuquerque, NM with 13 locations throughout the Western U.S., BACOM is a leading provider of services for the installation, modification, construction, and maintenance of wireless communication facilities and related infrastructure. As a result of BACOM's deep service offering and reputation for high-quality work, the company is poised to take advantage of strong tailwinds in the wireless industry including the expected rollout of 5G wireless networks and continued adoption of the Internet of Things technology. Blue Sage partnered with Private Equity Capital Corporation ("PECC"), a Rancho Santa Fe, CA-based private investment firm on the transaction.
President of BACOM, Ryan Calhoun, remarked "the BACOM management team is excited to work with Blue Sage and PECC in the company's next phase of growth. Through this partnership, we have increased conviction that BACOM is in a position to benefit from the wave...
Blue Sage Invests in Magnum Systems
AUSTIN, Texas - Lower middle-market private equity firm Blue Sage Capital ("Blue Sage") is pleased to announce the recently completed acquisition of Magnum Systems, Inc. ("Magnum"). Headquartered in Kansas City with an additional manufacturing facility in Parsons, Kansas, Magnum, through its Taylor Products and Smoot brands, is a leading designer and manufacturer of branded packaging and material handling solutions serving a diverse set of end markets, applications, and customers. The Company's highly engineered products are designed to handle free-flowing materials that are difficult to package or convey in all types of manufacturing environments. Magnum's products are recognized throughout the industry for their superior quality, performance, reliability and ease of use.
President and CEO of Magnum, Travis Wallace, remarked, "The Magnum management team is thrilled to partner with Blue Sage as we seek to lead the company into its next stage of growth. The Magnum brand is highly respected in the industry and with the resources and skill set Blue Sage can bring to bear, we...
Blue Sage Capital: 2015 In Retrospect
Blue Sage Capital rounded out a productive and rewarding year.
Blue Sage Capital II
In July, we completed the purchase of Marine Accessories Corporation ("MAC"). Located in Knoxville, TN, MAC is the leading designer and manufacturer of wakeboard towers, bimini tops, custom boat covers and related accessories sold to OEMs, dealers and direct to consumers.
In August, we partnered with management to complete the recapitalization of this Hot Springs, AR manufacturer of timber automation equipment. Owned and operated by a team that has worked together for over three decades, Baxley-LogPro manufactures equipment that facilitates the efficient flow of timber in sawmills: scanners, sorters, stackers, edgers, and...
Blue Sage Invests in Baxley-LogPro
AUSTIN, Texas – The Baxley-LogPro Holdings, Inc. ("Baxley-LogPro") management team and Blue Sage Capital ("Blue Sage") are pleased to announce that Blue Sage recently completed a majority investment in Baxley-LogPro. Located in Hot Springs, AR, with an additional manufacturing facility in Baxley, GA, Baxley-LogPro is a leading manufacturer and supplier of equipment and systems for the forest products and biomass industries. Baxley-LogPro represents the combined entity of Baxley Equipment Company ("Baxley") and Price LogPro, LLC ("LogPro"). Baxley manufactures and supplies blue chip customers and independent sawmills with custom engineered equipment and control systems that maximize lumber yield and reduce labor costs. LogPro manufactures machinery for sawmill logyards, engineered wood products plants, pulp and paper plants, chip mills, and pellet mills.
President Russell Kennedy allowed, "We are excited to partner with Blue Sage as we work to take Baxley-LogPro into its next stage of growth and development, and believe that the combined skills and resources will allow...
Blue Sage Invests in Marine Accessories Corporation
AUSTIN, Texas – The Marine Accessories Corporation ("MAC") management team and Blue Sage Capital ("Blue Sage") are pleased to announce that Blue Sage recently completed a purchase of MAC. Located in Maryville, TN, MAC is the leading designer and manufacturer of wakeboard towers and accessories and a leading producer of custom-patterned cockpit covers, bimini tops, and boat covers. Through its industry-leading brands and products, MAC serves a broad base of leading boat builders, dealers, retailers, e-commerce sites, distributors, and consumers directly.
