Sentinel Portfolio News


09/2017

Sentinel Capital Partners sells PlayCore

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Sentinel Capital Partners sells PlayCore


Successfully Exits Investment in Leading Play and Recreation Provider


NEW YORK, September 29, 2017 – Sentinel Capital Partners, a private equity firm that invests in promising companies in the lower middle market, today announced the sale of PlayCore, the leading North American designer, manufacturer, and marketer of a broad range of play, park, and recreation products. Terms of the deal were not disclosed.

"We are very pleased with the excellent results PlayCore has achieved," said Eric Bommer, a Sentinel partner. "PlayCore has successfully executed a broad range of organic growth and add-on acquisition initiatives. PlayCore's talented management team has incorporated new brands seamlessly and accelerated growth by cross-selling, accessing new market opportunities, and capturing cost efficiencies. During our ownership, PlayCore has not missed a beat, which is a tremendous credit to its outstanding management team, and we leave the company well-positioned for future success as the industry leader."

Since Sentinel's 2014 investment, PlayCore has successfully pursued its mission of building communities through play and recreation. PlayCore has completed 14 add-on acquisitions, and today owns 27 complementary brands and serves more than 8,000 customers.

PlayCore's President and CEO, Roger Posacki, commented, "Sentinel has been a strong and supportive partner during a highly successful period in PlayCore's history. Sentinel has played a very important role in our acquisition strategy and we look forward to continuing this success with our new private equity owners."

Headquartered in Chattanooga, Tennessee, PlayCore designs and builds a wide spectrum of commercial playground, park, recreation, performance, and specialty equipment ranging from basic modular play structures to complex, theme-based play environments that require significant creative and engineering competencies. PlayCore also provides a broad array of site amenities, surfacing, seating, performance, and fitness solutions, including picnic tables, benches, bleachers, bike racks, and outdoor fitness stations. Widely recognized as the industry thought leader, PlayCore also offers highly-differentiated, value-added services such as designing curriculum-based education programs for playgrounds and parks, and helps customers access funding sources. PlayCore is the market leader in play and recreation and has built the industry's most expansive distribution network.

The past year has been highly productive for Sentinel. Besides exiting PlayCore, Sentinel recently sold WellSpring Consumer Healthcare, a portfolio of high-performing OTC healthcare brands; Checkers & Rally's Restaurants, an iconic and innovative drive-thru restaurant chain; National Spine & Pain Centers, a leader in interventional pain management; and Power Products, a leading global provider of branded electrical products and systems. And during the past year, Sentinel has made three new platform investments: Altima Dental, the largest dental services organization in Canada; Cabi, a leading direct marketer of women's fashion apparel; and Sonny's Enterprises, the worldwide leader in conveyorized car wash systems.

09/2017

Sentinel Capital Partners sells WellSpring Consumer Healthcare

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Sentinel Capital Partners sells WellSpring Consumer Healthcare


Successfully Divests WellSpring’s OTC Healthcare Portfolio


NEW YORK, September 25, 2017 – Sentinel Capital Partners, a private equity firm that invests in promising companies in the lower middle market, today announced the sale of WellSpring Consumer Healthcare, a North American marketer of leading consumer health brands. Terms of the deal were not disclosed.

WellSpring Consumer Healthcare manages a portfolio of high-performing consumer healthcare brands, including Emetrol, Bonine, Bactine, GlaxalBase, and FDS. These brands occupy the #1 or #2 positions in their respective segments and benefit from a long-standing heritage, high awareness among consumers, and an entrenched retail presence. WellSpring Consumer Healthcare possesses an in-house acquisition capability coupled with a highly efficient and scalable operating model which has proven its ability to identify and integrate new brands and successfully scale its portfolio.

"WellSpring owns iconic brands with strong leadership positions," said John Van Sickle, a Sentinel partner. "WellSpring's OTC business is a proven M&A platform with a compelling financial profile and a meaningful runway for future growth. Moreover, a fertile M&A environment has produced a large supply of high quality, actionable add-on acquisitions."

At the outset of Sentinel's 2011 investment in WellSpring, the company consisted of three divisions; a consumer portfolio of over-the-counter health and personal care products; a portfolio of specialty prescription drugs; and a contract manufacturer of pharmaceutical products. Under Sentinel's ownership, WellSpring sharpened its focus by divesting its Rx portfolio and bolstered its market position by completing three OTC add-on acquisitions for its consumer healthcare portfolio. Following the sale of WellSpring Consumer Healthcare, Sentinel will continue to own WellSpring's contract manufacturing business.

Sawaya Segalas & Co., which assisted WellSpring with its OTC acquisition strategy, was lead advisor to WellSpring in the transaction. Houlihan Lokey Capital, Inc. served as co-advisor.

Besides the divestiture of WellSpring Consumer Healthcare, Sentinel sold Checkers and Rally's Restaurants, an iconic and innovative drive-thru restaurant chain, National Spine & Pain Centers, a leading service provider to interventional pain management physicians, and Power Products, a leading global provider of branded electrical products and systems. And during the past year, Sentinel has made three new platform investments: Altima Dental, the largest dental services organization in Canada; Cabi, a leading direct marketer of women's fashion apparel; and Sonny's Enterprises, the worldwide leader in conveyorized car wash systems.

06/2017

Sentinel sells National Spine & Pain Centers

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Sentinel sells National Spine & Pain Centers


Created National Leader in Interventional Pain Management


NEW YORK, June 2, 2017 – Sentinel Capital Partners, a private equity firm that invests in promising companies at the lower end of the middle market, today announced the sale of National Spine & Pain Centers ("NSPC"), a leading service provider to interventional pain management physicians. Terms of the transaction were not disclosed.

Acquired by Sentinel in 2011, NSPC provides administrative and support services to physicians who offer a comprehensive approach to the treatment of neck and back pain through the use of advanced, minimally invasive, interventional procedures. NSPC treatments provide both immediate and long-lasting pain relief and enable patients and payors to avoid more costly and invasive surgical procedures. Affiliated physicians are fellowship-trained and board-certified/board-eligible pain specialists. Many are nationally recognized leaders in pain management.

Under Sentinel's ownership, NSPC achieved significant growth and has emerged as the national leader in serving interventional pain management physician groups. At the time of Sentinel's original investment in 2011, NSPC served nine clinics, all located in Maryland. Today, five years later, NSPC has grown eightfold, and now serves 69 clinics in seven states, including Connecticut, Maryland, New Jersey, New York, North Carolina, Virginia, West Virginia, and the District of Columbia.

"Our investment in National Spine & Pain was a unique opportunity to partner with highly talented and dedicated physician entrepreneurs in building a leading, specialty healthcare provider," said Paul Murphy, a Sentinel partner. "Chronic and debilitating pain affect more people in the United States than diabetes, heart disease and cancer combined. We believe that NSPC is well-positioned to continue the impressive growth trends that we've witness during our ownership."

The past year has been highly productive for Sentinel. Besides exiting NSPC, Sentinel also recently completed the sales of two other portfolio companies—Checkers, an iconic and innovative drive-thru QSR restaurant chain, and Power Products, a leading global provider of branded electrical products and systems. And during the past year, Sentinel has made six new platform investments: Altima Dental, the largest dental services organization in Canada; Cabi, a leading direct marketer of women's fashion apparel; The Luminaires Group, a leading North American manufacturer of specification-grade lighting products; Quick Weight Loss Centers, a multistate provider of highly differentiated weight loss management services; Revenew International, a leading provider of cost recovery and cost containment services; Revenew International, a leading provider of cost recovery and cost containment services; and Sonny's Enterprises, the worldwide leader in conveyorized car wash systems.

04/2017

Sentinel sells Checkers and Rally's Restaurants in $525 million transaction

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Sentinel sells Checkers and Rally's Restaurants in $525 million transaction


Leading Quick Service Restaurant Sees Meaningful Expansion in Store Footprint


NEW YORK, April 25, 2017 – Sentinel Capital Partners, a private equity firm that invests in promising, lower middle market companies, today announced the closing of its sale of Checkers and Rally's Restaurants, Inc. in an all-cash transaction valued at $525 million.

Checkers & Rally's Restaurants, Inc. is an iconic and innovative drive-thru restaurant chain with 850 restaurants and room to grow. Checkers & Rally's differentiates itself by delivering high quality, craveable meals at exceptional values. Checkers and Rally's, together with its outstanding franchisee partners, offers a distinctive menu focused on bold, innovative products that are delivered to guests with category-leading value.

"Since the beginning of our investment, it has been a great pleasure partnering with Checkers' exceptional, highly talented management team," said Michael Fabian, a Sentinel partner. "Over the past three years, Checkers' same-store sales have outpaced the hamburger QSR segment, and its store footprint has expanded by more than 10%. In addition, through important operational initiatives, store profit margins have improved steadily. Checkers is well-positioned to continue as a vibrant and successful franchise brand."

Rick Silva, President and CEO of Checkers, commented, "We are delivering record growth at Checkers and Rally's, and our franchisees, operators, and employees are more excited than ever about our future."

The past year has been highly productive for Sentinel. Besides exiting Checkers, Sentinel also recently announced its exit of Power Products, a leading global provider of branded electrical products and systems. And during the past year, Sentinel has made six new platform investments, including: Altima Dental, the largest dental services organization in Canada; Cabi, a leading direct marketer of women's fashion apparel; The Luminaires Group, a leading North American manufacturer of specification-grade lighting products; Quick Weight Loss Centers, a multistate provider of highly differentiated weight loss management services; Revenew International, a leading provider of cost recovery and cost containment services; Revenew International, a leading provider of cost recovery and cost containment services; and Sonny's Enterprises, the worldwide leader in conveyorized car wash systems.

03/2017

Sentinel Capital Partners acquires cabi

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Sentinel Capital Partners acquires cabi


Sentinel Adds Direct Marketer of Women’s Apparel to Consumer Portfolio


NEW YORK, March 2, 2017 – Sentinel Capital Partners, a private equity firm that invests in promising companies at the lower end of the middle market, today announced the acquisition of cabi Holding Co. LLC, a leading direct seller of women's apparel in the United States, Canada and the United Kingdom. Terms of the deal were not disclosed.

Founded in 2002, cabi sells high-quality, on trend, accessibly-priced designer clothing to a broad, female demographic via a proprietary network of approximately 3,500 independent stylists who conduct private shows in the homes of more than 78,000 hostesses. At the forefront of an emerging trend in how women shop, cabi's stylists provide a high-touch, personalized shopping experience to the more than one million prospective clients who attend its shows annually. Cabi also offers a compelling career opportunity for entrepreneurial women seeking a meaningful income opportunity, while preserving flexibility and work/life balance.

"As consumer behavior shifts away from traditional retail environments, we feel that cabi is revolutionizing the shopping experience for women," said Lynne Coté, cabi's CEO. "Our entrepreneurial culture, growing base of highly-trained, committed, and close-knit stylists, and distinctive home show experience are the foundation of our value proposition. Our partnership with Sentinel will help drive cabi's next level of growth."

"We are very excited about our investment in cabi," said Jim Coady, a partner at Sentinel. "Its unique business model has a demonstrated ability and consistent record of generating strong growth, and cabi's value proposition to its network of stylists, hostesses, and clients is one of the most compelling we have seen. We are highly impressed with cabi's talented management team and look forward to working closely with them to drive future growth."

The past year has been highly productive for Sentinel. Besides cabi, Sentinel has made six other new platform investments: Altima Dental, the largest dental services organization in Canada; The Luminaires Group, a leading North American manufacturer of specification-grade lighting products; Marketplace Events, the largest operator of consumer home and garden shows in North America; Quick Weight Loss Centers, a multistate provider of highly differentiated weight loss management services; Revenew International, a leading provider of cost recovery and cost containment services; Revenew International, a leading provider of cost recovery and cost containment services; and Sonny's Enterprises, the worldwide leader in conveyorized car wash systems.

12/2016

Sentinel teams with Altima Dental Centres

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Sentinel teams with Altima Dental Centres


Represents Sentinel's Fifth Dental Industry Platform


NEW YORK, January 3, 2017 – Sentinel Capital Partners, a private equity firm that invests in promising companies at the lower end of the middle market, today announced a new partnership with Altima Dental Centres, one of the largest dental services organization in Canada. Terms of the deal were not disclosed.

Headquartered in Toronto, Altima's clinic network includes offices across six provinces in Canada. Altima-affiliated practices have an excellent reputation for providing high-quality dental services and always putting patients first. Altima's strategy is to continue growing through affiliation with other dental offices throughout Canada.

"Altima is well known throughout the Canadian market for second-to-none care, top notch providers and staff, and a broad suite of convenient services," said Paul Murphy, a partner at Sentinel. "Altima's founders, Drs. Grail and Christodoulou, have built an impressive business during the past 23 years and we're thrilled to be their partners for Altima's next phase of growth."

"During our search for an ideal investment partner, we determined there were three must-haves to ensure success for Altima's patients and employees: a close cultural alignment between Altima and our partner, deep and successful dental industry experience, and a complementary skill set to help us accelerate Altima's growth trajectory," said Dr. Sven Grail, co-founder and co-CEO of Altima. "We are confident we have found all three qualities in Sentinel."

"Sentinel has shown great respect for the service standards we have built at Altima," said Dr. George Christodoulou, co-founder and co-CEO of Altima. "Together, we will become even stronger as we continue to improve upon our culture of gold-standard patient care, while providing a thriving environment for our valued team members."

The past year has been highly productive for Sentinel. Besides Altima, Sentinel has made five other new platform investments: The Luminaires Group, a leading North American manufacturer of specification-grade lighting products; Marketplace Events, the largest operator of consumer home and garden shows in North America; Quick Weight Loss Centers, a multistate provider of highly differentiated weight loss management services; Revenew International, a leading provider of cost recovery and cost containment services; Revenew International, a leading provider of cost recovery and cost containment services; and Sonny's Enterprises, the worldwide leader in conveyorized car wash systems.

12/2016

Sentinel teams with car wash leader, SONNY'S Enterprises, Inc.

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Sentinel teams with car wash leader, SONNY'S Enterprises, Inc.


#1 Manufacturer of Conveyorized Car Wash Systems Joins Sentinel's Industrials Portfolio


NEW YORK, December 5, 2016 – Sentinel Capital Partners, a private equity firm that invests in promising companies in the lower end of the middle market, today announced the recapitalization of SONNY'S Enterprises, Inc., the worldwide leader in conveyorized car wash systems. Terms of the deal were not disclosed.

Established in 1949, SONNY'S is the largest global manufacturer of conveyorized car wash systems. SONNY'S designs and manufactures car wash systems in its 135,000 sq. ft. facility in Tamarac, Florida and will continue to be managed by the same family that has run the business since its inception.

"SONNY'S is a leading car care platform with strong development and design capabilities, a record of innovation, and unparalleled customer relationships," said Scott Perry, a partner at Sentinel. "SONNY'S offers an impressive breadth of products and has built longstanding sales relationships and distribution channels throughout North America. We are very excited about this investment and the opportunity to partner with SONNY'S outstanding management team. We see a bright future for SONNY'S, which has an exciting opportunity to grow organically and through acquisitions."

"SONNY'S will continue to execute on the vision and plan that my father set for the company… to be the premier provider of car care products to car wash professionals," said CEO Paul Fazio. "Sentinel was very different from any other firm that contacted me in the past. From the first conversation, it was clear that a partnership with Sentinel will allow SONNY'S to accelerate its rapid growth record and to expand the number of worldclass products and services to our clients."

The past 12 months have been highly active for Sentinel. Besides SONNY'S, Sentinel has made four other new platform investments: The Luminaires Group, a leading North American manufacturer of specification-grade lighting products; Marketplace Events, a business services company that is the largest operator of consumer home and garden shows in North America; Quick Weight Loss Centers, a multistate provider of highly differentiated weight loss management services; and Revenew International, a leading provider of cost recovery and cost containment services.

12/2016

Sentinel Capital Partners sells Power Products

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Sentinel Capital Partners sells Power Products


Complex Carveout Creates Leader in Electrical Products Industry


NEW YORK, March 10, 2017 – Sentinel Capital Partners, a private equity firm that invests in promising companies at the lower end of the middle market, today announced the sale of Power Products, LLC, a leading global provider of branded electrical products and systems. Details of the transaction were not disclosed.

Headquartered in Menomonee Falls, Wisconsin, Power Products designs, manufactures, and distributes branded electrical tools, components, and power conversion products and solutions. Power Products primarily serves the electrical construction, repair and remodel, marine and recreation, industrial, power, and transportation end markets. Power Products owns a broad portfolio of industry-leading brands including BEP, Blue Sea Systems, Del City, Gardner Bender, Lenco Marine, Marinco, Mastervolt, ProMariner, and Sperry Instruments.

"We are very proud of what was accomplished in partnership with Power Products' incredibly talented management team," said Eric Bommer, a partner at Sentinel. "Following the carveout of Power Products from Actuant Corporation in 2013, together with management, we were able to create a robust, standalone business, refocus it strategically through several acquisitions and divestitures, and reduce its overall complexity. Power Products has excelled over the past three years, and we are confident they will continue to succeed under the leadership of existing management."

Power Products' CEO, David Scheer, an electrical industry veteran who has served as its head since 2011, commented, "We thank Sentinel for a very rewarding partnership over the past three years. Together, we built Power Products into a worldclass business with a leading portfolio of brands and positioned it well for long-term growth."

The past year has been highly productive for Sentinel. Besides exiting Power Products, Sentinel has made six other new platform investments: Altima Dental, the largest dental services organization in Canada; Cabi, a leading direct marketer of women's fashion apparel; The Luminaires Group, a leading North American manufacturer of specification-grade lighting products; Quick Weight Loss Centers, a multistate provider of highly differentiated weight loss management services; Revenew International, a leading provider of cost recovery and cost containment services; Revenew International, a leading provider of cost recovery and cost containment services; and Sonny's Enterprises, the worldwide leader in conveyorized car wash systems.

08/2016

Sentinel acquires Quick Weight Loss Centers

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Sentinel acquires Quick Weight Loss Centers


Adds to Firm’s Broad Multiunit Consumer Portfolio


NEW YORK, August 23, 2016 – Sentinel Capital Partners, a private equity firm that invests in promising companies at the lower end of the middle market, today announced the acquisition of Quick Weight Loss Centers, a leading, multistate health and wellness company that provides highly differentiated weight loss management services. Sentinel invested in the transaction with minority partner Skyline Global Partners LLC. Terms of the deal were not disclosed.

Through a combined 32 weight loss management centers in Texas and Florida, Quick Weight Loss offers a proprietary, retail-based weight loss program that teaches customers how to lose weight through nutritional programs that are augmented with significant one-on-one, in-person counseling and supplemental product sales. Quick Weight Loss’s nutritional programs teach clients how to eat well-balanced diets without counting calories or eating pre-packed food, and high frequency, in-person counseling drives accountability and positive customer outcomes.

"Quick Weight Loss is a leading wellness platform, addressing the nation’s growing obesity problem through differentiated weight loss programs that enable clients to achieve and maintain their weight loss goals," said Jim Coady, a partner at Sentinel. "We look forward to working with Quick Weight Loss’s talented executives as they build on their impressive record by expanding into new markets, continuing to generate strong financial performance, and pursuing attractive add-on acquisitions."

"Sentinel has helped successful companies like Quick Weight Loss strengthen their market leadership positions through sustainable growth initiatives," said Lynn Allen, CEO of Quick Weight Loss Centers. "Quick Weight Loss is in a unique position to capitalize on the high fragmentation in the weight loss industry and will benefit from the resources of partnering with a leading private equity firm. We are excited to partner with Sentinel as we continue to address our clients’ desires to lose weight and lead healthier lives."

The past 12 months have been highly active for Sentinel. Besides Quick Weight Loss Centers, Sentinel made five other new investments: Revenew International, a leading provider of cost recovery and cost containment services; The Luminaires Group, a leading North American manufacturer of specification-grade lighting products; Marketplace Events, a business services company that is the largest operator of consumer home and garden shows in North America; Driven Performance Brands, a manufacturer of high performance automotive aftermarket products for car and truck enthusiasts; and Fazoli's Group, a franchisor and operator of Italian fast casual restaurants. Sentinel also completed five successful exits in the past year: Hospice Advantage, a leading healthcare provider of end-of-life care to patients in their homes; IEP Technologies, an industrials business that is a global leader in industrial explosion protection; Northeast Dental Management, a leading regional dental care company; Spinrite, North America's leading supplier of consumer yarn products for knitting enthusiasts; and Vintage Parts, a leader in supply chain and logistics services for slow-moving and inactive OEM parts.

07/2016

Sentinel Capital Partners acquires Revenew International

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Sentinel Capital Partners acquires Revenew International


Adds Leading Cost Recovery and Containment Platform to Business Services Portfolio


NEW YORK, July 19, 2016 – Sentinel Capital Partners, a private equity firm that invests in promising companies at the lower end of the middle market, today announced the acquisition of Revenew International ("Revenew"), a leading provider of cost recovery and cost containment services. Terms of the deal were not disclosed.

Headquartered in Houston, Texas, Revenew provides cost recovery and cost containment services that deliver monetary recoveries and cost reduction benefits. Revenew serves a blue-chip customer base, with particular expertise in the energy, utilities, and manufacturing sectors, through two core services lines: contract compliance and supplier payment review. Revenew's comprehensive suite of cost recovery solutions presents unique and highly compelling opportunities for clients to identify incorrect payments and recover overbilled amounts.

"Revenew has built a leading industry position, an impressive client base, and a record of superior financial performance," said Eric Bommer, a partner at Sentinel. "We are excited to partner with Revenew's talented management team and believe that Revenew offers a compelling suite of services to address the growing need for cost recovery solutions."

"Sentinel has a proven record of helping strong middle market companies drive growth," said Kris Westbrook, President of Revenew. "Revenew is the clear leader in the recession-resistant and fragmented cost recovery solutions industry. Our strong value proposition is highly attractive to new clients and also helps expand existing client relationships."

The past 12 months have been highly active for Sentinel. Besides Revenew, Sentinel made five other new investments: The Luminaires Group, a leading North American manufacturer of specification-grade lighting products; Marketplace Events, a business services company that is the largest operator of consumer home and garden shows in North America; Corporate Visions, another business services company that provides marketing and sales enablement solutions; Driven Performance Brands, a manufacturer of high performance automotive aftermarket products for car and truck enthusiasts; and Fazoli's Group, a franchisor and operator of Italian fast casual restaurants. Sentinel also completed five successful exits in the past year: Hospice Advantage, a leading healthcare provider of end-of-life care to patients in their homes; IEP Technologies, an industrials business that is a global leader in industrial explosion protection; Northeast Dental Management, a leading regional dental care company; Spinrite, North America's leading supplier of consumer yarn products for knitting enthusiasts; and Vintage Parts, a leader in supply chain and logistics services for slow-moving and inactive OEM parts.

06/2016

Sentinel Capital Partners recapitalizes The Luminaires Group

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Sentinel Capital Partners recapitalizes The Luminaires Group


Innovative, Rapidly Growing Specialty Lighting Manufacturer


NEW YORK, June 8, 2016 – Sentinel Capital Partners, a private equity firm that invests in promising companies at the lower end of the middle market, today announced the recapitalization of The Luminaires Group ("TLG"), a leading North American manufacturer of specification-grade and architectural lighting fixtures. Terms of the deal were not disclosed.

Founded in 1987, TLG designs, develops, manufactures, and distributes specification-grade lighting products across North America via three niche brands, each with its own focus. Eureka concentrates on indoor and outdoor decorative lighting; Amerillum focuses on indoor and outdoor architectural lighting; and Cyclone specializes in outdoor area lighting. TLG serves commercial, institutional, hospitality, and municipal end markets and offers a wide range of contemporary lighting fixtures for interior and exterior use. TLG has received many industry awards for its innovative lighting designs and product excellence, including several prestigious Reddot Awards.

"TLG is a leading lighting platform with strong development and design capabilities and a record of innovation," said Eric Bommer, a partner at Sentinel. "TLG enjoys an impressive breadth of award-winning products and benefits from longstanding sales relationships and distribution channels in North America. We're very excited about this investment and the opportunity to partner with TLG's talented management team."

"Sentinel has a record of helping middle market companies like ours accelerate top-line growth, make strategic add-on acquisitions, and drive operational improvement," said Christian Fabi, President of TLG. "We are well-positioned to grow organically by expanding our product offering, utilizing our strong network, and applying the unique, individual strengths of our product lines. We also see the potential to grow through acquisitions and expand into new markets."

"In a highly-fragmented market, TLG has always been a leader in best practices and operational excellence," said Patrick Foley, Executive Vice President of TLG. "We look forward to continuing this tradition and preserving our strong firm culture."

The past year has been highly active for Sentinel. Besides The Luminaires Group, Sentinel made five other new investments: Marketplace Events, a business services company that is the largest operator of consumer home and garden shows in North America; Corporate Visions, another business services company that provides marketing and sales enablement solutions; Driven Performance Brands, a manufacturer of high performance automotive aftermarket products for car and truck enthusiasts; Fazoli’s Group, a franchisor and operator of Italian fast casual restaurants; and Total Military Management, a provider of relocation services to U.S. military and government personnel. Sentinel also completed five successful exits in the past year: Hospice Advantage, a leading healthcare provider of end-of-life care to patients in their homes; IEP Technologies, an industrials business that is a global leader in industrial explosion protection; Northeast Dental Management, a leading regional dental care company; Spinrite, North America’s leading supplier of consumer yarn products for knitting enthusiasts; and Vintage Parts, a leader in supply chain and logistics services for slow-moving and inactive OEM parts.

01/2016

Sentinel acquires Marketplace Events

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Sentinel acquires Marketplace Events


Largest Organizer of Consumer Home and Garden Shows in North America


NEW YORK, January 27, 2016 – Sentinel Capital Partners, a private equity firm that invests in promising companies at the lower end of the middle market, today announced the acquisition of Marketplace Events, the largest organizer of consumer home and garden shows in North America. Terms of the deal were not disclosed.

Headquartered in Solon, Ohio, Marketplace Events organizes and operates consumer shows targeting the home improvement and enthusiast market including remodeling, home décor, and gardening. Marketplace's show portfolio is comprised of 44 total events, including 29 U.S. home and garden shows, 13 Canadian home and garden shows, and two holiday boutique shows. Leveraging scale, technology, and predictability, Marketplace Events brings together 14,000 exhibitors, 1.5 million consumers, and 1.5 million unique web visitors on an annual basis. Marketplace Events employs 110 people across 12 offices in North America with the goal of making a lasting, material difference to employees, exhibitors, attendees, and communities.

"We have never been more confident in our business model or our future than we are now," said Tom Baugh, Marketplace Events' Chief Executive Officer. "Our shows provide an invaluable face-to-face meeting place for our exhibitors and consumers. We believe our partnership with Sentinel will allow us to accelerate our growth, both organically and through acquisitions."

"We are very excited about our investment in Marketplace Events," said Michael Fabian, a partner at Sentinel. "We seek to invest in niche market leaders, and Marketplace Events is the clear leader in the North American home and garden show industry. Moreover, the business was extremely resilient during the 2008 economic downturn and should benefit from positive tailwinds in the home remodeling and repair sector in the years ahead."

For Sentinel, the past year has been highly productive. Besides Marketplace, Sentinel made four other new platform investments: Corporate Visions, a provider of marketing and sales enablement solutions; Driven Performance Brands, a manufacturer of high performance automotive aftermarket products for car and truck enthusiasts; Fazoli's Group, a franchisor and operator of Italian fast casual restaurants; and Total Military Management, a provider of relocation services to U.S. military and government personnel. Sentinel also completed six successful exits in the past year: Hospice Advantage, a leading provider of end-of-life care to patients in their homes; IEP Technologies, a global leader in industrial explosion protection; Northeast Dental Management, a leading provider of dental office support services; North American Rescue, a leading supplier of tactical life-saving equipment to the U.S. military; Spinrite, North America's leading manufacturer of consumer yarn; and Vintage Parts, a leader in supply chain and logistics services for slow-moving and inactive OEM parts.

01/2016

Sentinel Capital Partners sells Northeast Dental Management

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Sentinel Capital Partners sells Northeast Dental Management


Establishes Company as a Leader in the Amtrak Corridor


NEW YORK, January 7, 2016 – Sentinel Capital Partners, a private equity firm that invests in promising companies at the lower end of the middle market, today announced its sale of Northeast Dental Management ("NEDM"), a leading provider of dental office support services in the Northeast and Mid-Atlantic. Terms of the deal were not disclosed.

Headquartered in Paramus, New Jersey, NEDM provides administrative staffing, human resources, purchasing, financial, and information technology support services to 65 locally-branded dental offices. NEDM's affiliated offices provide the highest quality dental care to nearly 200,000 patients annually, and offer a full suite of best-in-class general and specialty dental services, including general dentistry, oral hygiene, oral surgery, periodontics, pedodontics, and orthodontics.

Under Sentinel's ownership, the number of offices served by NEDM grew from 29 to 65 through 24 add-on affiliations. Through these new affiliations, NEDM significantly increased its density in the Amtrak corridor and expanded its service offering into Maryland, Massachusetts, and Connecticut.

"NEDM is an outstanding business with tremendous growth and impressive financial performance," said Paul Murphy, a partner at Sentinel. "We were fortunate to work alongside NEDM's extremely talented management team and we wish them continued success as NEDM enters its next stage of growth."

"Our partnership with Sentinel has been highly productive. Sentinel has given us the guidance and support needed to grow our business," said NEDM Chief Executive Officer, Dr. Craig Abramowitz. "We have created a strong, integrated platform capable of providing our dentists with topflight administrative support that allows them to provide their patients with the highest level of dental care."

Sentinel has an established record of investing in the dental and healthcare sectors. In addition to NEDM, Sentinel's dental portfolio has included Castle Dental and Metro Dentalcare, both leading regional providers of general and specialty dentistry office support services; and ReachOut Healthcare America, a leading provider of administrative support services to mobile dentists. Sentinel's current and former healthcare investments include Hospice Advantage, a leading provider of end-of-life care and family support services to patients in their homes; Interim Healthcare Holdings, a leading provider and franchisor of home healthcare services; National Spine & Pain Centers, the top provider of interventional pain management procedures focused on relieving back and neck pain; and Wellspring Pharmaceutical Corp., a manufacturer and marketer of specialty pharmaceuticals.

For Sentinel, 2015 was highly productive. During the year, Sentinel made four new platform investments: Corporate Visions, a provider of marketing and sales enablement solutions; Driven Performance Brands, a manufacturer of high performance automotive aftermarket products for car and truck enthusiasts; Fazoli's Group, a franchisor and operator of Italian fast casual restaurants; and Total Military Management, a provider of relocation services to U.S. military and government personnel. Sentinel also completed five successful exits in 2015: Hospice Advantage (described above); IEP Technologies, a global leader in industrial explosion protection; North American Rescue, a leading supplier of tactical life-saving equipment to the U.S. military; Spinrite, North America's leading manufacturer of consumer yarn; and Vintage Parts, a leader in supply chain, logistics, and distribution management services for slow-moving and inactive parts.

10/2015

Sentinel Capital Partners sells Spinrite

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Sentinel Capital Partners sells Spinrite


Establishes Company as Craft Yarn Leader


NEW YORK, October 8 , 2015 – Sentinel Capital Partners, a private equity firm that invests in promising companies at the lower end of the middle market, today announced its sale of Spinrite LP, North America's leading manufacturer of consumer craft yarn. Terms of the deal were not disclosed.

Headquartered in Listowel, Ontario, Spinrite is the largest producer and marketer of craft yarn in North America. Established in 1952, Spinrite is well known to the hobby market for its Patons, Bernat, Lily, Peaches & Creme, Caron and Phentex brands, which are sold through mass merchants, craft stores, and independent specialty stores. Spinrite markets approximately 4,000 SKUs across more than 100 product families, possesses the most diversified craft yarn manufacturing operation in North America, and is recognized as a market leader in new product development.

"We have been fortunate to partner with Spinrite's talented management team that has significantly increased sales since 2008," said Eric Bommer, a partner at Sentinel. "Spinrite has a highly defensible business model, an exciting growth strategy, and we wish them continued success as they enter their next stage of growth."

"Our long partnership with Sentinel has been highly productive," said Spinrite CEO Ryan Newell. "Our work together over the past decade has helped refine our business model and well positions us for long term growth."

For Sentinel, 2015 has been a highly productive year. Since May 2015, Sentinel acquired Corporate Visions, a provider of marketing and sales enablement solutions; Fazoli's Group, a franchisor and operator of Italian fast casual restaurants; and Driven Performance Brands, a manufacturer of high performance automotive aftermarket products for car and truck enthusiasts. During this period, Sentinel sold IEP Technologies, a global leader in industrial explosion protection; Vintage Parts, a leader in supply chain, logistics, and distribution management services for slow-moving and inactive parts; and Hospice Advantage, a leading hospice care organization.

10/2015

Sentinel Capital Partners sells Hospice Advantage

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Sentinel Capital Partners sells Hospice Advantage


Successfully Builds Leading Hospice Care Organization


NEW YORK, October 7, 2015 – Sentinel Capital Partners, a private equity firm that invests in promising companies at the lower end of the middle market, today announced the sale of Hospice Advantage, a leading hospice care organization, to Compassus, a nationwide network of community-based hospice programs and palliative care services. Terms of the transaction were not disclosed.

Headquartered in Bay City, Michigan, Hospice Advantage was founded in 2004 by CEO Rod Hildebrant, a veteran hospice executive with more than 35 years of health care and hospice experience, to serve the needs of terminally ill patients. Hospice Advantage currently operates more than 60 locations in 14 states throughout the Midwest, Southeast, and South.

"We are thrilled with our investment in Hospice Advantage and grateful to have been partners with Rod Hildebrant, who is an extraordinarily talented healthcare executive," said Paul Murphy, a partner at Sentinel. "We have enjoyed working closely with Rod and his highly capable management team, and together, we have developed a leading hospice care organization."

Under Sentinel's ownership, Hospice Advantage grew its business organically and through acquisitions. During this period, Hospice Advantage completed 15 tuck-in acquisitions and opened locations in four new states.

"We are very excited about what we have achieved with Sentinel as our partner. Sentinel's support and long-term growth perspective helped us to exceed our goals and now positions us for continued success," said Rod Hildebrant. "This is an exciting time for our company, as Hospice Advantage joins with Compassus to create a leading national provider of hospice and palliative care services."

Other Sentinel investments in healthcare services include Interim Healthcare (home healthcare provider); Metro Dentalcare (dental services); National Spine & Pain (pain management healthcare); Northeast Dental Management (dental services); and ReachOut Healthcare America (mobile dental services).

09/2015

Sentinel Capital Partners sells Vintage Parts

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Sentinel Capital Partners sells Vintage Parts


Partnered with Management to Significantly Expand Industry Pioneer


NEW YORK, September 21, 2015 – Sentinel Capital Partners, a private equity firm that invests in promising companies at the lower end of the middle market, today announced its sale of Vintage Holdings, Inc. (d/b/a Vintage Parts), a leader in supply chain, logistics, and distribution management services for slow-moving and inactive parts from original equipment manufacturers ("OEMs"). Terms of the deal were not disclosed.

Vintage Parts buys and warehouses for future sale inventories of original slow-moving and inactive parts that OEMs no longer find economical to maintain themselves. Vintage Parts has exclusive long-term service agreements with 66 leading OEMs in the automotive, agriculture, heavy-truck, construction, industrial engine, material handling, mining, and oil and gas industries. Vintage Parts has relationships with some of the most recognized industrial brands in the world, including CNH, Caterpillar, Chrysler, Ford, GM, John Deere, Harley Davidson, Honda, Komatsu, and Mercedes-Benz. Vintage Parts employs an innovative approach that provides compelling economic benefits to its OEM partners and exceptional service levels to its authorized OEM dealers and distributors.

"Vintage Parts is an industry pioneer that has performed superbly during our eight-year ownership," said Jim Coady, a partner at Sentinel. "Since we acquired the business, Vintage Parts has added 30 new OEM partners and entered several new end markets. If we could, we would own Vintage Parts forever. It is a great business with an outstanding management team, and the investment has been very rewarding for us."

"Our long partnership with Sentinel has been very productive," said Vintage Parts CEO Darrell Armbruster. "We worked alongside Sentinel to continue to refine our business model and, as a result, we have seen significant growth in our revenue and OEM partner base over the last several years. Looking forward, we see many more opportunities to grow."

The Vintage Parts sale coincides with a highly productive period for Sentinel. Since May 2015, Sentinel acquired Corporate Visions, a provider of marketing and sales enablement solutions; Fazoli's Group, a franchisor and operator of Fazoli's fast casual restaurants; and Driven Performance Brands, a manufacturer of high performance automotive aftermarket performance products. And earlier this month, Sentinel sold IEP Technologies, a global leader in industrial explosion protection.

09/2015

Sentinel Capital Partners acquires Driven Performance Brands

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Sentinel Capital Partners acquires Driven Performance Brands


Adds Leading Automotive Aftermarket Performance Brands to Consumer Portfolio


NEW YORK, September 10, 2015 – Sentinel Capital Partners, a private equity firm that invests in promising companies at the lower end of the middle market, today announced its acquisition of Driven Performance Brands ("DPB"), a leading designer, manufacturer, and marketer of specialty automotive aftermarket performance products for car and truck enthusiasts. Terms of the deal were not disclosed.

DPB offers a variety of uniquely designed and stylized products to a wide range of automotive enthusiasts who consider what they drive and how the vehicle performs an important lifestyle choice. DPB's product line touches almost every part of the undercar, from exhaust to transmission, drivetrain, and electronic tuning products, and is marketed under five leading brands: Flowmaster, B&M Racing and Performance, Hurst Shifters, Hurst Driveline Conversions, and Dinan Engineering. DPB sells through online specialty retailers, warehouse distributors, auto dealers, traditional auto parts retailers, and OEMs, as well as directly to consumers. Founded in 1953, DPB is headquartered in Santa Rosa, California.

"DPB is a strong, consumer-focused company with a portfolio of iconic brands and an unmatched distribution network," said Jim Coady, a partner at Sentinel. "As a result of significant past investments in systems and infrastructure, DPB is an excellent platform for industry consolidation and organic growth. We're very excited about this investment and the opportunity to work with DPB's talented management team."

"We are very pleased to partner with Sentinel as we set our course towards future success," said DPB CEO Brian Appelgate. "DPB benefits from highly favorable market dynamics. We operate in a large and fragmented industry, yet we sell to a committed and loyal customer base of devoted automotive enthusiasts. The appeal of our products has an intangible quality and we are extremely well positioned to add similarly compelling brands to our portfolio."

Sentinel has broad experience investing in specialty consumer businesses. Current and prior investments include: Hollander Sleep Products (specialty bedding); Spinrite (craft yarn); Strategic Partners (medical uniforms); and WellSpring Pharmaceutical (OTC products). Sentinel also has specific experience investing in the automotive aftermarket through its investments in Cottman Transmission (transmission repair centers) and Vintage Parts (distribution of slow moving automotive OEM parts).

09/2015

Sentinel sells IEP Technologies

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Sentinel sells IEP Technologies


Successfully Builds Leading Industrial Explosion Protection Company


NEW YORK, September 2, 2015 – Sentinel Capital Partners, a private equity firm that invests in promising companies at the lower end of the middle market, today announced the sale of IEP Technologies, a leading global, industrial explosion protection company, to Switzerland-based HOERBIGER Group. Terms of the transaction were not disclosed.

Headquartered in Marlborough, Massachusetts, IEP provides systems and services that detect and suppress combustible dust or vapor explosions in process industries, including best-in-class explosion protection systems, design engineering, replacement parts, and service and support to its global customer base. IEP was created two years ago through a carveout of the industrial explosion protection businesses of United Technologies Corp. Each business represented a legacy brand, operating in its own geographic market. Under Sentinel's ownership, management integrated the legacy businesses and created the global IEP Technologies brand. Today, IEP operates under one brand from locations in the U.S., Germany, Switzerland, France, Turkey and the United Kingdom.

"Our investment in IEP began as a complex carveout and included the integration of five separate global business units spread across multiple locations throughout the U.S. and Europe," said Eric D. Bommer, a partner at Sentinel. "During our ownership, management built a freestanding business that became the leader in a highly specialized, niche industry. We are proud to have been associated with such an outstanding business and are confident that IEP will continue to excel under the leadership of its talented management team."

Under Sentinel's ownership, IEP successfully completed a number of important strategic initiatives that resulted in a fully integrated, global platform, unified systems and infrastructure, and strong management architecture. In transitioning to a standalone business, IEP relocated to new facilities in Germany, the United Kingdom, and Massachusetts, expanded into new geographies and markets, and expanded its customer base. During this transformation, IEP also increased its revenue and profitability.

"We are very excited about what we have achieved in partnership with Sentinel. Their support and long-term perspective helped us perform well and also positioned us for continued success," said Randy Davis, CEO of IEP Technologies. "This is an exciting time for our company, as IEP prepares for the next stage of growth. Under the umbrella of the HOERBIGER Group, we will have exceptional opportunities to execute our successful growth strategy long-term."

Other Sentinel investments in specialty industrial businesses include Alemite (industrial lubrication equipment); Chase Doors (specialty door systems); Chromalox (precision heating technology); Colson (casters and wheels); Engineered Controls International (pressure regulators, valves); Fasloc (underground mine roof support systems); LTI Boyd (rubber and plastic sealing systems); PlayCore (commercial playground and recreation equipment), and RotoMetrics (precision rotary tooling).

07/2015

Sentinel Capital Partners acquires Fazoli's

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Sentinel Capital Partners acquires Fazoli's


Firm Adds Second Fast Casual Concept to Restaurant Portfolio


NEW YORK, July 7, 2015 – Sentinel Capital Partners, a private equity firm that invests in promising companies at the lower end of the middle market, today announced the acquisition of Fazoli's Group, Inc., a franchisor and operator of Italian fast casual restaurants in the United States. Terms of the transaction were not disclosed.

Founded in 1988 and headquartered in Lexington, Kentucky, Fazoli's is the leading Italian fast casual dining concept that offers moderately priced, freshly-prepared pasta entrees, sandwiches, pizza and salads in a convenient, friendly environment. Fazoli's blends the low price point and speed of a quick service restaurant with the quality, atmosphere and service traditionally found in the casual dining segment. With strong brand awareness and a loyal customer base, Fazoli's was named the 2013 Fast Casual Brand of the Year and its CEO, Carl Howard, the 2014 Fast Casual Dining Executive of the Year. In 2015, it was named one of Franchise Business Review's "Top 40 Food Franchises."

"Fazoli's has consistently outperformed its competitors and will be a strong addition to our restaurant portfolio," said John McCormack, a partner at Sentinel. "The business has demonstrated robust financial performance and recently built impressive momentum. Fazoli's is positioned as "affordable fast casual" and combines the strengths of the fast-casual, quick-service and full-service formats, which is a competitive differentiator and also provides resilience during economic downturns. We are highly impressed with Fazoli's' management team and look forward to working closely with them to drive future growth."

"Our new partnership with Sentinel is an exciting move for us, and we plan to benefit from their deep investment experience in the restaurant sector," said Carl Howard, CEO of Fazoli's Group, Inc. "We have been engaged in a very exciting and successful period of investment, innovation and growth during which we sharpened the focus of our brand strategy, optimized and upgraded our menu, and expanded our geographic profile."

Sentinel has broad experience investing in restaurant and franchise businesses. In total, Sentinel's current restaurant portfolio comprises more than 2,300 units operating in 61 countries and generates annual systemwide sales of almost $4.0 billion. Sentinel's restaurant investments include Newk's Eatery, franchisor and operator of a rapidly growing, fast casual restaurant chain in the US Southeast; TGI Fridays, franchisor and operator of an iconic globally-recognized brand of American-style bar and grill restaurants; Checkers, a franchisor and operator of dual drive-thru quick service restaurants; Huddle House, a franchisor of family dining restaurants; Border Foods, a franchisee in the Taco Bell system; Falcon Holdings, the largest franchisee of Church's Chicken restaurants; and Southern California Pizza Company, a Pizza Hut franchisee operating in the greater Los Angeles market.

05/2015

Sentinel Capital Partners acquires Corporate Visions

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Sentinel Capital Partners acquires Corporate Visions


Adds Marketing and Sales Innovator to Business Services Portfolio


NEW YORK, May 29, 2015 – Sentinel Capital Partners, a private equity firm that invests in promising companies at the lower end of the middle market, today announced the acquisition of Corporate Visions Inc., a leading provider of marketing and sales enablement solutions that optimize the performance of commercial teams within client organizations. Terms of the transaction were not disclosed.

Based in Larkspur, California, Corporate Visions offers consulting and training products and services that help companies create, elevate, and capture value in their interactions with customers. Corporate Visions is a thought leader and innovator in the marketing and sales enablement industry, developing and applying research from the decision-making sciences to help its clients win more business and increase profitability.

"We are thrilled to be partnering with Corporate Visions," said Paul Murphy, a partner at Sentinel. "It fits perfectly into our business services portfolio. They are a true market leader that provides innovative solutions to businesses seeking a specialized and sophisticated set of B2B marketing and selling messages, tools, and skills. The Corporate Visions value proposition is not easily replicated by competitors."

"Since 2008, Corporate Visions has taken aggressive strategic steps—both organically and acquisitively—towards creating a comprehensive and proven solution for improving sales performance across the entire customer buying cycle, which differentiates us from our competitors," commented Joe Terry, CEO of Corporate Visions. "Our new partnership with Sentinel is an exciting move for us that well positions us for ongoing innovation and growth."