Jim McBride, Co-Founder and Managing Member of Blue Sage, said, "MAC is poised to take advantage of both the recovery in the boating market and the proliferation in towers across all boat types. MAC is the clear leader in this space, and we are excited to provide capital to help the business accelerate its growth trajectory. We are honored and privileged to partner with such a proven and motivated team."
Rick Reyenger, CEO of MAC said, "Blue Sage's investment is well timed with the rebound in the boating industry. We...
Blue Sage Capital Exits Parker School Uniforms
Austin, TX – Blue Sage Capital announced today that it has completed the sale of Parker School Uniforms, LLC to an investment group led by Argosy Investment Partners, Plexus Capital and Salem Investment Partners. Houston-based Parker is the leading provider of premium school uniforms to private and charter schools across the Sunbelt region of the United States including Texas, California, Oklahoma, Kansas, Alabama, Mississippi, Georgia, Tennessee, and Kentucky. Blue Sage made its initial investment in a recapitalization transaction, partnering with owner Mac Shuford, in August 2008. During its ownership, Blue Sage assisted Parker with multiple tuck-in acquisitions and a CEO transition.
Blue Sage Co-Founder, Peter Huff, explained, "We were excited to partner with Mac and help him transform the company, including the acquisition of four companies that helped build Parker's business substantially. Parker is now a larger and stronger organization, and we are excited for current CEO, Troy Pike, in the next stage of the company's evolution. Our investment in Parker also produced...
Austin, TX – Blue Sage Capital, an Austin, Texas-based private investment firm, is pleased to announce the addition of Davis Miller to its team.
Davis Miller joins Blue Sage as an Associate. In his role with Blue Sage, Davis assists with evaluating, structuring, due diligence, and financial modeling of investment opportunities.
Previously, Davis worked as an analyst in the Natural Resources Investment Banking Group at Barclays in Houston, where he advised on mergers and acquisitions, capital markets activities, financings, and other strategic transactions in the oil and gas sector.
Davis graduated with Highest Honors from the University of Texas with a Bachelor of Business Administration degree in Finance from the Business Honors Program and a minor in Accounting.
About Blue Sage Capital
Blue Sage Capital is an Austin, Texas-based private equity firm specializing in growth, recapitalization and buyout financings of smaller...
Blue Sage Promotes Senior Associates
Austin, TX – Blue Sage Capital is pleased to announce the promotion of Jonathan Pearce and Eric Weiner to Vice President. In this role, Jonathan and Eric will be responsible for sourcing, evaluating, negotiating structuring, managing due diligence, and closing investment opportunities and subsequent portfolio company monitoring.
Jonathan joined the team in May 2013 after spending four years with Avista Capital Partners, a generalist middle-market private equity firm with $5 billion under management. While at Avista, Jonathan focused on the evaluation and execution of investments primarily in the energy sector. Jonathan is a Certified Public Accountant and a graduate of The University of Texas at Austin, where he earned a Masters in Professional Accounting and a Bachelor of Business Administration with a Minor in Finance.
Blue Sage Exits Hoak Media
Austin, TX – Blue Sage Capital announced today that it closed on the sale of its interest in Hoak Media, LLC to Gray Television, Inc. Pending regulatory approval, the deal was first announced in November 2013 as part of a series of transactions through which Gray Television and Excalibur Broadcasting, LLC agreed to acquire from Hoak Media and Parker Broadcasting, Inc. a total of 15 network-affiliated television stations in seven markets for $335 million in cash and a working capital adjustment. Blue Sage made its initial investment in Hoak Media as a minority investor in January 2007.
Blue Sage Capital recently closed its second fund, Blue Sage Capital II, L.P. http://www.bluesage.com/blue-sage-exits-hoak-media/ http://www.bluesage.com/blue-sage-exits-hoak-media/Blue Sage invests in profitable, growing, lower middle-market industrial, manufacturing, service and distribution companies with revenue of $20 to $100 million and EBITDA of $5 to $10 million. Of particular interest are opportunities to partner with founders as the first round of institutional capital in a...