Sentinel has broad experience investing in the business services sector. Examples include: CIN Group, a provider of data, tools, and training for consumer bankruptcy attorneys; Growing Family, an operator of three complementary businesses serving new parents and companies that want to reach them; Inscape Publishing, a developer and provider of corporate training solutions that develop employee leadership, teamwork, and communications skills; Precision Pipeline Solutions, a provider of specialty inspection services to utilities; Total Military Management, a global provider of relocation services for U.S. military and government personnel; Trinity Consultants, a provider of air quality consulting and compliance services; and Vintage Parts, a logistics provider that manages original slow moving and inactive OEM replacement parts for long-lived automotive and industrial equipment.

04/2015

Sentinel recapitalizes Total Military Management in partnership with its founders

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Sentinel recapitalizes Total Military Management in partnership with its founders


Adds Relocation Services Provider to Business Services Portfolio


NEW YORK, April 20, 2015 – Sentinel Capital Partners, a private equity firm that invests in promising companies at the lower end of the middle market, today announced the recapitalization of Total Military Management ("TMM"), a leading technology-enabled, asset-light provider of relocation services to U.S. military and government personnel. The investment was made in partnership with TMM's founders. Terms of the transaction were not disclosed.

Based in Jacksonville, Florida, TMM targets the fragmented $2.5 billion U.S. military moving and storage industry, which is comprised of approximately 300,000 annual relocations of the 1.3 million active duty U.S. military members and their families. TMM utilizes its sophisticated technology systems, operating infrastructure, and global network of service providers to manage the resource-intensive and administratively complex logistical tasks associated with domestic and international military relocations. Since its founding in 2003 by Matt Connell, TMM has become a leading outsourced provider in the military household relocation industry with a strong dedication to high levels of customer service.

"We are excited to partner with Total Military Management and its entrepreneurial management team," said Paul Murphy, a partner at Sentinel who previously served as an officer in the U.S. Army. "TMM has been on an impressive growth path. Its asset-light model is a highly efficient way to address the ongoing relocation needs of military personnel driven by frequent base-to-base moves, an important aspect of military life. We expect TMM will continue to grow and deliver high quality relocation services for U.S. military personnel and their families."

"This investment marks the next chapter in TMM's growth," said Matt Connell, CEO and President of TMM. "We welcome Sentinel's significant experience in helping service businesses drive innovation and revenue growth."

Sentinel has broad experience investing in the business services sector and in companies that provide products and services to the U.S. government. Examples include: Critical Solutions International, a global supplier of landmine and improvised explosive device detection vehicles, systems and support services to the U.S. and international military services; North American Rescue, a leading developer and distributor of tactical emergency medical equipment to military and first-responder markets; and ReachOut Healthcare America, a provider of mobile dental services to U.S. Army and National Guard units.

11/2014

Sentinel Capital Partners acquires RotoMetrics

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Sentinel Capital Partners acquires RotoMetrics


Adds Branded Specialty Manufacturer to Industrial Portfolio


NEW YORK, November 18, 2014 – Sentinel Capital Partners, a private equity firm that invests in promising companies at the lower end of the middle market, today announced its acquisition of RotoMetrics, the leading global provider of precision rotary tooling and accessories. Terms of the deal were not disclosed.

Headquartered in St. Louis, Missouri, RotoMetrics provides made-to-order precision rotary cutting dies and engineered tooling for web converting and printing applications. These products are critical components in the production of a wide array of tags, labels, and packaging items used in the consumer goods, healthcare and industrial markets. RotoMetrics has an established global footprint of 11 facilities spanning nine countries on four continents and maintains deep relationships with a highly diverse blue chip customer base of more than 5,000 converters and OEMs. RotoMetrics enjoys the #1 position in its core tag and label market.

"We are excited to partner with RotoMetrics, a company with a 57-year history of providing great products and services to a longstanding and loyal customer base," said Jim Coady, a partner at Sentinel. "Under its current management team, RotoMetrics has undergone a fundamental transformation to a global leader with a strong financial profile, and is superbly positioned for future growth."

"We are very pleased to have Sentinel as our new partner," said RotoMetrics CEO Bob Spiller. "Sentinel’s deep experience investing in specialty industrial businesses will support our efforts to expand and strengthen our worldwide market presence."

Sentinel has broad experience investing in specialty industrial businesses. Current and prior investments include: Alemite (industrial lubrication equipment); Chase Doors (specialty doors); Chromalox (precision heating technology); Colson (casters and wheels); Engineered Controls International (pressure regulators, valves); Fasloc (underground mine roof support systems); IEP Technologies (industrial explosion protection products); LTI Boyd (rubber and plastic sealing systems); and PlayCore (commercial playground and recreation equipment).

10/2014

Sentinel acquires Hollander Sleep Products

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Sentinel acquires Hollander Sleep Products


Adds North American Leader in Basic Bedding to Portfolio


NEW YORK, October 21, 2014 – Sentinel Capital Partners, a private equity firm that invests in promising companies at the lower end of the middle market, today announced its acquisition of Hollander Sleep Products, the leading designer, manufacturer, and marketer of basic bedding products in North America. Transaction terms were not disclosed.

Founded in 1953 and headquartered in Boca Raton, Florida, Hollander is a leader in the North American basic bedding segment producing bed pillows, mattress pads, comforters, foam products, and related sleep accessories. The company markets its products under a portfolio of highly recognizable proprietary, licensed, and retail partner brands including Ralph Lauren®, Simmons®, Beautyrest®, Laura Ashley®, Nautica®, Waverly®, and Live Comfortably®. Hollander operates nine facilities across North America and employs 1,650 people worldwide.

"Hollander is a leader in its industry with a talented management team that possesses extensive market knowledge and deep functional expertise," stated Eric Bommer, a Sentinel partner. "We are thrilled to be partnering with such a deep and experienced team."

"We are excited about our new partnership with Sentinel," commented Chris Baker, CEO of Hollander. "This marks a new chapter for our company as we continue to build upon our long record of industry leading design, innovation, quality and service."

Sentinel has broad experience investing in specialty consumer businesses. Comparable prior investments include Spinrite (craft yarns) and Strategic Partners (medical uniforms).

09/2014

Sentinel Capital Partners exits Chase Doors

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Sentinel Capital Partners exits Chase Doors


Builds Largest Global Manufacturer of Impact Traffic Doors and Specialty Door Systems


NEW YORK, September 17, 2014 – Sentinel Capital Partners, a private equity firm that invests in promising companies at the lower end of the middle market, today announced the sale of Chase Industries, Inc. ("Chase Doors"), the global leader and most recognized manufacturer of high-quality, made-to-order impact traffic doors and specialty door systems. Terms of the deal were not disclosed.

Founded in 1932, Chase Doors is the world's oldest and largest manufacturer of double-acting impact traffic doors. Chase Doors offers superior design and engineering processes which enhance the functionality, durability and life of its products. Chase Doors also proudly supports the development of green product innovations. Chase Doors' family of brands includes Chase™, Chem-Pruf™, ColdGuard™, Econo Max™, Eliason™, Fib-R-Dor™, Saino™, and Simon™.

"We are extremely pleased with our investment in Chase Doors," said Jim Coady, a partner at Sentinel. "Working alongside Chase's talented management team, we took an already-established market leader to the next level and also positioned it for continued growth."

Under Sentinel's ownership, Chase Doors grew its business organically and through strategic acquisitions, allowing it to double revenue and increase EBITDA threefold. Chase Doors' acquisitions of Chem-Pruf in 2011 and Eliason in 2012 expanded its product offering in corrosion-resistant doors and solidified its leadership position in the impact traffic door market.

Chase Doors' CEO, Jeffrey Stark, will continue to lead the company and current management will retain an equity stake. "Sentinel was an excellent partner for Chase and its support and long-term perspective have positioned our company for the next phase of growth," said Mr. Stark.

Houlihan Lokey and Kirkland & Ellis LLP advised Chase Doors in the transaction.

Other Sentinel investments in specialty industrial businesses include Alemite (industrial lubrication equipment); Chromalox (precision heating technology); Colson (casters and wheels); Engineered Controls International (pressure regulators, valves); Fasloc (underground mine roof support systems); IEP Technologies (industrial explosion protection); LTI Boyd (rubber and plastic sealing systems); and PlayCore (commercial playground and recreation equipment).

07/2014

Sentinel acquires TGI Fridays from Carlson

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Sentinel acquires TGI Fridays from Carlson


Sentinel Adds Iconic Brand to its Restaurant and Franchising Portfolio


NEW YORK, July 15, 2014 – Today Sentinel announced that it has acquired TGI Fridays® Restaurants from Carlson, Inc., a global hospitality and travel company. Sentinel partnered with TriArtisan Capital Partners in the transaction. Financial terms were not disclosed.

Headquartered in Carrollton, Texas, the TGI Fridays system comprises more than 900 restaurants in 60 countries, including more than 500 restaurants in the U.S. TGI Fridays boasts the largest international presence of any U.S. casual dining chain, and customers around the world equate the highly recognizable brand with classic American fare and expert service.

"We are proud of the Fridays brand and strong marketplace momentum that has been created over the past nearly four decades," said Carlson President and CEO Trudy Rautio. "This transaction is a win for all parties and we are excited and confident that under Sentinel’s ownership Fridays will continue to experience significant growth and capitalize on new opportunities. For Carlson, this transaction frees up resources that the company can deploy to focus on and accelerate the growth of its hotel and travel businesses, at a time when significant opportunities exist in these markets."

The first TGI Fridays restaurant opened in 1965 in New York City, building a brand known for handcrafted American food and legendary drinks, served with genuine personal service. Carlson acquired TGI Fridays in 1975 when the brand had just 12 restaurants. Since that time TGI Fridays has become a brand loved around the world, today with more than 900 restaurants in operation globally in 60 countries and reported system-wide sales of $2.7 billion in 2013. TGI Fridays restaurants include TGI Fridays, Fridays FrontRow Sports Grill and Fridays American Bar, and employ over 70,000 people globally.

We are very excited to partner with TGI Fridays’ outstanding management team," said John McCormack, a Sentinel senior partner. "TGI Fridays is an iconic global brand with a long history of solid performance and a significant opportunity for future growth."

Sentinel, who is TGI Fridays’ majority shareholder, has extensive restaurant and franchising investment experience and a demonstrated ability to create successful independent businesses through complex corporate carve outs. Sentinel has completed numerous acquisitions of both franchisors and franchisees, including Checkers/Rally’s, the largest franchisor and operator of dual drive-thru hamburger QSRs in the United States; Newk’s Eatery, a rapidly growing fast-casual concept in the Southeast United States; Falcon Holdings, the largest franchisee of Church's Chicken restaurants; Huddle House, a leading franchisor of family dining restaurants in the Southeast; Massage Envy, the nation’s largest provider and franchisor of therapeutic massage and spa services; and Southern California Pizza Company, a 223-unit Pizza Hut franchisee operating in the greater Los Angeles market.

05/2014

Sentinel Capital Partners acquires PlayCore

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Sentinel Capital Partners acquires PlayCore


Leading Provider of Play and Recreation Products Joins Sentinel Portfolio


NEW YORK, May 30, 2014 – Sentinel Capital Partners, a private equity firm that invests in promising companies in the lower middle market, today announced its acquisition of PlayCore, the leading North American designer, manufacturer and marketer of a broad range of playground, park, and recreation products. Terms of the deal were not disclosed.

Headquartered in Chattanooga, Tennessee, PlayCore designs and builds a wide spectrum of commercial playground, park, recreation, performance and specialty equipment ranging from basic, modular play structures to complex, theme-based play environments that require significant creative and engineering competencies. PlayCore also provides a broad array of site amenities, surfacing, seating, performance, and fitness solutions, including picnic tables, benches, bleachers, bike racks, and outdoor fitness stations. Widely recognized as the industry thought leader, PlayCore also offers highly differentiated value-added services such as designing curriculum-based education programs for playgrounds and parks and helps customers access funding sources.

PlayCore’s President and CEO, Bob Farnsworth commented, "We are very pleased to partner with Sentinel as we take PlayCore to its next stage of growth. Sentinel has a reputation as a value added partner and we look forward to working with Sentinel at a time when our industry is poised for growth."

"PlayCore is an innovative leader and possesses a strong portfolio of leading brands in the playground and recreation market," said Eric Bommer, a Sentinel partner. "We are very excited to partner with PlayCore’s talented management team and support the continued growth of this great business."

Sentinel has broad experience investing in specialty industrial businesses. Prior investments include: Alemite (industrial lubrication equipment), Chase Doors (specialty doors), Chromalox (precision heating technology), Colson (casters and wheels), Engineered Controls International (pressure regulators, valves), Fasloc (underground mine roof support systems), IEP Technologies (industrial explosion protection), and LTI Boyd (rubber and plastic sealing systems.

03/2014

Sentinel Capital Partners acquires Newk's Eatery

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Sentinel Capital Partners acquires Newk's Eatery


Experienced Restaurant and Franchising Investor Adds Premier Fast Casual Dining Franchise


NEW YORK, March 24, 2014 – Sentinel Capital Partners, a private equity firm that invests in promising companies in the lower end of the middle market, today announced the closing of its acquisition of Newk’s Holding Company, LLC, owner and operator of the Newk’s Eatery franchise. Terms of the purchase agreement were not disclosed. Arlington Capital Advisors served as financial advisor to Newk’s.

Newk’s is a rapidly growing market leader in the fast casual restaurant segment with a diverse menu of high quality, made-from-scratch sandwiches, soups, salads, and pizzas. The Newk’s Eatery system consists of 67 restaurants located in the Southeast.

Chris Newcomb, CEO and co-founder of Newk’s Eatery, commented, "Sentinel is a perfect strategic partner whose deep experience and success in supporting high growth restaurant and franchising businesses will allow Newk’s to realize its full potential."

The acquisition of Newk’s Eatery adds to Sentinel’s extensive franchising experience. Since its inception, Sentinel has completed eight similar transactions including Border Foods, a leading franchisee in the Taco Bell system; Checkers/Rally’s, the largest franchisor and operator of dual drive-thru hamburger QSRs in the U.S.; Cottman Transmission Systems, the nation’s second-largest franchisor of transmission repair depots; Falcon Holdings, the largest franchisee of Church's Chicken restaurants; Huddle House, a leading franchisor of family dining restaurants in the Southeast; Interim Healthcare, the nation's largest franchisor of home-based healthcare services; Massage Envy, the nation’s largest provider and franchisor of therapeutic massage and spa services; and Southern California Pizza Company, a 223-unit Pizza Hut franchisee operating in the greater Los Angeles market.

03/2014

Sentinel Capital Partners acquires Checkers and Rally's

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Sentinel Capital Partners acquires Checkers and Rally's


Experienced Restaurant and Franchising Investor Adds National Franchisor to Portfolio


NEW YORK, March 10, 2014 – Sentinel Capital Partners, a private equity firm that invests in promising, lower middle market companies, today announced the closing of its acquisition of Checkers Drive-In Restaurants, Inc., the franchisor and operator of 782 Checkers® and Rally’s® restaurants. Terms of the purchase agreement were not disclosed.

The Checkers system consists of 450 franchised and 332 company-owned locations with established strongholds in the Southeast, Mid-Atlantic, and Midwest. Checkers is the largest quick service restaurant (“QSR") operator of dual drive-through restaurants and differentiates itself through its craveable food and exceptional value. Checkers/Rally’s operates within the $65 billion hamburger QSR market and has achieved steady growth since 2001.

"We are very excited to partner with Checkers’ exceptional and operation-focused management team," said James Coady, a Sentinel partner. “Checkers and Rally’s are well established brands with a long history of solid performance and a significant opportunity for future growth."

Checkers/Rally’s CEO, Rick Silva, a 20-year QSR industry veteran with seven years at Checkers/Rally’s, commented, "Sentinel is an ideal partner for us as we grow our brands. Sentinel has almost 20 years of experience and success in restaurant and franchising investments, and they share our passion and commitment to growing the Checkers and Rally’s brands."

Since its inception, Sentinel has made seven other franchise investments besides Checkers/Rally’s, including Border Foods, a leading QSR franchisee in the Taco Bell system; Cottman Transmission Systems, the nation’s second-largest franchisor of transmission repair centers; Falcon Holdings, the largest QSR franchisee of Church's Chicken restaurants; Huddle House, a leading franchisor of family dining restaurants; Interim Healthcare, the nation's largest provider and franchisor of home-based healthcare services; Massage Envy, the nation’s largest provider and franchisor of therapeutic massage and spa services; and Southern California Pizza Company, a 223-unit Pizza Hut QSR franchisee operating in the greater Los Angeles market.

12/2013

Sentinel Capital Partners purchases Power Products

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Sentinel Capital Partners purchases Power Products


Firm Executes Seventh Corporate Carveout


NEW YORK, December 13, 2013 – Sentinel Capital Partners, a private equity firm that invests in promising, lower middle market companies, today announced the closing of its acquisition of Power Products, the electrical segment of Actuant Corporation (NYSE:ATU), for a purchase price of $258 million.

Power Products, headquartered in Menomonee Falls, Wisconsin, is a global, diversified electrical products platform that designs, manufactures and distributes branded electrical tools, consumables, wiring products, harsh-environment power conversion solutions, transformers, inverters, switches, and other related electrical products and accessories. Power Products serves the construction and remodeling, marine and recreation, industrial, and utility markets through a variety of sales channels including OEMs, wholesale distributors, internet, catalog, and retail outlets. Power Products owns a portfolio of recognized brand names – Del City, Gardner Bender, Marinco, Mastervolt, Acme, and Turner Electric – all of which will be retained after the sale.

"We are very excited to work with Power Products’ management to help build the business,” said Eric Bommer, a Sentinel partner. “Power Products owns great brands and has a long history of successfully serving its many customers, a very talented management team, and exciting growth opportunities."

Power Products’ CEO, David Scheer, an electrical industry veteran with 26 years’ experience, who has served as its head since 2011, commented, “We are extremely pleased to partner with Sentinel. Our new partnership will enable us to sharpen the focus of the business, dedicate additional resources to supporting our best performing brands, and accelerate growth. Power Products is also in a strong position to benefit from the global economic recovery already underway."

The acquisition of Power Products adds another corporate carveout transaction to Sentinel’s portfolio. Sentinel has now completed six similar transactions including IEP Technologies from United Technologies, Pizza Hut stores in southern California from Yum! Brands, Vintage Parts from The Swire Group, Fasloc from DuPont, Alemite from Invensys, and Taco Bell stores in Minnesota from Pepsico. Sentinel has built a reputation as a reliable partner and trusted business steward among corporate sellers seeking to divest their smaller operations.

12/2013

Sentinel Capital Partners exits Engineered Controls

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Sentinel Capital Partners exits Engineered Controls


Successfully Partnered with Management to Significantly Expand Business


NEW YORK, December 3, 2013 – Sentinel Capital Partners, L.L.C., a private equity firm that invests in promising, lower middle market companies, today announced the sale of Engineered Controls International, LLC (“ECI”), the global leader and most-recognized provider of specialized pressure regulators, valves and other control equipment used in the transportation, delivery, and storage of propane, liquefied natural gas, and other cryogenic gases. The buyer was private equity firm Windjammer Capital Investors. The terms of the transaction were not disclosed.

Based in Elon, North Carolina, ECI is the leader across all of its product lines in the Americas, Europe, and Asia. Its brands, which include RegO® and Goddard®, are highly trusted and respected by its customers. Since its founding in 1908, ECI has grown significantly and serves a diversified international base of more than 550 customers, including propane and cryogenic gas distributors and leading global storage tank OEMs located in more than 100 countries. ECI provides mission critical products for applications where safety, durability, and performance are primary concerns.

“It has been a privilege working alongside ECI’s exceptional management team,” said Eric D. Bommer, a partner at Sentinel. “Since we made our investment, ECI has built upon its core strengths by expanding its product offering while continuing to deliver mission critical products to its customers. We are proud to have been associated with such an outstanding business and are confident that ECI will continue to excel under the leadership of its existing management team.”

“We are very excited about what we have achieved in partnership with Sentinel,” said Thomas Farrell, ECI’s CEO. “ECI is strategically well-positioned to maintain its global leadership position and remains dedicated to providing the highest quality products and services to its customers.”

Sentinel’s investments in other specialty industrial businesses include Alemite (industrial lubrication equipment), Chase Doors (specialty doors), Chromalox (precision heating technology), Colson (casters and wheels), Fasloc (specialized resin cartridges used in underground mine roof support), IEP Technologies (industrial explosion protection), LTI Boyd (rubber and plastic sealing systems), Nivel (aftermarket golf car replacement parts and accessories), and Trussbilt (specialty corrections industry security products).

07/2013

Sentinel Capital Partners establishes IEP Technologies

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Sentinel Capital Partners establishes IEP Technologies


Forms Leading Global Industrial Explosion Protection Company


NEW YORK, July 22, 2013 – Sentinel Capital Partners, a private equity firm that invests in promising lower middle market companies, today announced the formation of IEP Technologies, a company created through a carve-out of the industrial explosion protection businesses of UTC Climate, Controls & Security, a unit of United Technologies Corp. These businesses, which currently go to market under the names Fenwal Explosion Protection (USA), Incom Explosionsschutz (Switzerland), Kidde Explosionsschutz (Germany) and Kidde Explosion Protection (United Kingdom), have combined under IEP Technologies to form the global leader in the industrial explosion protection industry.

Headquartered in the greater Boston area, IEP Technologies provides systems and services that suppress, isolate and / or vent potential combustible dust or vapor explosions in process industries. IEP Technologies provides best-in-class explosion protection systems, design engineering, replacement parts, material testing, and service and support to its global customer base.

“We are very excited about IEP Technologies’ growth potential and thrilled to be partnering with its talented management team,” said Eric D. Bommer, a Sentinel partner. “IEP Technologies’ creation came about through a lot of hard work by IEP Technologies’ management, Sentinel’s team, and a large group of dedicated outside advisors to complete a highly complex corporate carve-out, including four separate business units spread across four different countries.” The newly-combined IEP Technologies is well positioned to build collaboratively on the significant collective, global strengths of its existing system design platforms. IEP Technologies’ platforms include sophisticated computer calculation tools, and have been subjected to thousands of full-scale explosion tests spanning five decades of field experience. IEP Technologies will continue to lead the industry in research and development and make investments in new product technologies and existing product innovations.

IEP Technologies is led by CEO Randy Davis, an industry veteran and the previous General Manager of UTC Climate, Controls & Security’s Fenwal Explosion Protection group. IEP Technologies will also retain the local leadership in each of its existing geographies.

“I believe the formation of IEP Technologies is a significant event in the evolution of the industrial explosion protection industry,” commented Mr. Davis. “For the first time, one company will encompass the product development, application design engineering, and field service capabilities of four market leaders across the globe. This, in turn, will lead to enhanced product innovation and robust service and support for our customers. Our executive team members are shareholders in our business and our goal, with Sentinel’s support, is to further cement IEP Technologies’ position as the global market leader in providing explosion protection solutions for combustible dust and vapor threats.”

12/2012

Sentinel Capital Partners successfully exits investment in Chromalox

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Sentinel Capital Partners successfully exits investment in Chromalox


Iconic Industrials Brand Experiences Strong Growth and Operational Improvements During Sentinel Ownership


NEW YORK, December 28, 2012 – Sentinel Capital Partners, a private equity firm that invests in promising lower middle market companies, today announced it has sold portfolio company Chromalox, the leading global designer and manufacturer of highly engineered electric heating solutions for demanding, mission-critical process control applications in energy, industrial, and commercial market sectors. The buyer was private equity firm Irving Place Capital. In connection with this transaction, the senior management team of Chromalox has increased its ownership in the company and will retain a substantial stake in the business going forward. Terms of the transaction were not disclosed.

Founded in 1918, Chromalox is the premier brand in the electric heating market, providing the most comprehensive suite of products and serving as the industry’s technological innovator. Over its nearly 100-year history, the Chromalox name has become known for engineering excellence, innovative solutions, and unsurpassed performance. Chromalox's product catalog, known as the Big Red Book, is the industry's "go-to" technical resource for engineers and technicians, with thousands of pages of product information, technical reference guides, and design tutorials.

During Sentinel's ownership, Chromalox opened a new manufacturing facility in China to serve that growing market, opened new sales offices in India, Germany, and parts of Asia, and significantly improved the performance of Chromalox's European operations.

“Chromalox’s management team has done a superb job driving product application growth, while maintaining operational excellence,” said John McCormack, Sentinel co-founder and senior partner. “Combined with its global footprint, Chromalox is very well positioned to respond to the rapidly growing energy and power generation industries worldwide. We couldn’t be more pleased with our investment and would like to thank Chromalox's management team for being such great partners and for their dedication to excellence."

"Chromalox thrived during our partnership with Sentinel. Their support, coaching, and long-term perspective helped us perform well during their investment period while positioning us for continued success in the future," said Scott Dysert, CEO. "This is an exciting time for our company, as Chromalox prepares for the next stage of growth in our long history."

In addition to the exit of Chromalox, Sentinel announced last week the acquisition of Hospice Advantage, a leading hospice organization that provides end-of-life care, palliative treatment, personal care, and family support services, primarily to patients in their homes. Both transactions conclude a highly active 2012 that saw Sentinel successfully complete six exits and make four new platform investments. The six exits are Chromalox; Inscape Publishing, a leading provider of assessment and training products and services that develop interpersonal skills; Interim Healthcare, a leading franchisor of skilled home healthcare services; LTI Boyd, a leading industrial manufacturer of mission-critical sealing and energy management solutions; Massage Envy, the nation’s largest provider and franchisor of massage therapy and facial treatment services; and Southern California Pizza Company, the largest Pizza Hut franchisee in southern California. The four new 2012 platform investments are Colson, the leading global industrial manufacturer of casters and wheels; Hospice Advantage; Huddle House, a leading franchisor of family dining restaurants in the Southeast; and Northeast Dental Management, a regional dental practice management company in the mid-Atlantic.

12/2012

Sentinel recapitalizes Hospice Advantage with management

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Sentinel recapitalizes Hospice Advantage with management


Leading Hospice Care Provider Joins Sentinel Healthcare Portfolio


NEW YORK, December 14, 2012 – Sentinel Capital Partners, a private equity firm that invests in promising lower middle market companies, today announced it has recapitalized Hospice Advantage, a leading hospice organization that provides end-of-life care, palliative treatment, personal care, and family support services, primarily to patients in their homes. Terms of the deal were not disclosed.

Headquartered in Michigan, Hospice Advantage was founded in 2004 by Rod Hildebrant, a veteran hospice industry executive with more than 35 years of experience, to better serve the needs of terminally ill patients. Hospice Advantage currently operates 56 locations in 10 states throughout the Midwest, Southeast and South.

“Hospice Advantage provides valuable services and compassionate care to terminally ill patients and their families,” said Paul Murphy, a Sentinel partner. “We are thrilled to be partners with Rod Hildebrant, a pioneer of the hospice industry in the U.S., and his team.”

"With the graying of America, Hospice care has become an important and growing component of healthcare in the United States,” added Michael Fabian, a Sentinel principal. “We are delighted to support one of the most talented and experienced management teams in this industry.”

Hospice Advantage has built a strong brand name and referral network complemented by a scalable back office operation that includes compliance and quality assurance, billing, human resources, facility development, and information technology. This infrastructure will support further growth in the Midwest and South.

“We are very pleased to partner with Sentinel as we take our company into its next stage of development,” said Mr. Hildebrant, Hospice Advantage’s founder and president. “Their proven expertise in healthcare services made Sentinel our partner of choice. We very much look forward to working with our new partners at Sentinel and continuing our leadership in the hospice community.”

Sentinel’s investment in Hospice Advantage further expands the firm’s commitment to the healthcare sector. Sentinel’s healthcare portfolio currently include National Spine & Pain Centers, the country’s leading provider of interventional pain management procedures focused on relieving back and neck pain; North American Rescue, a leading supplier of tactical life-saving equipment to the U.S. military; Northeast Dental Management, a leading provider of office support services to dental clinics in the Northeast and mid-Atlantic; and Wellspring Pharmaceutical Corp., a manufacturer and marketer of specialty pharmaceuticals in the U.S. and Canada.

12/2012

Sentinel exits successful investment in Pizza Hut franchise platform

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Sentinel exits successful investment in Pizza Hut franchise platform


Builds Third Largest Franchisee in Pizza Hut System


NEW YORK, December 10, 2012 – Sentinel Capital Partners, a private equity firm that invests in promising lower middle market companies, today announced the sale of Southern California Pizza Company, the largest Pizza Hut franchisee in southern California with 224 locations. Financial details of the transaction were not disclosed.

Sentinel built Southern California Pizza during the course of four years through two major transactions as well as opening new locations. In 2008, Southern California Pizza acquired its first 123 restaurants through a corporate divestiture by franchisor Pizza Hut, Inc.. A year later, Sentinel acquired an additional 98 restaurants from Pizza Hut, Inc. These two acquisitions together with new unit openings made Southern California Pizza the largest Pizza Hut franchisee in California and the third largest in the 7,600-store U.S. Pizza Hut system. All 224 Southern California Pizza restaurants are located in Los Angeles, Riverside, San Bernardino, and Orange counties.

“We are extremely pleased with our investment in Southern California Pizza,” said John McCormack, senior partner at Sentinel. “During our ownership, we were fortunate to partner with one of the top management teams in the industry and to receive strong brand support from Pizza Hut. We feel privileged to have been part of the Pizza Hut system during the past four years and thank the management teams at both Pizza Hut and parent company YUM! Brands for their outstanding leadership.”

“Together with our partners at Sentinel, we created a powerful Pizza Hut platform that is a leader in the important Los Angeles quick-service restaurant market,” said Jerry Ardizzone, CEO of Southern California Pizza and a Pizza Hut veteran. “Our company remains well-positioned for the future and we are excited about the opportunities ahead.”

The investment in Southern California Pizza is consistent with Sentinel’s successful investment history in restaurants and franchising. Prior investments include Falcon Holdings, a Church’s Chicken franchisee; and Border Foods, a Taco Bell franchisee. Both were highly successful for Sentinel. Earlier this year, Sentinel acquired Huddle House, a leading franchisor and operator of family dining restaurants in the southeastern U.S.

The exit of Southern California Pizza marks the latest event in an active year for Sentinel. The firm successfully completed four other exits in 2012: Interim Healthcare, a leading franchisor of skilled home healthcare services; Massage Envy, the nation’s largest provider and franchisor of massage therapy and facial treatment services; Inscape Publishing, a leading provider of assessment and training products and services that develop interpersonal skills; and LTI Boyd, a leading manufacturer of mission-critical sealing and energy management solutions. During 2012, in addition to Huddle House, Sentinel made two more new platform acquisitions: Colson, the leading global manufacturer of casters, wheels, and related hardware products; and Northeast Dental Management, a regional dental practice management company in the mid-Atlantic.

10/2012

Sentinel exits successful Interim Healthcare investment

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Sentinel exits successful Interim Healthcare investment


Completes Transformation to Pure-Play Healthcare Franchisor


NEW YORK, October 31, 2012 – Sentinel Capital Partners, a private equity firm that invests in promising lower middle market companies, today announced the sale of Interim HealthCare Inc., the nation's leading franchisor of skilled home healthcare services. Financial terms of the sale are not being disclosed.

Interim is the nation's most comprehensive home healthcare provider utilizing a franchise-only business model. Based in Sunrise, Florida, Interim's diverse franchise network provides services that cover the entire continuum of home-based care, including skilled home healthcare, home hospice care, home assisted living care, and supplemental healthcare staffing. Interim's network of more than 300 locations in 43 states employs approximately 40,000 healthcare workers and provides care to 50,000 patients annually.

Under Sentinel's ownership, Interim underwent an operational transformation from a franchisor and direct provider of healthcare services into a "pure-play" healthcare franchisor. As part of the transformation, Interim refranchised all of its company-owned home healthcare locations, exited non-core healthcare businesses, and focused its efforts on recruiting new franchise owners to its network.

"We are proud of the work Sentinel was able to accomplish with Interim's highly talented and experienced management team over the course of our six-year investment," said Paul Murphy, partner at Sentinel. "We originally acquired Interim with the goal of working with its management team to redefine and refocus Interim's position in the healthcare industry. Today Interim is recognized as the nation's leading home healthcare franchisor."

Kathleen Gilmartin, Interim's President and Chief Executive Officer, said, "Sentinel was a fantastic partner to the Interim team during the course of their ownership. Drawing upon Sentinel's franchising experience and financial support, Interim was able to successfully navigate through a dynamic period of change in the healthcare industry. Home healthcare continues to be more cost effective and therefore more affordable than institutional care and we look forward to remaining on our current growth trajectory."

The exit marks the latest event in an active year for Sentinel. In addition to Interim Healthcare, Sentinel has successfully completed three other exits in 2012: Massage Envy, the nation's largest provider and franchisor of massage therapy and facial treatment services; Inscape Publishing, a leading provider of assessment and training products and services that develop interpersonal skills; and LTI-Boyd, a leading manufacturer of mission-critical sealing and energy management solutions. During 2012, Sentinel has also completed three new platform acquisitions: Colson, a manufacturer of casters, wheels, and related hardware products; Northeast Dental Management, a dental practice management company in the mid-Atlantic; and Huddle House, a franchisor and operator of family-dining restaurants.

09/2012

Sentinel sells Massage Envy in management buyout transaction

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Sentinel sells Massage Envy in management buyout transaction


Successful Exit of Nation’s Leading Franchisor of Massage and Spa Services


NEW YORK, September 30, 2012 – Sentinel Capital Partners, a private equity firm that invests in promising, lower middle market companies, today announced the sale of Massage Envy, the nation’s largest provider and franchisor of massage therapy and facial treatment services, to private equity firm Roark Capital Group. Terms of the transaction were not disclosed. Based in Scottsdale, Arizona, Massage Envy transformed the delivery of professional, convenient, and affordable massage and spa services to consumers with busy lifestyles. During Sentinel's ownership, Massage Envy grew rapidly, expanding from 600 clinics operating in 42 states to 800 locations in 45 states. Today, Massage Envy provides massage therapy, facial treatments, and wellness retail products to an active member base of more than 1.25 million every month. Massage Envy clinics are also the world's largest employers of licensed and registered massage therapists, numbering more than 20,000. Massage Envy was ranked No. 57 in Entrepreneur magazine's 2012 Franchise 500 and No. 29 in the magazine’s Fastest Growing Franchise rankings.

"Massage Envy is truly a special business that has had a profound impact on the wellness industry as well as franchising," said Jim Coady, a partner at Sentinel. "Since its inception a decade ago, Massage Envy has grown into a leading franchisor with $1 billion in system-wide sales, while changing the way consumers utilize massage therapy through using a membership-based model."

"The Sentinel team has been an excellent partner to us during this period of rapid growth," said David Crisalli, President and Chief Executive Officer of Massage Envy. "The Massage Envy brand and organization is stronger than ever. We are well positioned to continue its mission—providing a pathway to wellness through professional, convenient, and affordable massage therapy and spa services. We thank Sentinel for all of their contributions."

"We are fortunate to have worked with such a capable and dedicated management team," said John McCormack, co-founder and senior partner at Sentinel. "They have transformed the industry and created for Massage Envy a first mover advantage. And they have also positioned Massage Envy for further rapid growth."

Investment banking firms William Blair & Company and North Point Advisors advised Massage Envy in the transaction, and Kirkland & Ellis LLP provided legal counsel.

07/2012

Sentinel exits industrial company LTI Boyd

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Sentinel exits industrial company LTI Boyd


Successful Exit of Leader in Engineered Components


NEW YORK, July 19, 2012 – Sentinel Capital Partners, a private equity firm that invests in promising, lower middle market companies, today announced the sale of LTI Boyd, a leading global manufacturer and supplier of high performance, custom engineered components for large, multinational OEMs. Terms of the transaction were not disclosed.

Based in Modesto, CA, LTI Boyd offers specialized solutions for gasket, sealing, insulation, and impact protection applications in the heavy truck, recreational vehicle, enterprise electronics, off-highway, aerospace, and consumer electronics markets.

During Sentinel's ownership, LTI Boyd’s revenue increased nearly five-fold through organic growth and the completion of three acquisitions.

"We are extremely pleased with LTI Boyd's performance," said John McCormack, Senior Partner at Sentinel. "We have been fortunate to partner with LTI Boyd’s talented management team and wish them continued success as they enter their next stage of growth."

"Sentinel was an ideal partner for our team," said Mitch Aiello, LTI Boyd's CEO. "Sentinel's support and help was a crucial component of LTI Boyd establishing its leading market position.

Robert W. Baird & Co., a Milwaukee, Wisconsin-based investment bank, advised LTI Boyd in the transaction. William Blair & Company, a Chicago, Illinois-based investment bank, served as co-advisor. Kirkland & Ellis LLP served as legal advisor to LTI Boyd.

04/2012

Sentinel acquires Northeast Dental Management with its founder

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Sentinel acquires Northeast Dental Management with its founder


Leading Provider of Dental Office Support Solutions Joins Sentinel Portfolio


NEW YORK, April 30, 2012 – Sentinel Capital Partners, a private equity firm that invests in promising middle market companies, today announced it has acquired Northeast Dental Management (NEDM), a leading dental services organization in the Northeast and Mid-Atlantic region. Terms of the deal were not disclosed.

Founded in 2003 by Dr. Craig Abramowitz, NEDM provides office support services to 30 locally-branded dental clinics in New York, New Jersey, Pennsylvania and Virginia. Headquartered in Paramus, NJ, NEDM provides over 100 affiliated dentists and their staff with services such as administrative staffing, human resources, purchasing, financial, and information technology. NEDM’s affiliated clinics provide patients with the highest quality dental care via a full suite of best-in-class general dentistry, oral hygiene, and specialty dental services, including oral surgery, periodontics, pedodontics and orthodontics.

"NEDM has an impeccable reputation for quality care and services," said Paul Murphy, a Sentinel Partner. "With an experienced and dedicated management team, and numerous avenues for continued growth, we look forward to building upon NEDM’s success."

Dr. Abramowitz, a dentist and industry veteran with more than 20 years of experience, will continue to run the day-to-day operations of NEDM as its CEO. Dr. Abramowitz will retain a stake in the business.

"NEDM could not have asked for a better partner than Sentinel," said Dr. Abramowitz. "Sentinel has a proven record in the dental practice management industry and recognizes the importance of providing high-quality patient care."

Sentinel’s investment in NEDM further expands its commitment to the dental and healthcare sectors. Sentinel’s dental portfolio has included Castle Dental Services and Metro Dentalcare, leading providers of general and specialty dentistry services; and ReachOut Healthcare America, the nation’s leading provider of mobile dental services to underserved children. Sentinel’s healthcare investments include Interim Healthcare Holdings, a leading provider and franchisor of home healthcare services; National Spine & Pain Centers, the top provider of interventional pain management procedures focused on relieving back and neck pain; North American Rescue, a leading supplier of tactical life-saving equipment to the U.S. military; and Wellspring Pharmaceutical Corp., a manufacturer and marketer of specialty pharmaceuticals in the U.S. and Canada.

04/2012

Sentinel acquires the Colson Group

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Sentinel acquires the Colson Group


Leading Global Industrial Manufacturer Joins Sentinel Portfolio


NEW YORK, NY, April 17, 2012 – Sentinel Capital Partners, a private equity firm that invests in promising middle market companies, today announced that it has acquired the Colson Group, a private company owned by trusts for the benefit of members of the Pritzker Family of Chicago. Sentinel partnered in the transaction with Colson’s management, Matthew Pritzker, and CITIC Capital Partners. Terms of the deal were not disclosed.

Colson, acquired in 1953 by Jay and Bob Pritzker, is the worldwide leader in caster technology with 35 manufacturing and distribution facilities located in 15 countries. Colson has the most complete line of industrial casters, wheels, and hardware-related products globally. Colson’s products are used in industrial, commercial, and institutional applications, and it holds the premier position in its markets. Colson’s existing management team will continue under Sentinel’s ownership.

“Colson is a market leader in designing and manufacturing casters, and has a well developed, global footprint,” said Jim Coady, a partner at Sentinel. “Colson has an outstanding management team and is a strong business with significant growth potential. The continued investment of members of the Pritzker Family alongside us demonstrates confidence in Colson and Sentinel’s commitment to value creation.”

"Colson was such a big part of my father's life," said Matthew Pritzker, founder and chairman of the Matthew Pritzker Company and son of the late Bob Pritzker. "I'm thrilled to have the opportunity to stay involved in something he created and to be a part of continuing his legacy."

“My management team and I are very pleased that Sentinel has invested in Colson,” said Scott Chahalis, Colson’s Chief Executive Officer. “Sentinel has a reputation for being a value added partner in the industrial manufacturing sector. This is an exciting opportunity for our company and employees as we combine our efforts with Sentinel’s team.”

Sentinel’s investment in Colson further expands our investment commitment to the industrial sector. Sentinel’s industrials portfolio includes Chromalox, a leading global manufacturer of commercial and industrial electric heating products and solutions; Chase Doors, the global leader in high-quality and made-to-order specialty door systems; Engineered Controls International, the leading global manufacturer of specialized pressure regulators, valves and other control equipment used in liquefied and compressed gasses; and LTI Boyd, a leading designer and manufacturer of mission-critical sealing and energy management solutions.

03/2012

Sentinel acquires franchisor Huddle House

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Sentinel acquires franchisor Huddle House


Transaction Continues Sentinel’s Long Record of Investing in Franchise Businesses


NEW YORK, March 30, 2012 – Sentinel Capital Partners, a private equity firm that invests in promising, lower middle market companies, today announced it has acquired Huddle House, Inc., a leading franchisor of family dining restaurants in the Southeast. Financial terms of the transaction were not disclosed

Based in Atlanta, Georgia, Huddle House was founded in 1964 with a focus on serving quality food in warm, friendly environments that bring communities together. Huddle House offers customers “Any Meal. Any Time.” with a broad menu of high-quality, cooked-to-order food, and 24-hour service, and serves breakfast, lunch and dinner all day. Huddle House has 376 franchised units and 17 company-owned units in the Southeast that generate more than $225 million in annual system-wide sales. The acquisition comes after significant same-store sales increases of 7.9% in the fourth quarter of 2011 and 7.2% in the first quarter of 2012

“We are excited to partner with the talented Huddle House management team and a strong group of franchisees,” said Jim Coady, a partner at Sentinel. “We have particular expertise in franchising and restaurants, and we look forward to leveraging that experience to continue Huddle House’s success."

Sentinel has a proven track record of helping franchise businesses build value,” said Ken Keymer, CEO of Huddle House. “We have made meaningful progress with the Huddle House brand in recent years that has resulted in above average growth for our system. With Sentinel as our partner, we look forward to accelerating this growth."

Sentinel has invested in numerous franchise businesses throughout its history including Border Foods, a leading franchisee in the Taco Bell system; Cottman Transmission Systems, the nation’s second-largest franchisor of transmission repair depots; Falcon Holdings, the largest franchisee of Church's Chicken restaurants; Interim Healthcare, the nation's largest provider and franchisor of home-based healthcare services; Southern California Pizza Company, a 223-unit Pizza Hut franchisee operating in the greater Los Angeles market; and Massage Envy, the nation’s largest provider and franchisor of therapeutic massage and spa services.

03/2012

Sentinel combines leading interventional pain management companies

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Sentinel combines leading interventional pain management companies


National Spine & Pain Centers and Capitol Spine & Pain Centers Merge to Form Leading Provider of Interventional Pain Management Treatment


NEW YORK, March 23, 2012 – Sentinel Capital Partners, a private equity firm that invests in promising, lower middle market companies, today announced its portfolio company National Spine & Pain Centers has acquired Capitol Spine & Pain Centers. Management teams from both companies partnered with Sentinel in the transaction. Terms of the deal were not disclosed.

The combined company is the nation’s leading provider of management services to physicians specializing in interventional pain management procedures focused on relieving back and neck pain. Operating in 22 facilities in Maryland, Virginia and the District of Columbia, affiliated physicians of National Spine & Pain Centers and Capitol Spine & Pain Centers treated more than 40,000 patients in 2011.

“Our two businesses are the leaders in providing advanced, minimally invasive treatment options for patients in the Mid-Atlantic region,” said Drs. Bobby Dey, Marc Loev and Les Zuckerman, co-founders of National Spine & Pain Centers. “Our two organizations have the same mission—to provide a comprehensive approach to the treatment of pain through the use of advanced, minimally invasive, interventional procedures. We also have highly compatible cultures, and look forward to working closely with Capitol Spine & Pain Centers’ talented management team to expand the breadth of our services and our presence throughout the Mid-Atlantic.”

“We are very proud of everything that we have achieved and are excited about joining with National Spine & Pain Centers to create a true market leader,” said Drs. Mayo Friedlis, Doug Wisor and Assaf Gordon, board members of Capitol Spine & Pain Centers. “We have seen the success of National Spine & Pain Centers’ partnership with Sentinel, a private equity firm with a great track record of supporting management teams seeking to build stronger healthcare businesses. We are very excited to join this partnership.”

“With chronic and debilitating pain affecting more people in the United States than diabetes, heart disease and cancer combined, National Spine & Pain Centers addresses a crucial need for its patients and is well positioned in an exciting and fast growing healthcare specialty,” said Paul Murphy, a partner at Sentinel. “We are proud to be partners with these two extraordinary groups as they endeavor to integrate and grow their business.”