Blue Sage Exits MultiCam
Austin, TX – Blue Sage Capital announced today that it sold its interest in MultiCam, Inc. to Rosewood Private Investments. Dallas-based MultiCam is one of the leading manufacturers of CNC cutting equipment. Its product line includes routers, digital finishing, lasers, water jets, and plasmas that are sold worldwide through a unique global distribution network. Blue Sage made its initial investment in a recapitalization transaction, partnering with founder Ken Koelling, in April 2008.
"Blue Sage was an invaluable resource in growing our company. Their strategic input and guidance allowed us to fundamentally transform what we do by systematically undertaking new product development, recruiting and creating aligned interests with a top-flight management team, and generally inculcating a performance-oriented, metrics-driven culture. They were outstanding partners."
Blue Sage co-founding partner, Jim McBride, allowed...
Blue Sage Named SBIC and Seller of the Year
Blue Sage Capital is pleased to announce that it is the recipient of two prestigious awards. The U.S. Small Business Administration named Blue Sage Capital the 2013 Small Business Investment Company (SBIC) of the Year. Blue Sage, since its inception in 2003, has consistently proven to be a leading participant in the SBIC program.
Additionally, Mergers & Acquisitions named Blue Sage its Seller of the Year for its original investment in Controlled Recovery, Inc. (CRI) and subsequent investment in R360 Environmental Solutions. Blue Sage, during its six year hold, had a return of over 63 times the capital it originally invested in CRI, and sold R360 to Waste Connections (NYSE: WCN) for over $1.3 billion in October 2012. Click here for more information.
Ashbrook Simon-Hartley Wins 2013 SBIA Portfolio Company of the Year
Palm Beach, FL – The Small Business Investor Alliance (SBIA), the leading association for lower middle market private equity funds and investors, today announced that Ashbrook Simon-Hartley (Ashbrook), a portfolio company of SBIA member firm Blue Sage Capital and a leading provider of water and wastewater treatment solutions, won its Portfolio Company of the Year Award. The SBIA honored Ashbrook and Blue Sage Capital with the award today at its annual National Summit for Middle Market Funds, the premier private equity conference for the lower middle market, in Palm Beach, Florida.
The SBIA Portfolio Company of the Year Award demonstrates the effectiveness of private equity financing and the benefits of the partnership between private equity investors and small businesses. Based in Houston, Texas, Ashbrook was selected from among a group of successful private equity-backed companies throughout the country. Ashbrook is based in an economically disadvantaged area of Houston, where it hires local employees. Ashbrook has additional offices and service hubs in...
Blue Sage Capital Grows Team With Second Fund
AUSTIN, Texas – Blue Sage Capital is pleased to announce today the addition of two hires to its team: Eric Weiner as a Senior Associate and Erica Holland as an Associate. Blue Sage closed its second fund of $150 million earlier this year and is actively seeking investment opportunities.
Eric Weiner joins Blue Sage as a Senior Associate. In his role with Blue Sage, Eric assists with evaluating, structuring, due diligence, and financial modeling of investment opportunities and maintains portfolio company monitoring responsibility. Eric joins Blue Sage following the completion of his MBA from the Stanford Graduate School of Business, where he was an Arjay Miller Scholar.
Peter Huff, Blue Sage Co-Founder and Managing Member, said, "We are thrilled to have Eric join our team. He brings with him extensive portfolio company and sourcing experience that will benefit Blue Sage as we seek to...
Blue Sage Capital Closes Second Fund at $150 Million Hard Cap
AUSTIN, Texas – Blue Sage Capital, an Austin, Texas-based private investment firm, announced today the first and final closing of its oversubscribed second fund, Blue Sage Capital II, L.P. Capital commitments totaled $150 million, above the $100 million target size. Blue Sage received strong support from existing investors as well as new limited partners. Blue Sage's investors include a diverse group of limited partners such as large financial institutions, private equity fund of funds, prominent family offices, endowed trusts, government entities, and the partners of Blue Sage, who represent the largest commitment to the fund.
Blue Sage is led by founding members, Peter Huff and Jim McBride, and has a team of five investment professionals including Adam Norris, Chris Petrini, and Ali Williford. Eric Weiner, a former Berkshire Partners professional in Boston, is slated to join the team this summer after he completes his MBA at Stanford. The firm anticipates adding one or two additional investment professionals early next year.