Sentinel’s investment in National Spine & Pain Centers continues the firm’s focus on healthcare. In November 2011, Sentinel acquired WellSpring Pharmaceutical Corporation, a North American manufacturer and marketer of specialty prescription and over-the-counter pharmaceuticals. Sentinel’s investments in National Spine & Pain Centers and WellSpring Pharmaceutical Corporation bring to eight the number of healthcare investments completed by Sentinel in the past seven years. Other current Sentinel healthcare holdings include Interim Healthcare, the nation's largest provider of home nursing care and Massage Envy, the nation’s largest provider of therapeutic massage services. Sentinel successfully exited two healthcare investments in 2010, including ReachOut Healthcare America, the nation’s leader in mobile dental services, and Strategic Partners, a leading provider of medical uniforms. In 2007, Sentinel sold Metro Dentalcare, a regional multi-specialty dental group, to American Dental Partners (NASDAQ:ADPI), and in 2004, Sentinel sold Castle Dental Centers, a leading regional dental services provider, to Bright Now! Dental.

02/2012

Sentinel sells Inscape Publishing, Inc. to John Wiley & Sons

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Sentinel sells Inscape Publishing, Inc. to John Wiley & Sons


Successful Exit of Leading Corporate Training Solutions Provider


NEW YORK, February 17, 2012 – Sentinel Capital Partners, a private equity firm that invests in promising, lower middle market companies, today announced the sale of Inscape Publishing, a leading provider of assessment and training products that develop interpersonal skills. Inscape’s products are based upon DiSC®, a psychological assessment tool which has been widely used to evaluate behavior for nearly a century. Inscape was acquired by John Wiley & Sons, Inc. (NYSE:JWa, JWb) in a transaction valued at $85 million on Feb. 16, 2012.

Based in Minneapolis, Minnesota, Inscape’s DiSC® offerings provide a suite of content-rich, technology-enabled corporate training solutions for the development of employee skills such as sales, leadership, teamwork, communications and time management. Inscape’s products are used to train more than one million people in 70 countries and 30 different languages each year.

During Sentinel’s ownership, Inscape added a number of new assessments and related training tools to the DiSC® platform. The latest generation of products personalizes the training experience for end-users and enhances the training capabilities for Inscape’s affiliated trainers, resulting in substantial revenue and profit growth for Inscape.

“We are extremely pleased with the performance of Inscape under Jeff Sugerman’s leadership,” said Paul Murphy, a Sentinel Partner. “Inscape’s management team did a superb job advancing the DiSC® platform and extending Inscape’s leadership position in the corporate training industry. We believe Wiley is particularly well suited for Inscape’s next phase of growth and continued success.

“Sentinel was a terrific partner to the Inscape team throughout their ownership period,” said Jeff Sugerman, Inscape’s Chief Executive Officer. “Sentinel’s support during the recent economic downturn as well as their expertise in helping management drive the growth of business services companies was instrumental in our achievements in recent years.&rdquo

11/2011

Sentinel sells Trinity Consultants, Inc. in management buyout

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Sentinel sells Trinity Consultants, Inc. in management buyout


Transaction Caps Active Year For Sentinel


NEW YORK, November 29, 2011 – Sentinel Capital Partners, a private equity firm that invests in promising lower middle market companies, today announced the sale of Trinity Consultants, Inc., the nation’s leading provider of air quality consulting and compliance services to the industrial market. Terms of the transaction were not disclosed.

Based in Dallas, Trinity offers a full range of air quality compliance services and has specific expertise in the energy, manufacturing, industrial and utility sectors. Trinity helps its clients comply with federal, state and local air quality regulations and manage climate change and environmental sustainability issues. Trinity also provides complementary products and services such as environment, health and safety (“EH&S”) information management solutions, educational courses, environmental modeling software and EH&S staffing services.

During Sentinel’s ownership, Trinity continued to expand its domestic footprint and extended its presence to important international markets such as China and the Middle East. In addition, heightened air quality standards by the U.S. Environmental Protection Agency, including the regulation of carbon dioxide as a traditional air pollutant, fueled Trinity’s growth.

“We believe Trinity is particularly well positioned for future success,” said Eric Bommer, a Sentinel partner. “Trinity is widely recognized as the leading air quality expert in the market and has a phenomenal group of managers and employees that have driven its growth over a long period of time. We are proud to have been their partners and wish them continued success in the next stage of growth.”

Sentinel partnered with Trinity’s management and employees at the time of its 2007 acquisition. More than 70 employees invested alongside Sentinel in the transaction and collectively owned a significant equity position.

“Trinity enjoys a unique culture focused on excellence in client service; Sentinel recognized this and treated management and employees as true partners throughout their ownership period,” said Jay Hofmann, Trinity’s Chief Executive Officer. “We appreciate the confidence Sentinel placed in us and the resources they contributed, which helped us to successfully execute our growth strategy.”

About Sentinel Capital Partners
Sentinel Capital Partners specializes in buying and building lower middle market companies in the United States and Canada in partnership with management. Sentinel targets eight industry sectors—aerospace / defense, business services, consumer products / services, distribution, food / restaurants, franchising, healthcare products / services, and industrial manufacturing. Sentinel invests in management buyouts, purchases of family businesses, recapitalizations, corporate divestitures, and going-private transactions of established businesses with EBITDA between $7 million and $35 million.

10/2011

Sentinel acquires WellSpring Pharmaceutical Corporation

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Sentinel acquires WellSpring Pharmaceutical Corporation


Transaction Adds OTC Consumer Products to Healthcare Portfolio


NEW YORK, October 15, 2011 – Sentinel Capital Partners, a private equity firm that invests in promising lower middle market companies, today announced its acquisition of WellSpring Pharmaceutical Corporation, a North American manufacturer and marketer of branded OTC health and personal care products. Sentinel completed the transaction alongside Ancor Capital Partners, an independent sponsor with extensive healthcare expertise.

WellSpring's products have widespread distribution through pharmaceutical distributors, wholesalers, and major food and drug retailers. WellSpring prides itself on providing highly effective medications in much-needed applications for niche patient groups. WellSpring also manufactures pharmaceuticals for other drug companies on a contract basis from its production facility in Ontario, Canada.

“WellSpring is an innovator that provides quality pharmaceutical products and related services across a diverse set of end markets. The opportunity to invest alongside Ancor was also a strong incentive for us,” stated Eric Bommer, Partner at Sentinel. “We believe WellSpring is well positioned to accelerate its growth and we look forward to working with its management team and Ancor in taking WellSpring to the next level.”

“WellSpring is Ancor’s fifteenth acquisition of a healthcare company and combines our experience in pharmaceutical sales, OTC products, and contract manufacturing,” said J. Randall Keene, Managing Partner at Ancor Capital Partners, who will serve as CEO of WellSpring. “We are very pleased to have teamed with Sentinel on this acquisition and we look forward to working closely with them,” added Mr. Keene.

Dr. Robert A. Vukovich, founder and CEO of WellSpring, reinvested in the company and will serve on its board of directors. Dr. Vukovich commented, “I am pleased to have found a buyer who will continue the high quality standards that Wellspring established, and feel I have passed the company into very capable hands that will continue to accelerate growth.” Ms. Bonnie Feeney, President and COO of Wellspring Pharmaceutical Canada Corporation, and Ms. Wendy Shusko, COO and CFO of Wellspring Pharmaceutical Corporation USA, also reinvested in WellSpring and will continue in their current positions.”

09/2011

Sentinel Invests In National Spine & Pain Centers

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Sentinel Invests In National Spine & Pain Centers


Transaction Continues Focus on Healthcare Services Industry


NEW YORK, September 27, 2011 – Sentinel Capital Partners, a private equity firm that invests in promising, lower middle market companies, today announced that it has invested in a recapitalization of National Spine & Pain Centers, a leading provider of management services to physicians specializing in interventional pain management procedures focused on relieving back and neck pain. Terms of the transaction were not disclosed.

Headquartered in Rockville, Maryland, National Spine & Pain Centers offers a comprehensive approach to the treatment of pain through the use of advanced, minimally invasive, interventional procedures. Such treatment provides both immediate and long-lasting pain relief and enables patients and payors to avoid more costly and invasive surgical procedures. National Spine & Pain Centers provides administrative and management services to physicians who are dedicated to providing high quality patient care in outpatient ambulatory surgical center settings. Affiliated physicians are fellowship-trained and board-certified/board-eligible pain specialists and many are nationally recognized leaders in pain management.

“Interventional pain management is an exciting and fast growing healthcare specialty,” said Paul Murphy, a partner at Sentinel. “We believe National Spine & Pain Centers is a premiere group operating in this attractive market. We are pleased to have partnered with the company’s founders, management team, and affiliated physicians to continue building and growing the business.”

National Spine & Pain Centers was co-founded in 1998 by three physicians — Drs. Bobby Dey, Marc Loev, and Les Zuckerman — who invested in the transaction alongside Sentinel and will continue to lead the business.

“We had numerous options in choosing a financial partner for our next stage of development,” said Dr. Marc Loev, co-founder and chief executive officer of National Spine & Pain Centers. “We chose Sentinel because of its commitment to our vision and understanding of our business, as well as a proven record investing in and growing healthcare service companies.”

“Sentinel understood our deep commitment to our patients, our staff, and to delivering outstanding quality of care,” added Dr. Les Zuckerman, National Spine & Pain Centers co-founder and chief medical officer. “Sentinel’s professionals understand that successful healthcare businesses require dedication to these elements. We are excited about our new partnership.”

Co-founder and chief development officer Dr. Bobby Dey added, “The new partnership with Sentinel will also us allow us to accelerate our growth through new site openings and select acquisitions. We have already committed to new sites and have begun seeking high-quality interventional pain groups in our region and beyond.”

07/2011

Sentinel portfolio company LTI purchases Boyd Corporation in transformational add-on acquisition

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Sentinel portfolio company LTI purchases Boyd Corporation in transformational add-on acquisition


Combination Creates Global Industry Leader in Sealing Solutions


NEW YORK, July 22, 2011 – Sentinel Capital Partners, a private equity firm that invests in promising lower middle market companies, today announced that portfolio company LTI Flexible Products has acquired Boyd Corporation. The combination has created a leading global provider of custom fabricated gaskets and sealing systems serving blue-chip OEMs across a diverse range of end markets. The combined company has been named LTI BOYD, and is headquartered in Modesto, California.

LTI is a leading designer and manufacturer of extruded, die-cut, and molded flexible rubber and plastic sealing systems and related components. Its products are primarily used by OEMs of recreational vehicles, heavy trucks, and agriculture and construction equipment. LTI’s products are essential to OEMs’ product quality and customer satisfaction.

Boyd is a leading designer and manufacturer of mission-critical sealing and energy management solutions for blue-chip OEMs primarily serving the electronics, heavy truck, aerospace, and medical markets. Boyd focuses on seals and gaskets that provide electromagnetic, acoustical, and electrical shielding and thermal insulation.

“The highly complementary products, end markets, and geographic locations of LTI and Boyd offer a compelling rationale for combining the two companies,” said Mitch Aiello, CEO of Boyd, who now serves as CEO of LTI BOYD. “From a diversified, worldwide platform we intend to leverage the synergies of the combined business and offer a one-stop solution to our expanded customer base.”

“This acquisition underscores our commitment to the industrial manufacturing sector,” said John McCormack, co-founder and senior partner at Sentinel. “Merging LTI and Boyd is an excellent example of how combining two strong lower middle market companies can result in the creation of a global market leader.”

03/2011

Sentinel acquires Chromalox in management buyout

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Sentinel acquires Chromalox in management buyout


Sentinel Adds to Industrial Manufacturing Portfolio


NEW YORK, March 18, 2011 - Sentinel Capital Partners, a private equity firm that invests in promising lower middle market companies, today announced it has acquired Chromalox, Inc., a leading global branded industrial manufacturer of commercial and industrial electric heating products and solutions. Terms of the transaction were not disclosed.

Based in Pittsburgh, Pennsylvania, Chromalox is a pioneer in precision heat technology. Over its 90-year history, Chromalox has produced the world's broadest line of electric heat and control products, including heating components, immersion heaters, circulation systems, heat transfer systems, boilers, industrial and comfort air heating, heat trace cables, sensors and precision electronic controls. With a library of 700,000 product designs, Chromalox has the broadest product portfolio in the industry. A one-stop supplier for heating applications, Chromalox serves a diverse base of more than 60,000 registered customers, including distributors, end users, OEMs, catalog houses, and system integrators.

"Chromalox has established itself as an industry leading brand, recognized for its legacy of engineering excellence, innovative solutions and product quality across a diverse set of end markets," said John McCormack, co-founder of and senior partner at Sentinel. "Chromalox is well positioned to benefit from continued economic improvement in both the U.S. and abroad. We look forward to assisting Chromalox's talented management team during the company's next phase of growth."

"For the past 90 years, we have provided our valued customers with mission-critical products and services," said Scott Dysert, CEO of Chromalox. "We are in a strong position to continue to provide superior customer service and maintain our market leading position."

Sentinel's investments in other specialty industrial businesses include: Chase Doors (made-to-order specialty door systems); Engineered Controls International (specialized pressure regulators); Alemite (lubrication equipment); Fasloc (roof support systems for underground mines); LTI (rubber and plastic sealing systems); and Trussbilt (steel security products for prisons.

02/2011

Sentinel recapitalizes Critical Solutions International in partnership with management

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Sentinel recapitalizes Critical Solutions International in partnership with management


Third Sentinel Investment in Defense Sector


NEW YORK, February 1, 2011 - Sentinel Capital Partners, a private equity firm that invests in promising lower middle market companies, today announced the recapitalization of Critical Solutions International ("CSI"), the leading global supplier of land mine and improvised explosive device detection vehicles, systems and support services to U.S. and foreign military forces. Sentinel partnered in the transaction with CSI's founders, Tennessee Valley Ventures, and senior management. Terms of the transaction were not disclosed.

Since 1999, CSI has been a consistent and important resource to the U.S. Army, U.S. Marines, and the Canadian Armed Forces for testing, developing and supplying landmine detection vehicles and systems. CSI's primary product, the Vehicle Mounted Mine Detection ("VMMD") system, nicknamed the Husky, is a unique, life-saving, combat-proven vehicle that is blast-survivable, field-reparable, four-wheel steerable, and highly effective at detecting all forms of land-based explosive devices. Today there are more than 300 VMMD systems actively deployed, and the Husky is a Program of Record with a DX Rating—the highest possible rating granted by the U.S. armed forces.

"CSI's co-founders and management team bring a dynamic combination of technological innovation and military expertise to the table," said Paul Murphy, a partner at Sentinel. "We look forward to working alongside the management team to help them bolster CSI's infrastructure to enter its next phase of growth."

"With a strong background in defense and a solid track record of helping companies build value, Sentinel is the ideal partner for CSI," said co-founders Ed Fearon and Shon Craig, who will continue in their current roles and remain involved as significant shareholders and board members. "While CSI has achieved considerable success in the past, the strategic and financial support Sentinel brings will put us in an even stronger position to provide quality products to our valued customers."

"CSI's life-saving products and leading market position, coupled with a highly visible future revenue stream make it an attractive investment opportunity for Sentinel," said Graham Schena, a vice president at Sentinel.

Sentinel's investments in other defense sector businesses include North American Rescue, the leading developer and distributor of tactical emergency medical equipment to the U.S. military, law enforcement and other organizations that employ trauma care professionals; and ReachOut Healthcare America, Ltd. the nation's leading provider of administrative support services to affiliated dentists in the mobile dental industry, serving military personnel, underprivileged children, and seniors.

12/2010

Sentinel acquires Chase Doors in management buyout

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Sentinel acquires Chase Doors in management buyout


Leverages Sentinel's Expertise in Specialty Manufacturing


NEW YORK, December 30, 2010 - Sentinel Capital Partners, a private equity firm that invests in promising lower middle market companies, today announced it has acquired Chase Industries, Inc. ("Chase Doors"), the global leader and most recognized manufacturer of high-quality, made-to-order specialty door systems. Terms of the transaction were not disclosed.

Founded in 1932, Chase Doors offers of a broad spectrum of specialty door systems employed in a variety of industrial and commercial settings including corrosion resistant doors used for hazardous material handling; cold storage doors used in walk-in freezers and refrigerators; double impact traffic doors used in supermarkets and restaurants; and strip and roll-up doors used in warehouses. Using its vertically integrated North American based door manufacturing capabilities, Chase Doors offers superior design and engineering processes which enhance the functionality, durability, and life of its products. With revenues evenly distributed across new construction, remodeling and replacement, and maintenance, Chase Doors serves a wide array of end markets, including retail, industrial, pharmaceutical, food processing, distribution, postal and institutional.

"Through the dedication and expertise of its exceptional management team, Chase Doors has earned a reputation for high quality products that are reliable and offer excellent value," said James D. Coady, a partner at Sentinel. "We look forward to supporting the Chase team's growth plans."

"We are very proud of our solid track record and strong performance," said Bob Muir, President & CEO of Chase Doors. "Sentinel brings us considerable strategic and financial guidance that positions our team to enhance Chase's current market position while continuing to grow. Entering 2011 with Sentinel as our partner is ideal."

"One of Sentinel's areas of focus is branded, niche manufacturing businesses," said Scott Perry, a vice president at Sentinel. "Our previous investments in the niche manufacturing sector have given us a keen understanding of how to foster growth for businesses like Chase. This, combined with management's deep industry experience, puts Chase Doors in a position to become an even stronger business."

Sentinel's investments in other specialty niche manufacturing businesses include: Engineered Controls International (provider of specialized pressure regulators), Alemite (industrial lubrication equipment), Fasloc (specialized roof support systems used in underground mines), LTI (rubber and plastic sealing systems), Nivel (aftermarket golf car replacement parts and accessories), Spinrite (craft yarn products); Strategic Partners (medical uniforms); and Trussbilt (specialty steel security products for the corrections market).

12/2010

Sentinel sells portfolio company ReachOut Healthcare America

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Sentinel sells portfolio company ReachOut Healthcare America


Transaction Caps Third Highly Successful Investment in the Dental Services Industry


NEW YORK, December 29, 2010 - Sentinel Capital Partners, a private equity firm that invests in promising, lower middle market companies, today announced the sale of ReachOut Healthcare America, the nation's leading provider of administrative support services to affiliated dentists in the mobile dental industry. Based in Phoenix, AZ, ReachOut's mission is to facilitate and support access to oral healthcare for underserved patient populations in the U.S. The terms of the transaction were not disclosed.

Through its affiliated dentists, ReachOut provides a complete array of diagnostic, preventative, restorative, prosthodontic, and periodontal dental services to underserved children in schools and foster programs, the aged and disabled in residential facilities, and to US Army National Guard units throughout the country. Sentinel made its initial investment in ReachOut in 2007 in partnership with ReachOut's two founding entrepreneurs. In 2008, ReachOut acquired its largest competitor, Mobile Dentists, also in partnership with its two founding entrepreneurs, to form the nation's clear leader in mobile dental services. In early 2010, Reachout further strengthened its leadership position by acquiring Help A Child Smile, the largest mobile dental services provider in the state of Georgia. Today, ReachOut operates in 25 states and provides dental care to more than 425,000 underprivileged children, seniors, and military personnel each year.

"It has been extremely rewarding to work with the ReachOut and Mobile Dentists management teams," said David Lobel, managing partner at Sentinel. "ReachOut is now firmly established as a powerful growth platform that delivers critical dental care to large and underserved segments of the population. We are proud to be affiliated with a business that not only has done well for its investors, but also provides a greatly needed healthcare service."

"While we had several excellent choices when we originally sold our business, we chose Sentinel because of their deep experience in the dental services industry as well as proven history of partnering with entrepreneurs to grow businesses," said Michael Howell and Dan Goldsmith, co-founders of ReachOut Healthcare America. "Sentinel has brought significant dental resources to ReachOut that have helped us accelerate our growth."

Added Dr. Marcy Borofsky and Dr. Margo Woll, co-founders of Mobile Dentists, "Sentinel has demonstrated the ability to work constructively with two sets of founding entrepreneurs and has provided us the direction and support necessary to continue growing rapidly, both organically and through acquisitions."

"We wish ReachOut and its team great success in their next phase of growth," said Paul Murphy, a partner at Sentinel. "We have enjoyed the partnership with the four co-founders, and ReachOut is truly a special enterprise. As for Sentinel, we are fortunate to have enjoyed considerable success investing in the dental industry and will continue to seek new dental investment opportunities in the future."

In addition to ReachOut, Sentinel's history of successful investments in dental services companies includes Castle Dental Centers, Inc., a leading dental services provider sold to Bright Now! Dental, Inc. in 2004, and Metro Dentalcare, a regional multi-specialty dental group sold to American Dental Partners, Inc. (NASDAQ:ADPI) in 2007. Sentinel has also invested in other healthcare-related businesses including Interim Healthcare, the nation's largest provider of home nursing services; Massage Envy, the nation's largest provider of therapeutic massage services; and Strategic Partners, a leading supplier of medical uniforms.

08/2010

Sentinel sells portfolio company Strategic Partners in management buyout

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Sentinel sells portfolio company Strategic Partners in management buyout


Sale is Latest Example of Firm's Success in Healthcare Sector


NEW YORK, August 23, 2010 - Sentinel Capital Partners, a private equity firm that invests in promising, lower middle market companies, today announced the sale of Strategic Partners, Inc., a leading supplier of medical uniforms for the specialty retail and mass merchant channels, to BAML Capital Partners, the private equity investment affiliate of Bank of America. The terms of the transaction were not disclosed.

Headquartered in Chatsworth, California, Strategic Partners sells its products to independent and chain retailers of uniforms, mass merchants, and through catalogs and the Internet. Strategic Partners' brands include Baby Phat, Cherokee, Cherokee Workwear, Cherokee Studio, Dickies, and Tooniforms. With over 50 license agreements, Strategic Partners is also one of the industry's largest licensors.

"Working with Strategic Partners' superb senior management team has been extraordinarily rewarding," said David Lobel, managing partner at Sentinel. "Strategic Partners is very well positioned to continue to deliver its superior medical products and services to a growing marketplace. We are extremely proud to be affiliated with a business that provides highly needed products and services to healthcare workers, and also has done well for its stakeholders."

"We wish Strategic Partners and its team great success in their next phase of growth," said John McCormack, senior partner at Sentinel. "We have enjoyed the partnership with its founders. This company is truly a special enterprise."

In addition to Strategic Partners, Sentinel's history of successful investments in the healthcare sector includes Castle Dental Centers, Inc., a leading dental services provider sold to Bright Now! Dental, Inc. in 2004, and Metro Dentalcare, a regional multi-specialty dental group sold to American Dental Partners, Inc. (NASDAQ:ADPI) in 2007, and ReachOut Healthcare America sold in 2010. Sentinel has also invested in other healthcare-related businesses including Interim Healthcare, the nation's largest provider of home nursing services, and Massage Envy, the nation's largest provider of therapeutic massage services.

08/2010

Sentinel acquires Engineered Controls International in management buyout

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Sentinel acquires Engineered Controls International in management buyout


Leading Manufacturer of Specialty Control Equipment for Liquefied and Compressed Gases


NEW YORK, August 16, 2010 - Sentinel Capital Partners, a private equity firm that invests in promising middle-market companies, today announced it has acquired Engineered Controls International, LLC. ("ECI"), the global leader and most recognized provider of specialized pressure regulators, valves and other control equipment for use with liquefied and compressed gases, in partnership with ECI's senior management team. Financial terms of the transaction were not disclosed.

Since its founding in 1908, ECI has grown to serve a diversified international customer base of over 550 propane and cryogenic gas distributors and the leading global storage tank OEMs in over 100 countries, providing mission critical products for applications where safety, durability and performance are primary concerns. ECI is the leader across all of its product lines in the Americas, Europe and Asia. Its brands, which include RegO® and Goddard®, are highly trusted and respected within the liquefied propane gas and cryogenic gas markets.

"ECI has an exceptional management team and a reputation for quality, safety and customer service," said Eric Bommer, a Partner at Sentinel. "With a broad set of innovative products and a global customer base, ECI is positioned to build on its core strengths and become an even stronger enterprise."

"We are very proud of everything achieved in the past 100 years, but we believe the best is yet to come," said Gary Boone, CEO of ECI. "Our partnership with Sentinel puts us in a position to continue to grow globally while delivering the highest quality products to our customers."

"Our successful prior investments in branded niche manufacturing businesses, such as Alemite, Fasloc, and Nivel, have provided us with insights into ECI's business model and value proposition," said Scott Perry, a Vice President at Sentinel. "Most importantly, we have built up a strong rapport with ECI's highly experienced management team and are excited to support them through the company's next phase of growth."

Sentinel's investments in other specialty niche manufacturing businesses include: Alemite (industrial lubrication equipment), Fasloc (specialized resin cartridges used in underground mines), LTI (rubber and plastic sealing systems), Nivel (aftermarket golf car replacement parts and accessories), Spinrite (craft yarn products); Strategic Partners (medical uniforms), and Trussbilt (steel security products).

01/2010

Sentinel acquires Massage Envy with management in corporate carveout

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Sentinel acquires Massage Envy with management in corporate carveout


Entrepreneur Magazine Names Massage Envy one of the "20 Fastest-Growing Franchises" in 2009


NEW YORK, January 4, 2010 - Sentinel Capital Partners, a private equity firm that invests in promising smaller middle-market companies, today announced it has acquired Massage Envy, LLC. Based in Scottsdale, Arizona, Massage Envy is the nation's largest provider and franchisor of therapeutic massage services. Financial terms of the transaction are not being disclosed.

Massage Envy offers professional and affordable therapeutic massage services to consumers with busy lifestyles, offering convenience, high quality, and excellent value. Since its founding in 2002, Massage Envy has established itself as the leading franchisor of massage therapy services in the United States, with more than 600 clinics operating in 42 states generating more than $450 million in systemwide sales. With a highly trained and committed workforce of more than 10,000 employees, Massage Envy offers a range of services that include full-body and partial-body massage therapies and facial skin treatments.

Massage Envy operates through a membership model, giving the company and its franchisees the benefit of recurring, predictable revenues. In 2009, Entrepreneur magazine's Franchise 500® ranked Massage Envy as one of the nation's 20 "Fastest Growing Franchises" in addition to #1 in the "Massage Services" category.

"We are very proud of Massage Envy's market leadership and are excited about the growth prospects for our convenient, high-quality, competitively priced therapeutic massage and spa services," said David Humphrey, CEO of Massage Envy. "Sentinel has a proven record of helping franchise businesses grow and build value, and with Sentinel as our partner, we possess the strategic and financial resources to capitalize on our numerous growth opportunities," added Mr. Humphrey.

"At Sentinel, we aim to form strong partnerships with talented management teams of businesses that are market leaders in industries we know well," said John F. McCormack, a co-founder and senior partner at Sentinel. "We have been investing in multi-unit and franchising businesses for more than 20 years, and we are very excited to be partners with Massage Envy's highly capable management team."

According to the American Massage Therapy Association, the many powerful benefits of therapeutic massage include reducing fatigue, lower back pain, and post-operative pain; boosting the body's immune system; decreasing the symptoms of carpal tunnel syndrome; lowering blood pressure; and diminishing headache frequency."

"Massage Envy has taken an exclusive, high-priced service and made it affordable to and accessible for the general public. Today, millions of Americans find therapeutic massage to be an invaluable component of their wellness," said Jim Coady, a partner at Sentinel. "With more than 200 additional franchise licenses in development and more than 680,000 Massage Envy members nationwide, we are very excited about the company's prospects to continue to expand its geographic footprint and grow its delivery system."

Sentinel has invested in several franchise and multi-unit businesses, including Border Foods, a leading franchisee in the Taco Bell system; Castle Dental, a leading dental clinic operator in the Sunbelt; Cottman Transmission Systems, the nation's second-largest franchisor of transmission repair depots; Falcon Holdings, one of the largest franchisees of Church's Chicken restaurants; Interim Healthcare, the nation's largest provider and franchisor of home healthcare services; Metro Dentalcare, a leading dental clinic practice operator in the Minneapolis/St. Paul area; and Southern California Pizza Company, a 224-unit Pizza Hut franchisee operating in the greater Los Angeles market.

10/2009

Sentinel recapitalizes North American Rescue in partnership with management

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Sentinel recapitalizes North American Rescue in partnership with management


Expands Sentinel's Investment Commitment to Defense Sector


NEW YORK, October 9, 2009 - Sentinel Capital Partners, a private equity firm that invests in promising lower middle market companies, today announced the recapitalization of North American Rescue, Inc. ("NAR"), the leading developer and distributor of tactical emergency medical equipment to the U.S. military, law enforcement and other organizations that employ trauma care professionals. The investment was made in partnership with NAR's founder and senior management team. Terms of the transaction were not disclosed.

Founded in 1996 by Mr. Robert Castellani, NAR serves armed forces medical personnel, first responders, and other healthcare professionals by providing solutions that decrease preventable deaths on the battlefield and other austere conditions. Castellani, a former U.S. Air Force pararescueman who focused on specialty rescue and medical equipment during his service, recognized a need for quality casualty care products and procedures to treat combat-related injuries. In leveraging his significant military casualty care experience, Castellani and his management team have developed many life-saving products that are now standard-issue equipment for combat soldiers and tactical vehicles.

"NAR is the clear leader and premier provider of life-saving tactical emergency medical products," said Graham Schena, a vice president at Sentinel. "This investment fits well with Sentinel's core strategy of investing in niche market leaders."

"For the past 15 years, NAR has demonstrated a keen understanding of casualty care solutions and a strong commitment to excellence," said Bob Castellani, vice chairman and founder of NAR. "With Sentinel as our partner, we look forward to increasing the breadth and depth of our capabilities while continuing to serve our valued customer base."

"At Sentinel, forming strong partnerships with management is an important component of our investment philosophy," said Paul Murphy, a partner at Sentinel. "We are pleased that the entire senior management team is investing alongside us in this transaction and we are eager to work with them to take the company to the next level of growth."

NAR is Sentinel's second investment in the defense sector. The first was ReachOut Healthcare America, Ltd. the nation's leading provider of administrative support services to affiliated dentists in the mobile dental industry, serving underprivileged children, seniors, and military personnel.

09/2009

Sentinel and management invest in Precision Pipeline Solutions

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Sentinel and management invest in Precision Pipeline Solutions


Investment Positions Utility Services Provider for Continued Growth in the Energy Infrastructure Market


NEW YORK, September 9, 2009 - Sentinel Capital Partners, a private equity firm that invests in promising, smaller middle market companies, announced today an investment in Precision Pipeline Solutions, LLC with PPS management. PPS is a specialty utility services provider that provides technical services that enable utilities to maintain and operate their natural gas and electric infrastructure. Management and Sentinel are partners in the transaction, the terms of which were not disclosed.

"The energy infrastructure in the United States, particularly in older cities, such as those in the Northeast, where PPS operates, has a continuing need for the services provided by PPS," said Michael Fabian, a vice president at Sentinel. "We believe this is a promising market in which to invest, and PPS is particularly well-positioned for growth."

Headquartered in Newburgh, NY, PPS is a valued partner of its utility clients. PPS's technically qualified personnel provide a broad range of services, including inspecting, repairing, replacing, and maintaining natural gas and electric transmission, distribution, and generation systems, as well as providing specialized consulting and auditing services.

"We take great pride in the critical services we provide for our utility clients," said Jon Selander, founder and CEO of Precision Pipeline Solutions. "There is considerable demand for service providers like PPS that approach utilities with a partnership philosophy and a broad portfolio of services. The Sentinel team has a reputation for helping service businesses become stronger competitors, and we believe their support will help us continue to grow our business."

"All of us at Sentinel are excited to partner with PPS's management team," added Eric Bommer, a partner at Sentinel. "Not only are Jon and his team highly skilled and experienced, but they possess an outstanding reputation with utilities throughout the Northeast. We are eager to help them build on this foundation and expand PPS's presence."

08/2009

Sentinel portfolio company Southern California Pizza acquires additional 98 Pizza Huts

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Sentinel portfolio company Southern California Pizza acquires additional 98 Pizza Huts


Becomes Third Largest Franchisee in Pizza Hut System at 224 Restaurants


NEW YORK, August 24, 2009 - Sentinel Capital Partners, a private equity firm that invests in promising, smaller middle market companies, announced today that its portfolio company, Southern California Pizza Company, has purchased 98 Pizza Hut restaurants in the Los Angeles area from Pizza Hut, increasing the total number of Pizza Hut restaurants it owns to 224.

Southern California Pizza was established by Sentinel and management as a platform company to own and operate Pizza Huts. In August 2008, Southern California Pizza made its first acquisition—126 Pizza Huts in the greater Los Angeles market. Today it is the third largest franchisee in the Pizza Hut system and the largest in California.

"This purchase marks an important step forward in the strategic plan laid out by Sentinel and management to create a powerful and even more successful Pizza Hut platform," said Jerry Ardizzone, President and CEO of Southern California Pizza. "We have further solidified our leadership in the attractive Los Angeles market and we are positioned for continued growth."

"Southern California Pizza has all the ingredients of a successful Sentinel investment," said John McCormack, senior partner at Sentinel. "It is a market leader with solid fundamentals in an industry we know very well, and importantly, our management team is best-in-class and continues to demonstrate an ability to drive growth in a very challenging economic environment."

The investment in Southern California Pizza is consistent with Sentinel's successful investment history in restaurants and franchising. Prior Sentinel investments in the quick service restaurant sector include Falcon Holdings, a Church's chicken franchisee, and Border Foods, a Taco Bell franchisee. Sentinel has also successfully invested in franchisors outside the restaurant sector, including Cottman Transmissions Systems, one of the nation's largest providers of aftermarket transmission repair services, and Interim Healthcare, the largest home nursing healthcare provider in the U.S.

08/2008

Sentinel portfolio company ReachOut Healthcare acquires Mobile Dentists

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Sentinel portfolio company ReachOut Healthcare acquires Mobile Dentists


ReachOut Healthcare America and Mobile Dentists Combine to Provide Dental Care to More than 250,000 Underprivileged Children


NEW YORK, August 25, 2008 - Sentinel Capital Partners, a private equity firm that invests in promising, smaller middle market companies, announced today that its portfolio company ReachOut Healthcare America has acquired Mobile Dentists. The management teams from both companies partnered with Sentinel in the transaction, the terms of which were not disclosed.

The combined company is the nation's leader in mobile dental services, providing an array of diagnostic, preventive, restorative, prosthodontic, and periodontal dental services primarily to underserved children in schools and foster programs. Operating in 21 states, ReachOut and Mobile Dentists provided dental care to more than 250,000 low-income children in the past year.

"With eighty percent of all dental decay occurring in the poorest twenty-five percent of the population, these two businesses fill critical gaps in access to dental care," said Michael Howell and Dan Goldsmith, co-founders of ReachOut Healthcare America. "As two organizations with the same mission—to provide dental care to those who need it most—ReachOut and Mobile Dentists have highly compatible cultures. We look forward to working closely with Mobile Dentists' talented management team to expand the breadth and scope of our services and our presence throughout the country."

"We are very proud of all that we have achieved over the last decade, and we are even more excited about creating a true market leader with extraordinary growth potential by combining Mobile Dentists and ReachOut," said Dr. Marcy Borofsky and Dr. Margo Woll, co-founders of Mobile Dentists. "We have studied the success of ReachOut's partnership with Sentinel, a firm with significant experience in dental services and a great track record of supporting management teams seeking to build stronger businesses. We are very pleased to join this partnership."

"ReachOut Healthcare America is truly a great social enterprise. It performs superbly as a business and at the same time provides a real benefit to the communities in which it operates," said Paul Murphy, a partner at Sentinel. "We are thrilled to have found a similarly positioned business in Mobile Dentists, and we are proud to support and partner with these two extraordinary management teams as they endeavor to integrate and grow the business."

Sentinel's history of successful investments in dental services companies includes stakes in Castle Dental Centers, Inc., a leading dental services provider sold in 2004, and Metro Dentalcare, a multi-specialty dental group sold in September 2007. Sentinel has also invested in Interim Healthcare, the nation's largest provider of home health care and supplemental health care staffing services.

08/2008

Sentinel invests in new Pizza Hut platform

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Sentinel invests in new Pizza Hut platform


Marks Sentinel's Third Investment In The Quick-Service Restaurant Sector And Second In The Yum! Brands System


NEW YORK, August 18, 2008 - Sentinel Capital Partners, a private equity firm that invests in promising, smaller middle market companies, today announced the acquisition of 123 Pizza Hut restaurants in the central Los Angeles and Inland Empire markets. Sentinel acquired the restaurants in a corporate divestiture transaction from franchisor Pizza Hut, Inc., a subsidiary of Yum! Brands, Inc. This is Sentinel's third investment as a franchisee in the quick-service restaurant sector and its second in the Yum! Brands system. Sentinel's two prior quick-service restaurant investments—Border Foods, a Taco Bell franchisee (part of Yum! Brands), and Falcon Holdings, a Church's Chicken franchisee—were both highly successful. Sentinel made the acquisition through an investment in newly-formed Southern California Pizza Company, which now owns the 123 Pizza Huts and the underlying real estate for many of the properties.

All 123 restaurants are located in four contiguous southern California counties—Los Angeles, Riverside and San Bernardino, and Orange County. Measured by store count, Southern California Pizza is the largest Pizza Hut franchisee in California and among the 10 largest franchisees in the 7,515-store U.S. Pizza Hut system. Sentinel also recruited Jerry Ardizzone, a seasoned industry executive with 19 years of experience in the Pizza Hut system, to be CEO.

"We are pleased to have made our second investment in the Yum! family and to have renewed our relationship with Yum! For Sentinel, it is a privilege to manage the Pizza Hut brand in Los Angeles, one of the best quick-service pizza markets in the country," said Sentinel senior partner John McCormack. "We are impressed with Pizza Hut and the direction in which CEO Scott Bergren and his team are taking the brand," McCormack added.

"I am very happy to return home to Pizza Hut," said CEO Jerry Ardizzone. "There are tremendous growth avenues in front of us in the Los Angeles market in which we have excellent new store development opportunities."

"We are excited about the opportunity to partner with Jerry Ardizzone, a seasoned Pizza Hut operator," said Sentinel partner Jim Coady. "Together, we are building an outstanding management team to run the business and we very much look forward to a successful long-term partnership with Jerry and Pizza Hut," added Coady.

The investment in Southern California Pizza Company is consistent with Sentinel's successful investment history in restaurants and franchising. Prior Sentinel investments in the quick-service restaurant sector includes Falcon Holdings, a Church's chicken franchisee, and Border Foods, a Taco Bell franchisee, both highly successful transactions. Sentinel has also successfully invested in franchisors in other industries, including Cottman Transmissions Systems, a provider of automotive after-market services, and Interim Healthcare, the largest home nursing healthcare provider in the nation.

The Pizza Hut transaction is the latest in a highly productive period for Sentinel in terms of both new investments and realizations. Since August 2007, Sentinel has closed five new investments, one significant add-on acquisition, and the highly successful sale of one portfolio company.

12/2007

Sentinel acquires Trinity Consultants in management buyout

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Sentinel acquires Trinity Consultants in management buyout


Investment In Nation's Premier Air Quality Services Firm


NEW YORK, December 3, 2007 - Sentinel Capital Partners, a private equity firm that invests in promising, smaller middle market companies, today announced the acquisition of Trinity Consultants, Inc., the nation's leading provider of air quality consulting and compliance services. Sentinel partnered with Trinity's management and employees in the transaction.

"Trinity is the premier player in its market and faces substantial opportunities given the increasing global focus on the environment, including greenhouse gas emissions and other air quality concerns," said Eric Bommer, a partner at Sentinel. "This investment fits well with Sentinel's core strategy of investing in niche market leaders with promising growth prospects."

Trinity offers a full range of air quality compliance services and has specific expertise in the energy, manufacturing, industrial, and utilities sectors. Trinity helps its clients comply with federal, state, and local air quality regulations. It also provides complementary products and services, such as educational courses, dispersion modeling, and greenhouse gas emissions management practices. Headquartered in Dallas, Texas, Trinity has more than 270 employees in 24 strategically located offices.

"Trinity has enjoyed great success and growth over the last 30 years, and all of Trinity's management and employees are excited about this new stage in our company's development," said John E. (Jay) Hofmann, CEO of Trinity. "We firmly believe that Sentinel is the right partner for Trinity; they have already succeeded in creating a strong rapport with management and our employees."

"At Sentinel, forming strong partnerships with management and employees is an important component of our investment philosophy," said John McCormack, a senior partner at Sentinel. "We are pleased by the strong support and participation by Trinity management and employees in the transaction. We look forward to working with Trinity's highly professional and talented employees to drive continued success."

The Trinity transaction is the latest in a highly productive period for Sentinel in terms of both new investments and realizations. To date in 2007, Sentinel has closed seven new investments, five since the turmoil in worldwide financial markets began in July. These investments include Midwest Wholesale Hardware, a wholesaler of architecturally specified commercial door hardware; Trussbilt, an 80 year-old manufacturer of steel security products for the detention and corrections market; Inscape Publishing, a leading provider of corporate training solutions for employee assessment and development; Vintage Parts, the leading independent distributor of slow moving and inactive original OEM replacement parts; ReachOut Healthcare America, the leading provider of mobile dental services to underserved children; Spinrite, one of North America's leading producers and marketers of consumer craft yarn for the needlepoint market; and Trinity.

For Sentinel, 2007 has also been a productive year for realizations. To date, Sentinel has sold three portfolio businesses, including Fasloc, the leading North American manufacturer of specialty safety products used for underground coal mine roof support; Metro Dentalcare, a leading regional multi-specialty dental group; and Nivel, North America's largest independent, value-added distributor of golf car aftermarket replacement parts and accessories.

11/2007

Sentinel reacquires Spinrite in take-private transaction

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Sentinel reacquires Spinrite in take-private transaction


Signals Long-Term Commitment as Investor


NEW YORK, November 19, 2007 - Sentinel Capital Partners, a private equity firm that invests in promising, smaller middle-market companies, today announced the acquisition of Spinrite Income Fund, one of North America's leading manufacturers of consumer craft yarn. In January 2004, Sentinel and management acquired Spinrite from its founding family. It became a publicly traded income fund in February 2005 with Sentinel retaining a minority interest. On November 16th, Sentinel reacquired Spinrite in a take-private transaction for cash consideration equal to $2.25 per unit.

"We are a long-term investor in Spinrite and we continue to believe in the future of the company," said Eric Bommer, partner at Sentinel. "We believe our knowledge of the business, the strength of the management team, the dedication of its employees, and the advantages of private structure are the key ingredients for a stronger and more valuable enterprise."

Spinrite, located in Listowel, Ontario, is the largest producer and marketer of craft yarn in Canada and one of the largest in the United States. Established in 1952, Spinrite is well known for its Bernat, Patons, Lily Sugar'n Cream, and Phentex brands, which are sold through mass merchants, craft stores, and independent specialty stores. Spinrite possesses the most diversified craft yarn manufacturing operation in North America and is recognized as the market leader in new product development.

The acquisition of Spinrite marks Sentinel's fourth new investment during the past two and a half months. David Lobel, founder and managing partner at Sentinel, said, "Each of these acquisitions conforms to our investment strategy and we have accomplished this during a highly tumultuous credit market environment. We believe this reflects our proven experience in choppy markets and our ability to provide certainty to sellers."

To date in 2007, Sentinel has closed six new investments. In addition to Spinrite, these investments include Midwest Wholesale Hardware, a wholesaler of architecturally specified commercial door hardware; Trussbilt, an 80 year-old manufacturer of steel security products for the detention and corrections market; Inscape Publishing, a leading provider of corporate training solutions for employee assessment and development; Vintage Parts, the leading independent distributor of slow moving and inactive OEM replacement parts; and ReachOut Healthcare America, the nation's leading provider of mobile dental services.

For Sentinel, 2007 has also been a productive year for realizations. To date, Sentinel has sold three portfolio businesses, including Fasloc, the leading manufacturer of resin cartridges for use in underground mine roof support in North America; Metro Dentalcare, a multi-specialty dental group; and Nivel Holdings LLC, North America's largest independent, value-added distributor of golf car aftermarket replacement parts and accessories.

11/2007

Sentinel invests in ReachOut Healthcare America

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Sentinel invests in ReachOut Healthcare America


Marks Sentinel's Third Investment in Dental Industry


NEW YORK, November 13, 2007 - Sentinel Capital Partners, a private equity firm that invests in promising, smaller middle-market companies, today announced an investment in ReachOut Healthcare America, the nation's leading provider of mobile dental services. Management and Sentinel are partners in the transaction, the terms of which were not disclosed.

"This is Sentinel's third investment in the dental care sector and second in mobile healthcare," said Paul Murphy, a partner at Sentinel. "We like to invest in market leaders in industries we know well, in partnership with highly motivated and ethical management teams. The ReachOut team, led by Michael Howell and Daniel Goldsmith, has created a successful and growing business, and one that truly benefits the communities in which it operates."

Founded in 2001 and based in Phoenix, AZ, ReachOut provides mobile dental services to under-served children in schools and foster programs, to the aged and disabled in residential facilities, and to US Army and National Guard units throughout the country. ReachOut provides dental service to nearly 80,000 children and 30,000 armed-services personnel each year. ReachOut offers a complete array of diagnostic, preventative, restorative, prostodontic, and periodontal dental services.

"ReachOut's unique model and first-mover advantage, coupled with favorable industry dynamics, make it a highly attractive investment," said Michael Fabian, a senior associate at Sentinel. "ReachOut leads a large and growing market that is significantly underserved, and its mobile model is scalable into numerous end-markets such as the military and nursing homes."

Previous Sentinel investments in the dental care sector include Castle Dental Centers, Inc., a leading dental services provider sold in 2004, and Metro Dentalcare, a multi-specialty dental group sold in September 2007. Sentinel has also invested in Interim Healthcare, the nation's largest provider of home health care and supplemental health care staffing services.