Wells Fargo's Tim Rafalovich, a...
Blue Sage Capital Exits VMI
AUSTIN, Texas – Blue Sage Capital is pleased to announce it has completed the sale of one of its portfolio companies, Visual Merchandising, Inc., to Noa Visual Group, S.L.
Visual Merchandising, Inc. ("VMI"), headquartered in Broomfield, Colorado, is a state-of-the-art designer, manufacturer, and distributor of custom mannequins, forms, and other visual merchandising products to the global retail industry. With a number one market share position in the U.S., VMI markets its products under the brands of Fusion Specialties, Inc. and Goldsmith, Inc. VMI's customers include Nike, J. Crew, Kate Spade, The North Face, and J.C. Penney.
Jim McBride, Co-Founder and Managing Member of Blue Sage, served on the VMI Board of Directors and was integrally involved with the VMI management team, "VMI presented a unique opportunity to invest in a leading company in a truly niche industry."
Blue Sage initially invested in VMI in 2007 and completed the acquisition of Goldsmith, Inc. in 2009 during the downturn to strategically expand VMI's product offering. Over its hold, Blue Sage...
Blue Sage Capital Exits R360
AUSTIN, Texas – Blue Sage Capital announced today that it has completed the sale of one of its portfolio companies, R360 Environmental Solutions, to Waste Connections, Inc. (NYSE: WCN).
R360, headquartered in Houston, Texas, is a leading provider of non-hazardous oilfield waste treatment, recovery and disposal services in several of the most active natural resource producing areas in the United States, including the Permian, Bakken, and Eagle Ford Basins. R360 operates 26 facilities across Louisiana, New Mexico, North Dakota, Oklahoma, Texas, and Wyoming.
Blue Sage has had a longstanding commitment to the oilfield waste treatment sector. The firm previously owned Controlled Recovery, Inc. (CRI), which was acquired by R360 in 2010. Peter Huff, Co-Founder and Managing Member of Blue Sage, served on the R360 Board of Directors and helped steer R360, utilizing his significant experience from CRI. Peter said, "We have been active owners in this market since 2006. Our businesses have steadily grown during this time. This transaction will deliver exceptional returns to our...
Blue Sage Capital Exits Ashbrook
AUSTIN, Texas – Blue Sage Capital is pleased to announce it has completed the sale of Ashbrook Simon-Hartley to Swedish corporate buyer Alfa Laval. Blue Sage was the majority controlling shareholder of Ashbrook.
Headquartered in Houston, Texas, Ashbrook is an industry leader in liquid and solid separation technologies for the wastewater industry. The company provides highly efficient and cost effective solutions for dewatering and process system requirements for large customers. Ashbrook has a global presence with offices in the United States, the United Kingdom, Chile, and Brazil.
Blue Sage Capital invested in Ashbrook in 2005 and completed two follow-on acquisitions that materially expanded the company's product offering. The private equity firm partnered with Ashbrook's management team to achieve continued growth and increased profitability throughout Blue Sage's ownership. Bob Williams, President of Ashbrook, said "We were able to partner with an outstanding team at Blue Sage. Blue Sage provided active operational expertise, and we grew the business together. We...
Blue Sage Capital Successfully Exits Investment in CRI
AUSTIN, Texas — Blue Sage Capital is pleased to announce that it has successfully exited its investment in Controlled Recovery, better known as CRI. Blue Sage was the majority controlling shareholder of CRI. CRI owns and operates the largest facility for non-hazardous oil and gas waste in the United States. Peter Huff, a Founding Board Member of CRI and leader of the deal team, said that "the sale of CRI to R360 Treatment not only provides the company with an opportunity to continue its rapid expansion, but also provides Blue Sage with a very strong return on its invested capital." John Barnidge, CEO of CRI, said that "Peter Huff and his team at Blue Sage Capital did an incredible job negotiating and closing the sale of CRI to R360 Treatment. I think this represents a great outcome for all parties. Blue Sage was also extremely active providing frontline operational expertise to my team as we jointly built this company." Wayne Patterson, Founder of Atreides Capital, a co-investor in CRI, said that his firm "enjoyed working with the CRI management team and Blue Sage and was pleased...
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