The ReachOut transaction is the latest in a highly productive period for Sentinel in terms of both new investments and realizations. To date in 2007, Sentinel has closed five new investments, three in the past two and a half months alone. These investments include Midwest Wholesale Hardware, a wholesaler of architecturally specified commercial door hardware; Trussbilt, an 80 year-old manufacturer of steel security products for the detention and corrections market; Inscape Publishing, a leading provider of corporate training solutions for employee assessment and development; Vintage Parts, the leading independent distributor of slow moving and inactive OEM replacement parts; and ReachOut.

For Sentinel, 2007 has also been a productive year for realizations. To date, Sentinel has sold three portfolio businesses, including Fasloc, the leading manufacturer of resin cartridges for use in underground mine roof support in North America; Metro Dentalcare; and Nivel Holdings LLC, North America's largest independent, value-added distributor of golf car aftermarket replacement parts and accessories.

10/2007

Sentinel sells Nivel to private equity firm

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Sentinel sells Nivel to private equity firm


Sale of Nivel is Latest Example of Firm's Success in Specialty Distribution


NEW YORK, October 18, 2007 - Sentinel Capital Partners, a private equity firm that invests in promising, smaller middle-market companies, today announced the sale of Nivel Holdings LLC, one of North America's largest independent, value-added distributors of golf car aftermarket replacement parts and accessories, to Audax Group. The terms of the transaction were not disclosed.

"Nivel is a perfect example of a smaller middle-market company that thrived under our ownership. It is a niche leader in an industry that Sentinel knows well; it operated in a fragmented and growing industry that was ripe for consolidation; it has a great leader in Bill Bugg who shared our vision to create a more valuable enterprise; and the result is a business in which we were able to more than double sales and EBITDA," said John McCormack, senior partner and co-founder at Sentinel.

Nivel is the only independent golf car aftermarket replacement parts and accessories distributor with a national footprint, servicing a broad base of over 3,400 golf car dealer customers in all 50 states and abroad. Today, Nivel offers the broadest available selection of more than 3,800 SKUs, including replacement parts and accessories for all golf car models from the three major OEMs (Club Car, E-Z-GO, and Yamaha), scarce parts for older and discontinued golf cars (Cushman and Taylor-Dunn), and an extensive line of accessories for vehicle customization.

"Thanks to Sentinel's support, today Nivel is in a great position to continue to succeed," said Bill Bugg, Chief Executive Officer of Nivel. "We are consistently introducing a significant number of new products each quarter, and we now have an unmatched acquisition capability to continue our leadership role in the consolidation of the industry."

"There are an estimated 2.1 million golf cars in North America with an average useful life of 15–20 years. While both of these figures have been increasing, Nivel also has been steadily gaining market share," said Jim Coady, a partner at Sentinel. "Acquisitions have bolstered Nivel's product offering and dramatically enhanced its geographic reach, vastly improving combined operations and creating meaningful synergies. Since our acquisition of Nivel three years ago, we have led the industry consolidation, including the transformational acquisition of Intercoastal Manufacturing Company, then the second-largest independent aftermarket distributor of golf car replacement parts and accessories and Nivel's largest competitor."

Nivel is one of several recent Sentinel investments in the specialty distribution sector. Other investments in that category include Strategic Partners, a leading distributor of medical uniforms for healthcare professionals; Midwest Wholesale Hardware, a wholesaler of architecturally specified commercial door hardware; and most recently Vintage Parts, the leading independent distributor of original slow moving and inactive OEM replacement parts for companies such as General Motors, Ford, John Deere, Harley-Davidson, Komatsu, and Honda , acquired earlier this month.

10/2007

Sentinel acquires Vintage Parts in management buyout transaction

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Sentinel acquires Vintage Parts in management buyout transaction


Experience with Wholesalers Helps Sentinel Continue Strong Momentum Into Fourth Quarter


NEW YORK, October 18, 2007 - Sentinel Capital Partners, a private equity firm that invests in promising, smaller middle market companies, today announced the acquisition of Vintage Parts, the leading independent supplier of original slow-moving and inactive OEM replacement parts from James Finlay, Ltd., a subsidiary of the Swire Group. Management and Sentinel are partners in the transaction, the terms of which were not disclosed.

Pursuant to long-term agreements with 37 OEMs, including General Motors, Ford, CNH Global, John Deere, Harley-Davidson, Komatsu, and Honda, Vintage Parts purchases slow moving inventories for older models and warehouses them for future sale. Vintage Parts serves more than 75,000 individual customers, many of whom are authorized OEM dealers. Supplying over one million discrete part numbers, Vintage Parts is the nation's largest independent supplier of original OEM parts and accessories.

"Vintage Part's management team is very capable and experienced. They possess a unique understanding of the slow moving replacement parts market, and have the ability and technology tools in place to accurately forecast demand for older models and thereby efficiently manage inventories," said Scott Perry, a Senior Associate at Sentinel. "We have significant prior experience with wholesale businesses, and Vintage has impressed us a great deal with its ability to add value to both ends of the supply chain and build solid long-term relationships with OEMs and a diverse group of customers of the OEMs."

"We are extremely proud to have achieved double-digit sales growth in each of the last four years. Looking forward, there are still significant opportunities to grow by increasing the quantity and quality of parts purchased from our current OEM relationships and also by purchasing inventory from new OEM customers, both in our targeted industries and in selected new industries," said Darrell Armbruster, Chief Executive Officer of Vintage Parts. "With Sentinel's knowledge of our industry and distribution businesses, we now have the strategic and financial resources to truly accelerate our growth plan."

"This deal is right in our strike-zone and builds on our significant momentum in 2007. This year, we acquired four businesses, recapitalized two and sold two, all for very attractive returns," said Jim Coady, a partner at Sentinel. "We actively pursue investments in strong companies with leading positions in targeted niche sectors where we have had prior success. We also look for outstanding management teams who we can work with to improve and grow businesses. Vintage Parts possesses all of these elements."

Recent Sentinel investments in the wholesaling sector include Nivel Holdings LLC, a supplier of golf car replacement parts and accessories, and Midwest Wholesale Hardware, a wholesaler of architecturally specified commercial door hardware.

09/2007

Sentinel sells Metro Dentalcare to American Dental Partners, Inc.

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Sentinel sells Metro Dentalcare to American Dental Partners, Inc.


Transaction Combines Two Leading Dental Companies


NEW YORK, September 26, 2007 - Sentinel Capital Partners, a private equity firm that invests in promising, smaller middle-market companies, announced today the sale of Metropolitan Dental Holdings, Inc. (dba "Metro Dentalcare") to American Dental Partners, Inc. (NASDAQ: ADPI).

Minneapolis-St. Paul based Metro Dentalcare is a multi-specialty dental group with more than 90 dentists, 33 dental facilities and a dental lab that has provided quality dental care since 1968. Generating approximately $70 million in patient revenue annually, Metro Dentalcare provides a complete range of services including routine, cosmetic and specialized dental health services including preventative care, whitening, crowns, veneers, dental implants, oral surgery, endodontics, periodontics, children's dentistry and orthodontics.

"We are grateful to have had the opportunity to work with and support Metro Dentalcare's talented management team in significantly growing the business, improving operations and financial performance, and transforming the company into a leading dental care provider in the Twin Cities," said Paul Murphy, a partner at Sentinel. "This is a great business and we are proud to have positioned it for future success with ADPI, where there is a strong strategic fit."

"This transaction brings together two leading dental companies, and we are confident that we are better positioned now than ever before to provide high quality patient care," said Dr. David Milbrath, Co-Founder and Chairman of Metro Dentalcare. "It has truly been a pleasure working closely with the team at Sentinel, and we thank them for their invaluable counsel and support."

"The Sentinel team's knowledge of and prior success in the dental industry coupled with their experience helping businesses grow made them the ideal partner for Metro Dentalcare; with Sentinel's support, we expanded from 64 doctors in 2005 to more than 90 doctors today providing care to more than 220,000 patients annually," said Dr. Marcus Gustafson, Co-Founder and CEO of Metro Dentalcare. "We look forward to continued growth under our new affiliation with ADPI."

"This transaction is a testament to the great progress Metro Dentalcare has made under the leadership of Dr. David Milbrath and Dr. Marcus Gustafson," said Jim Coady, a partner at Sentinel. "Part of Sentinel's strategy is to back strong management teams in industry sectors where Sentinel has experience and has enjoyed success. Including Metro Dentalcare, we have successfully completed two dental care investments and four healthcare investments. Metro Dentalcare is also one of six recent Sentinel investments in the Minneapolis-St. Paul region, a market we intently follow and like a great deal."

Sentinel's healthcare related investments include Castle Dental Centers, Inc., a leading dental services provider the firm sold in 2004; Interim Healthcare Holdings, Inc., the nation's largest provider of home healthcare and supplemental healthcare staffing services; and Strategic Partners, a leading supplier of medical uniforms for healthcare professionals. Sentinel has also made six investments in Minneapolis-St. Paul ­ Border Foods, Inc., the leading franchisor of Taco Bell restaurants in Minnesota; Buffets, Inc., the largest operator of buffet-style restaurants in the U.S.; LTI Flexible Products, a leader in designing and manufacturing specialty sealing systems for industrial applications; Trussbilt, LLC, a manufacturer of steel security products for the detention and corrections market; and, most recently, Inscape Publishing, Inc., a leading provider of corporate training solutions for employee assessment and development.

08/2007

Sentinel invests in employee education sector with Inscape Publishing

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Sentinel invests in employee education sector with Inscape Publishing


Acquires Leading Provider of Corporate Training Solutions for Employee Assessment and Development


NEW YORK, August 20, 2007 - Sentinel Capital Partners , a private equity firm that invests in promising, smaller middle market companies, has acquired Inscape Publishing, a leading developer and provider of content-rich, technology-enabled corporate training solutions that develop employee interpersonal skills such as sales, leadership, teamwork, communications and time management. The transaction closed on August 20, 2007.

"Inscape is well-positioned in the $13 billion+ corporate training industry, which we expect will experience double digit year-on-year growth," said Paul Murphy, partner at Sentinel. "Inscape has identified the growing importance of human capital as a competitive advantage, as corporations increase their commitment to employee development and training. With a loyal and diverse base of blue-chip end-users, Inscape is poised to become an even more valuable enterprise as we work with management to capitalize on these trends."

Based in Minneapolis, Minnesota, with a global network of over 2,000 consultancies, Inscape provides training applications to over 135 Fortune 500 companies and several agencies of the federal government. Since 1972, Inscape's learning instruments have been used by over 45 million individuals in 24 languages and 22 countries.

"Sentinel's track record with business services companies is impressive. We are excited about our partnership with Sentinel as we pursue strategic growth initiatives, such as development of new training solutions and international expansion," said Jeff Sugerman, Inscape's CEO. "We are proud of our performance to date, but we are eager to take the company to the next level."

"Since 2001, Jeff and his team have transformed Inscape from a single-product company focused on employee assessments into a leading developer of comprehensive corporate training solutions," said John McCormack, senior partner and co-founder of Sentinel. "This is precisely the type of management team we seek to partner with – talented and proven entrepreneurs who seek to be owners of the businesses they operate."

02/2007

Sentinel acquires Trussbilt in management buyout

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Sentinel acquires Trussbilt in management buyout


Trussbilt's steel doors and walls are used in prisons and jails in every U.S. state


NEW YORK, February 20, 2007 - Sentinel Capital Partners, a private equity firm that invests in promising, smaller middle market companies, and management have acquired Trussbilt, LLC, an 80 year-old manufacturer of steel security products for the detention and corrections market. The transaction closed on February 15, 2007. Financial terms of the sale were not disclosed.

Based in Minnesota and founded in 1926, Trussbilt makes correctional facilities more secure and cost-effective by designing and building security products that set the standard for safety, reliability and innovation. Trussbilt is the only company in the detention industry that offers a complete line of steel doors, walls, frames, ceilings and other furnishings for prisons and jails. The company's patented design for metal door and wall construction uses a unique manufacturing process resulting in a thin, light steel panel of tremendous strength and durability.

"Correctional institutions across the country are well in excess of capacity and the population of detainees is expected to grow by more than 13% over the next five years," said Paul Murphy, partner at Sentinel. "The significant cost and space savings offered by Trussbilt products to its customers, and the company's outstanding reputation for high product quality and reliability, position Trussbilt well to continue the market leadership role it has held for the last 80 years."

"Since Trussbilt designed the Trusscore reinforced hollow door in 1926, the company has differentiated itself from competitors with superior technology," said Timothy Browne, President of Trussbilt. "We have been impressed with Sentinel's knowledge of our business and of the manufacturing sector, and we look forward to working with them to continue our drive for quality improvements and innovations in the manufacturing process."

"Trussbilt has a seasoned management team in place to capitalize on the growth opportunities in the detention industry," said Eric Bommer, partner at Sentinel. "We look forward to partnering with management and supporting the company's talented and dedicated employees to provide the high quality products the detention construction industry has come to expect from the Trussbilt brand."

Part of Sentinel's strategy is to invest in industries where the firm has experience and has enjoyed success, such as the manufacturing sector. The firm's realized investments in Spinrite, Inc., a leading manufacturer and marketer of craft yarn products; Alemite Holdings, LP, a leading manufacturer of industrial lubrication equipment; and Fasloc, Inc., a leading manufacturer of resin cartridges for use in underground coal mine roof support, were among its most successful. Sentinel's current portfolio companies in the manufacturing sector include Nivel Holdings LLC, an aftermarket golf car replacement parts and accessories manufacturer and distributor; LTI Flexible Products, a manufacturer of die-cut and molded flexible rubber and plastic components and sealing systems; and Madill, Inc., a manufacturer of forestry equipment.

02/2007

Sentinel acquires Mid-West Wholesale Hardware in management buyout

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Sentinel acquires Mid-West Wholesale Hardware in management buyout


Mid-West Wholesale Hardware Co. Plays Critical Supply Chain Function and has Broadest Product Offering in the Industry


NEW YORK, February 5, 2007 - Sentinel Capital Partners, a private equity firm that invests in promising, smaller middle market companies, has acquired Mid-West Wholesale Hardware Co., a leading, full-service wholesaler of architecturally specified commercial door hardware, including manual and electronic locks, exit devices, door closers and related specialty items. The transaction closed on February 1, 2007. Financial terms of the sale were not disclosed.

"The commercial construction industry is seeing a compression of building schedules and increasing demand for reduced delivery lead-times," said Jim Coady, partner at Sentinel. "With considerable barriers to entry for new wholesalers, Mid-West's outstanding management team and strong employee base are capitalizing on this trend by delivering products to its customers when they need them."

Based in Kansas City Missouri, Mid-West serves over 4,300 active customers, primarily commercial hardware distributors, throughout the U.S. Through these strategically located facilities, the company can reach 84% of the U.S. population in two business days or less.

"We are excited to be working with a partner like Sentinel that understands our business well," said Terry Moser, Mid-West's Chief Executive Officer. "With their strategic and financial support, we look forward to growing our business by adding new product lines, building out our sales and customer development functions, increasing our geographic footprint and network density, pursuing e-commerce initiatives and selectively doing add-on acquisitions."

Widely recognized as a pioneer in the wholesaling and distribution segment, Mid-West carries the broadest line of commercial door hardware in the industry, including products from more than 40 of the world's leading manufacturers, such as Schlage, Yale, Corbin Russwin and Von Duprin. Mid-West is the only contract hardware wholesaler in the U.S. that represents both of the world's leading door hardware manufacturers, ASSA ABLOY and Ingersoll-Rand.

"What we look for in all our investments is a talented management team in a well positioned business where we can leverage their considerable experience to help execute a growth strategy," said David Lobel, managing partner at Sentinel. "That is exactly what we have found at Mid-West, a market leader with strong financial performance and a great management team. We are very excited about Mid-West's prospects."

Sentinel's experience in the wholesaling sector includes an investment in Nivel Holdings LLC, a leading wholesaler of aftermarket golf car replacement parts and accessories and Floral Plant Growers, a wholesaler of specialty floriculture products to lawn and garden centers of mass merchant retailers.

01/2007

Sentinel sells Fasloc to DSI USA to form leading mine safety company

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Sentinel sells Fasloc to DSI USA to form leading mine safety company


Combines Two Leading Mining Safety Products Companies


NEW YORK, January 22, 2007 - Sentinel Capital Partners, a leading private equity firm that invests in promising, smaller middle market companies, announced today the sale of Fasloc, Inc. to DSI USA , an affiliate of Germany-based DYWIDAG-Systems International. Financial terms of the sale are not being disclosed.

Fasloc manufactures polyester resin cartridges, under the Fasloc® and Cableloc® brands, that permanently secure roof support bolts used in mines to create stable and secure roofs, particularly in underground coal mines in the Eastern United States and hard rock mines in Canada. Sentinel purchased Fasloc from E.I. DuPont de Nemours (NYSE:DD) in 2005, and Sentinel's ownership provided the basis for Fasloc's transformation from a non-core unit of a large corporation to a successful stand-alone enterprise. DSI is a leading supplier of geotechnical, mining and tunneling systems known world wide for innovation, quality and dependability.

"Fasloc has combined with a strategic investor that sets high value on constant and successful growth and innovation based on local presence and global competence," said Paul Murphy, a partner at Sentinel. "Since Sentinel acquired Fasloc, we have helped to enhance the company's management team and structure, improve operating efficiencies and further strengthen its reputation as a product innovator and high quality service provider for the global mining industry."

According to Max Burnham, Chief Executive Officer of Fasloc, "Sentinel's support was instrumental to improving our operations, product mix and financial performance and helped lay the groundwork for this highly strategic arrangement with DSI. We are very excited about our prospects as we enter a new era of profitable growth for Fasloc."

"The Fasloc sale is an outstanding transaction for Sentinel and its investors," said Jim Coady, a partner at Sentinel. "We helped Fasloc transition from a non-core operating unit of a larger company to a strategically vital component for DSI. We've enjoyed our relationship with Fasloc's management team and employees and are pleased with the success of the deal and where the company stands today."

Part of Sentinel's strategy is to invest in industries where the firm has experience and has enjoyed success, such as the manufacturing sector. The firm's investments in Spinrite, Inc., a leading manufacturer and marketer of craft yarn products, and Alemite Holdings, LP, a leading manufacturer of industrial lubrication equipment, were some of its most successful. Sentinel's other portfolio companies in the manufacturing sector include Nivel Holdings LLC, an aftermarket golf car replacement parts and accessories manufacturer and distributor; LTI Flexible Products, a manufacturer of die-cut and molded flexible rubber and plastic components and sealing systems; and Madill, Inc., a manufacturer of forestry equipment.

10/2006

Sentinel sells Growing Family in management buyout transaction

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Sentinel sells Growing Family in management buyout transaction



NEW YORK, August 23, 2006 - Sentinel Capital Partners, a private equity firm that invests in promising, smaller middle market companies, announced today the sale of Growing Family, Inc. in a management buyout transaction. Growing Family is the leading North American provider of in-hospital infant portrait services.

Established in 1954, Growing Family's core business provides infant photography services for 2,200 birthing hospitals in the United States and Canada, and operates under the FirstFoto trade name. Growing Family's second business is a rapidly growing information and marketing service business targeting large consumer product/service companies and new families.

Growing Family's representatives personally interact with more than 70% of all new mothers in North America within hours of the birth event. Because of this interaction, Growing Family possesses the most comprehensive and current database of families with newborns and can offer a powerful and captive distribution channel to leading consumer product/service companies seeking proprietary and timely access to new mothers. Growing Family has capitalized on its unique relationship with new mothers by building an information and marketing service business designed to provide consumer product/service companies with a portal to its customer base and to give new mothers information about and access to a variety of products and services.

05/2006

Sentinel acquires Interim Healthcare in management buyout

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Sentinel acquires Interim Healthcare in management buyout


Interim Healthcare represents Sentinel's third investment in the healthcare sector and sixth investment in the franchising industry


NEW YORK, May 24, 2006 - Sentinel Capital Partners, a private equity firm that invests in promising, smaller middle-market companies, has acquired Interim Healthcare Inc., the nation's largest provider of home healthcare and supplemental health care staffing services. Based in Sunrise, Florida, Interim is the nation's oldest and best established healthcare franchise organization with an average owner tenure in excess of 23 years, more than 300 service locations in 39 states and Puerto Rico, more than $620 million in systemwide sales, and a committed workforce of 75,000 employees. The transaction closed on May 19, 2006.

"We seek to partner with talented managers of strong companies - in industries in which we have considerable experience – and to help them grow their businesses," said Paul Murphy, partner at Sentinel. "Interim is a market leader with a well-established and respected brand and a diversified mix of business and payors, and we are excited to be working with this outstanding management team to grow the company."

Allan Sorensen, Interim's Chief Executive Officer, said "With proven experience in the healthcare sector and with franchise organizations, both as franchisee and as franchisor, Sentinel understands our business well. With their strategic and financial support I am confident that our seasoned management team will take Interim to the next level."

"Key demographic trends are fueling growth in the home healthcare sector, and industry experts expect home healthcare to grow more than 40% in the next five years," said Jim Coady, partner at Sentinel. Added Coady, "With its solid business model, excellent management team and devoted franchisees and employees, few companies are better positioned than Interim to capitalize on this trend."

Sentinel has completed several transactions in both the franchising and healthcare sectors during the last two years. In May 2005, Sentinel and management acquired Metro Dentalcare, a leading regional dental clinic operator in the Minneapolis/St. Paul Twin Cities area. Also in May 2005, Sentinel sold Falcon Holdings, one of the largest franchisees in the worldwide chain of Church's Chicken restaurants, to its management team. And in June 2004, Sentinel sold Castle Dental Centers, a leading national dental clinic operator, to BrightNow! Dental.

05/2006

Nivel acquires Intercoastal Manufacturing Company

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Nivel acquires Intercoastal Manufacturing Company



NEW YORK, May 11, 2006 - Sentinel Capital Partners is pleased to announce that its portfolio company, Nivel Parts and Manufacturing Co. has acquired Huntington Investment Corporation d/b/a Intercoastal Manufacturing Company or "IMC." Nivel is the leading designer and distributor of a broad range of aftermarket golf car replacement parts and accessories. IMC, a Beaverton, Oregon-based company, also designs and distributes golf car parts and accessories.

"The IMC acquisition is consistent with our strategy of expanding Nivel's geographic presence and part and accessory product offering," said Bill Bugg, CEO of Nivel. "In addition, with the IMC acquisition we look forward to providing even better service to our many valued West Coast customers."

IMC is Nivel's second add-on acquisition since Sentinel's initial investment. The first was the September 2005 acquisition of HT Electric, the leading distributor of aftermarket golf car engines and related products. "We are pleased to continue to help Nivel build on its leading position in this niche market," said Jim Coady, partner at Sentinel. "IMC is a natural fit with Nivel, expands our product offerings, and positions Nivel as a leader in geographic areas previously under penetrated." American Capital Strategies, a minority co-investor in Nivel, provided debt financing for the acquisition.

"This acquisition is representative of the vision we share with our talented management team at Nivel and our partners at American Capital," said John McCormack, Sentinel's co-founder and senior partner. "We are very pleased with the progress of this investment, and believe the new combined company will continue to benefit from a growing market for aftermarket parts on and off the golf course."

Other recent Sentinel investments include: MetroDentalcare, a leading regional dental clinic operator and provider of group dental care in the greater Minneapolis/St. Paul metropolitan area; Fasloc, Inc, a manufacturer of safety products used in coal mining applications; and Madill, Inc; a manufacturer of forestry equipment.

04/2006

Sentinel completes recapitalization of LTI Flexible Products in management buyout

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Sentinel completes recapitalization of LTI Flexible Products in management buyout


Management Team of Sealing Systems Manufacturer Partners with Sentinel to Drive Growth


NEW YORK, April 14, 2006 - Sentinel Capital Partners, a private equity firm that invests in promising, smaller middle market companies, announced today the recapitalization of LTI FLexible Products, a leading manufacturer and distributor of extruded rubber and plastic sealing systems and components.

Headquartered in Rogers, Minnesota, LTI designs, manufactures, markets, and distributes extruded, die-cut, and molded flexible rubber and plastic components and sealing systems. The business has a history of design and manufacturing innovation related to sealing systems and applications.

"The LTI transaction is an excellent example of our partnering with management in a leading niche manufacturing business," said John McCormack, co-founder and senior partner of Sentinel. "Together with LTI's founders, we plan to continue growing the business and capitalizing on LTI's leadership position."

"With Sentinel, we have an excellent fit for both our business and employees to prosper in the future," said Doug Joseph, CEO of LTI. "We are very well positioned to continue growing our business and to benefit from Sentinel's experience helping companies our size."

"LTI's product development skill, diverse manufacturing capabilites, and stong customer relations position the business very well for growth," said Eric Bommer, a partner at Sentinel. "LTI is known for its premium products, superior technology, and history of innovation, and we look forward to working with this excellent management team to continue developing the business in North America."

04/2006

Sentinel completes recapitalization of Strategic Partners in management buyout

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Sentinel completes recapitalization of Strategic Partners in management buyout


Medical Uniform Industry Well Positioned to Benefit from Favorable Growth Outlook for Medical Personnel


NEW YORK, April 7, 2006 - Sentinel Capital Partners, a private equity firm that invests in promising, smaller middle market companies, announced today the recapitalization of Strategic Partners, Inc., a leading designer, manufacturer, and distributor of medical uniforms and girls' school uniforms for the specialty retail and mass merchant channels, in partnership with management.

Headquartered in Chatsworth, California, Strategic sells its products to independent and chain retailers of uniforms, mass merchants, and through catalogs and the Internet. Strategic's brands include Baby Phat, Cherokee, H.Q., Med•Man, Rockers, Classroom, Cherokee Workwear, Cherokee Studio, Team Scrubs, and Tooniforms. With over 50 license agreements, Strategic is one of the industry's largest licensors. Strategic also supplies hospitality uniforms to hotels, casinos, and restaurants, through its House of Uniforms division.

"This is a prototypical Sentinel transaction—a growing consumer business with a leadership position in our size range where the founding management is our partner" said David Lobel, founder and managing partner of Sentinel. "We are very pleased to be partners with Strategic's outstanding management and look forward to supporting their growth vision for the business."

"We are excited about our new partnership with Sentinel," said Mike Singer, CEO of Strategic. "The management and employees of Strategic are dedicated to continuing to provide our customers with the highest level of product quality and customer service."

"Industry forecasts indicate the healthcare industry is expected to continue growing and that demand for medical uniforms will move in lock step," said John McCormack, co-founder and senior partner at Sentinel. "Cherokee® is a premium industry brand and is noted for superior quality and design innovation. We look forward to working with this excellent management team to continue developing the business."

01/2006

Sentinel completes sale of Alemite to Harbour Group

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Sentinel completes sale of Alemite to Harbour Group


Leading Maker of Industrial Lubrication Equipment Positioned for Further Domestic and International Expansion


NEW YORK, January 24, 2006 - Sentinel Capital Partners, a leading private equity firm that invests in promising, smaller middle market companies, announced today the sale of Alemite Holdings, LP to an affiliate of Harbour Group. Alemite is a leading North American manufacturer of industrial lubrication and fluid handling equipment and systems. Alemite joins Lincoln Industrial Corporation as part of Harbour Group's Lubricating Systems Group.

"We are very proud of the growth Alemite has achieved since our acquisition in 2002 and the outstanding job management has done," said David S. Lobel, Managing Partner of Sentinel. Added Lobel, "Alemite is poised for continued growth and we wish management and Harbour Group continued success in further building the company's growth platform."

"The acquisition of Alemite is great for the company and great for our customers. It allows us to continue growing our business while maintaining the same standards of quality and innovation for which Alemite products are known," said Dana Waterman, CEO of Alemite. "We have enjoyed partnering with the Sentinel team. They have a successful track record of investing in manufacturing businesses, and have played an important role in helping management reposition Alemite. We now look forward to our association with Harbour Group and Lincoln Industrial and to continue providing Alemite customers with outstanding products and service," added Waterman.

According to Tom Fitzpatrick, Senior Operating Partner at Sentinel, "During the course of our investment we introduced a significant number of new products, implemented lean manufacturing, expanded production capacity, and revitalized the sales force." Added Fitzpatrick, "Alemite's management team has done a tremendous job taking an old line business that had stagnated and successfully executing a growth strategy."

Sentinel's investments in the manufacturing sector include: Cottman Transmissions Holdings, a provider of after-market transmission repair services; Fasloc, Inc, a manufacturer of specialized adhesive cartridges used in coal mining applications; Madill, Inc, a manufacturer of forestry equipment; and Spinrite, Inc, a manufacturer and marketer of craft yarn products for the hobby craft market. Terms of the Alemite transaction were not disclosed.

10/2005

Sentinel acquires Dupont's Anchorage Systems Business

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Sentinel acquires Dupont's Anchorage Systems Business


Newly-Formed Fasloc, Inc. Well Positioned To Benefit from Promising Coal Industry Outlook


NEW YORK, October 3, 2005 - Sentinel Capital Partners, a private equity firm that invests in promising, smaller middle-market companies, announced today the acquisition of the Anchorage Systems business of E.I. du Pont Nemours and Company (NYSE: DD), a leading manufacturer of specialized resin cartridges used in underground mines to create strong and reliable roof bolting systems. Sentinel has formed a new company, Fasloc, Inc., to hold the assets acquired from DuPont. Financial terms of the sale are not being disclosed.

Headquartered in Martinsburg, West Virginia, Fasloc manufactures polyester resin cartridges, under the Fasloc® and Cableloc® brands, that permanently secure roof support bolts used in mines to create stable and secure roofs, particularly in underground coal mines in the Eastern United States. The business has a history of innovation related to manufacturing, products and applications.

"This is a classic Sentinel Capital transaction that is within our sweet spot in the niche manufacturing sector," said Paul Murphy, partner of Sentinel. "We have demonstrated again our ability to successfully acquire companies that are smaller, non-core operations of large corporations."

Anchorage Systems has nearly 100 employees and a senior leadership team who have worked together for more than 10 years. "We are excited about our new partnership with Sentinel," said Max Burnham, President of Fasloc. "The management and employees of Fasloc are dedicated to continuing to provide our customers with the highest level of product quality and technical service."

"With Sentinel, we believe that we have an excellent fit for both the business and employees to prosper in the future," said Nick Fanandakis, vice president and general manager of DuPont Chemical Solutions Enterprise. "Fasloc's experienced management, manufacturing and sales teams will remain in place to assure a smooth transition process providing the same high levels of service and product quality to customers."

"Industry forecasts indicate the coal mining business is expected to continue growing and that demand for roof bolt resins will mirror that trend," said Tom Fitzpatrick, an operating partner at Sentinel. "Fasloc® and Cableloc® are premium products with superior technology elements and a history of product innovation. We look forward to working with this excellent management team to continue developing the business in North America."

Sentinel recently completed raising $319 million of capital for Sentinel Capital Partners III, L.P. In addition to a number of acquisitions and realizations over the past 16 months, Sentinel in June acquired Madill Inc., a leading manufacturer, marketer and distributor of forestry equipment, in a transaction valued at Cdn $80 million.

06/2005

Sentinel and management acquire Madill for Cdn $80 million

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Sentinel and management acquire Madill for Cdn $80 million


Management Team of Leading Forestry Equipment Manufacturer Partners with Sentinel to Drive Growth


NEW YORK, June 27, 2005 - Sentinel Capital Partners, a private equity firm that invests in promising, smaller middle-market companies, announced today the acquisition of Madill Inc., a leading manufacturer, marketer and distributor of forestry equipment. Sentinel purchased Madill from Key Equity Capital Corporation, the predecessor fund to Blue Point Capital Partners, and The CECO Group of Companies in a transaction valued at Cdn $80 million.

Founded in 1911 in Nanaimo, British Columbia, Madill has grown over the past decade as the result of strategic acquisitions and organic growth. The company manufactures technologically superior mechanical harvesting and other logging equipment at its facilities in British Columbia and Washington State and has sales and distribution offices in the northwest U.S., British Columbia and Alberta. Its products are designed exclusively for the needs of the forestry industry and are purpose-built to withstand both extreme terrain and weather conditions. The Madill name is a highly regarded brand in the logging industry.

"Madill is a recognized leader with tremendous brand equity whose products are engineered specifically for forestry applications," said Eric Bommer, a partner at Sentinel. "We are partnering with an outstanding management team at Madill and see opportunities to continue to grow the business through geographic and product line expansion and opportunistic strategic acquisitions."

Ron Dunbar, President of Madill, said, "We have built our reputation by providing heavy-duty, high-quality equipment that is purpose built for the performance requirements and conditions of the logging industry. The forest products market is expected to continue to exhibit steady increases in production due to strong and consistent underlying demand for wood and paper-based products worldwide. Our seasoned management team looks forward to working with Sentinel, whose proven track record of building value for its investors and management partners is well known."

John McCormack, Sentinel's co-founder and Senior Partner, said, "Madill has a long history of growth and profitability, and a high return on invested capital. Madill's excellent senior management team led by Ron will give us a distinct advantage as we implement strategic initiatives to grow the business in Canada and the U.S."

Sentinel recently completed raising $319 million of capital for Sentinel Capital Partners III, L.P. In addition to a number of acquisitions and realizations over the past 16 months, Sentinel last month acquired MetroDentalcare, a leading regional dental clinic operator and provider of group dental care in the greater Minneapolis/St. Paul metropolitan area. Also in May, Sentinel sold Falcon Holdings, one of the largest franchisees in the worldwide chain of Church's Chicken restaurants. The sale returned approximately 3.1x on Sentinel's five-year investment.

05/2005

Sentinel and management acquire Metro Dentalcare in buyout transaction

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Sentinel and management acquire Metro Dentalcare in buyout transaction



NEW YORK, May 25, 2005 - Sentinel Capital Partners, a private equity firm that invests in promising, smaller middle-market companies, announced today the acquisition of MetroDentalcare, a leading regional dental clinic operator and provider of group dental care to more than 125,000 patients in the greater Minneapolis/St. Paul metropolitan area. The acquisition of MetroDentalcare is Sentinel's second investment in the $78 billion dental services industry.

Founded in 1968 by Dr. David Milbrath, MetroDentalcare expanded under the stewardship of Dr. Milbrath, Dr. Marcus Gustafson, and Robert Sponsel, MetroDentalcare's current senior management team. Today, MetroDentalcare's group practice includes more than 500 doctors, hygienists and dental assistants serving patients in the Twin Cities from 23 locations. MetroDentalcare is Minnesota's fastest-growing practice and provides a range of state-of-the-art preventive, restorative, pediatric and cosmetic dental services to its patients. Annual revenues are approximately $60 million.

"MetroDentalcare is a leader in an industry we understand well and where we have had previous success," said Paul Murphy, a principal at Sentinel. "We believe this business is well positioned for continued growth and we are extremely pleased to have this opportunity to partner with a great management team to grow and expand their services throughout Minnesota."

In 2003, Sentinel acquired Castle Dental Centers, Inc., a leading provider of dental services in Texas, Florida, Tennessee and California. After the acquisition, Sentinel worked closely with the management team to implement a series of operational initiatives to improve performance and strengthen the business. Last year, Sentinel completed a merger of Castle Dental with Bright Now!® Dental, Inc.

According to Drs. Milbrath and Gustafson, "We chose Sentinel because they understand our industry and have a successful track record in building entrepreneurial businesses. The Sentinel team fits well with our philosophy of doing business and we are very confident in our ability to grow MetroDentalcare while at the same time continuing to provide the quality care our patients have come to expect."

Jim Coady, a principal at Sentinel, said, "We have come to know and respect the people at MetroDentalcare as we have reviewed the business. We are pleased that the entire senior management team is investing alongside us in this transaction and we are eager to work with them to take the company to the next level of growth. Also, MetroDentalcare is the third investment we have made in Minnesota and we like this region very much."

Sentinel recently completed raising $319 million of capital for Sentinel Capital Partners III, L.P. The Fund was more than two times oversubscribed and surpassed its original target of $225 million. Over the past 16 months, Sentinel has acquired Spinrite, a leading manufacturer of craft yarn, and Nivel, a leading independent manufacturer and distributor of aftermarket golf car replacement parts and accessories. Realizations over the same period have included Cottman Transmission Systems (to American Capital Strategies for $77.3 million, a return of 3x cost); the sale of Castle Dental Centers (to Bright Now! Dental, a portfolio company of Gryphon Investors, for $56 million, a return of 2.2x cost); a sale of Falcon Holdings (to management, a return of 3.1x cost); and the sale of Floral Plant Growers (to Blue Point Capital, a return of 2x cost). In February 2005, after 12 months of ownership, Sentinel realized a 7.5x gain on its investment in Spinrite when that company successfully completed a Cdn$202.9 million IPO.

05/2005

Sentinel sells Falcon Holdings LLC to its CEO and management

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Sentinel sells Falcon Holdings LLC to its CEO and management



NEW YORK, May 25, 2005 - Sentinel Capital Partners, a private equity firm that invests in promising, smaller middle-market companies, announced today the sale of Falcon Holdings to Falcon CEO Aslam Khan and his management team. With 101 units Falcon is one of the largest franchisees in the worldwide chain of Church's Chicken restaurants.

Khan and Sentinel partnered in 1999 to purchase Falcon from the company's prior lender. At the time Falcon had defaulted on its loan and was generating negative EBITDA. Khan had previously implemented a turnaround in the Church's system and the circumstances at Falcon were familiar to Khan. Sentinel recognized Khan's restaurant operating talent and with Khan outlined a plan to return Falcon to profitability. Immediately Sentinel and Khan recruited new executives to assist with Falcon's turnaround. Sentinel also recruited a prominent industry executive to serve on Falcon's board. Over several years Khan and his team were able to implement operating and financial systems and controls and grow comparable store sales, eventually producing EBITDA margins in excess of 10%. Today Falcon's comparable restaurant sales growth and performance metrics routinely exceed those of the Church's system and Falcon is solidly profitable.

"Falcon's restaurant operations were deteriorating rapidly when we made our initial investment in 1999," said John F. McCormack, co-founder of Sentinel. "We are contrarian investors and understood that with the right management team in place we could help reverse Falcon's declines and create a chain of better-performing QSR restaurants. Aslam now has a successful track record of transforming two Church's franchises and we are pleased to have had the opportunity to work with him and sell him a controlling interest in the business. We look forward to watching Aslam take Falcon to the next level as he works toward his goal of being one of the top restaurant operators in the country."

Financing for the transaction consisted of $27.3 million in sale-leaseback financing from Spirit Finance Corporation, a publicly traded real estate investment trust (NYSE: SFC), and $17.6 million in a senior debt facility provided by Falcon's existing lender, Wells Fargo Commercial Capital. In addition, Khan contributed his equity position in Falcon to the transaction.

"The Falcon sale is an outstanding transaction for Sentinel," said Jim Coady, a principal of Sentinel. "We've enjoyed our relationship with Aslam and his team and are pleased with the success of the deal. Aslam is in good hands with Spirit and Wells Fargo, financing sources that were a pleasure to do business with."

According to Mr. Khan, "The Sentinel team had the insight to invest in Falcon at a time when many other investors thought we could not transform this business into a leader within the Church's chain. I am grateful they had the confidence to support my team as we built Falcon into a healthy and profitable company that now has a bright future."

Franchising is a key investment sector for Sentinel. In addition to restaurants, the firm has successfully partnered with management in other industries, as with its investment in Cottman Transmissions Holdings, a provider of automotive after-market services. Cottman, which Sentinel sold in March of 2004, was an outstanding performer for Sentinel, as highlighted by an increase in franchise locations from approximately 200 to 400 across 43 states and Canada.

Sentinel recently completed raising $319 million of capital for Sentinel Capital Partners III, L.P. The Fund was more than two times oversubscribed and surpassed its original target of $225 million. Over the past 16 months, Sentinel has acquired Spinrite, a leading manufacturer of craft yarn, and Nivel, a leading independent manufacturer and distributor of aftermarket golf car replacement parts and accessories. Realizations over the same period have included Cottman Transmission Systems (to American Capital Strategies for $77.3 million, a return of 3x cost); the sale of Castle Dental Centers (to Bright Now! Dental, a portfolio company of Gryphon Investors, for $56 million, a return of 2.2x cost); and the sale of Floral Plant Growers (to Blue Point Capital, a return of 2x cost). In February 2005, after 12 months of ownership, Sentinel realized a 7.5x gain on its investment in Spinrite when that company successfully completed a Cdn$202.9 million IPO.

02/2005

Sentinel completes IPO of Spinrite in a Cdn $202.9 million transaction

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Sentinel completes IPO of Spinrite in a Cdn $202.9 million transaction



NEW YORK, February 8, 2005 - Sentinel Capital Partners, a leading private equity firm that invests in promising middle market companies, today announced the initial public offering of Spinrite, a Sentinel portfolio company that is a premier manufacturer and marketer of craft yarn products in North America. Sentinel acquired the business with management in January 2004.

"The successful outcome of this investment speaks volumes about the quality of Spinrite and its management team and employees. Spinrite is a leader in its market and has tremendous potential. We are thrilled to remain significant investors in a truly exceptional business," said Eric Bommer, a partner at Sentinel. Thomas Fitzpatrick, a Sentinel operating partner, added, "Since making our investment, numerous operational initiatives have been implemented to help Spinrite enhance its financial performance and capitalize on significant growth opportunities. Every step of the way, Spinrite's management and employees exceeded our expectations."

Dario Margve, President and Chief Executive Officer of Spinrite, said, "We believe that Spinrite is well positioned to continue its outstanding performance. Our relationship with Sentinel has helped us reach this tremendous milestone in Spinrite's history. I am proud to lead such a great business with such a dedicated and talented group of employees."

David Lobel, Managing Partner and founder of Sentinel, said, "We are very pleased with this result and fortunate to have backed such an outstanding management team. This is Sentinel's fifth realization in in the past 10 months and we are pleased to have been able to return capital to our investors.

The Cdn $202.9 million IPO was structured through a Canadian Income Fund. Sentinel will continue holding a minority stake in Spinrite. The enterprise value of the transaction was $301 million. Spinrite Income Fund is listed on the Toronto Stock Exchange and will trade under the symbol "SNF.UN". The offering was underwritten by a syndicate lead by Scotia Capital Inc. and CIBC World Markets Inc and including BMO Nesbitt Burns Inc., RBC Dominion Securities Inc. and TD Securities Inc.

Based in Listowel, Ontario and established in 1952, Spinrite is well known for its Bernat, Patons, Lily Sugar'n Cream, and Phentex brands which are sold through mass merchants, needlecraft and hobby stores, and independent specialty stores. Spinrite possesses the most modern and diversified craft yarn manufacturing operation in North America and is recognized as the needlecraft market leader in new product development.

10/2004

Sentinel completes sale of Floral Plant Growers to Blue Point Capital Partners

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Sentinel completes sale of Floral Plant Growers to Blue Point Capital Partners


Leading Regional Producer of Specialty Floriculture Poised for Continued Growth


NEW YORK, October 28, 2004 - Sentinel Capital Partners announced today the sale of Floral Plant Growers, L.L.C., a leading regional producer and marketer of floriculture products, to Blue Point Capital Partners and members of the management team.

Floral Plant Growers, headquartered in Denmark, Wisconsin, produces, markets and sells floriculture products to mass-merchant retailers. Floral's primarily product is bedding plants, which are small-blooming flowers sold in trays for planting in gardens or flower boxes, a rapidly growing segment of the horticulture market that has grown 10% annually for the past 10 years. Floral manages more than 70 acres of production capacity in five highly automated greenhouses in Maryland, Delaware, Wisconsin, Iowa and Indiana.

"Floral is superbly positioned for continued prosperity after successfully implementing a number of strategic growth initiatives designed to improve the operations of the business on our watch," said John McCormack, co-founder and Senior Partner of Sentinel. "Sentinel's investment team partnered with Floral's experienced management to grow the business and create value for Floral's shareholders. Demographic trends have made gardening one of the most popular past time activities and strong interest in this category will continue. We expect Blue Point will also provide additional creative talent to continue Floral's growth.

Sentinel acquired Floral in 1996. Eric Bommer, a partner at Sentinel, said, "During Sentinel's ownership, we worked closely with Floral's management team to implement sophisticated operational processes that enabled Floral to better serve its customer base of big-box retailers and mass merchants. Also, we are very pleased with Sentinel's investment returns on this transaction. We have enjoyed working closely with Floral's management team and wish them great success."

Dean Chaloupka, president of Floral Plant Growers who will continue in this capacity, said, "We are very proud of all we have achieved over the past several years. We look forward with great excitement toward our next phase of development with the team at Blue Point and we are very pleased to have worked so closely with Sentinel's experienced group of executives who helped us drive the business.

Sentinel was advised in the transaction by Houlihan Lokey Howard & Zukin, a leading international investment bank. Houlihan Lokey served as exclusive financial advisor, and helped structure and negotiate the sale of Floral on behalf of Sentinel.

06/2004

Sentinel sells Castle Dental Centers to Bright Now! Dental in a $56 million transaction

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Sentinel sells Castle Dental Centers to Bright Now! Dental in a $56 million transaction


Investment Yields More Than 2.2x in One Year


NEW YORK, June 17, 2004 - Sentinel Capital Partners announced today that its portfolio company, Castle Dental Centers, Inc., (OTC Bulletin Board: CASL.OB-News) has completed its merger with Bright Now! Dental, Inc. of Santa Ana, CA in a transaction valued at $56 million. Castle Dental is a leading provider of dental services in Texas, Florida, Tennessee and California. Bright Now's majority shareholder was a private equity firm.

Paul Murphy, a Principal at Sentinel, said, "Over the past year, we have worked very closely with the Castle Dental management team implementing operational enhancements to improve performance and incentive programs to align management's interests with the interests of the shareholders. We have enjoyed working with them and the results of our joint efforts have been quite rewarding.

"We have valued our partnership with Sentinel and their strategic and financial support," said John Slack, Castle Dental's Chief Executive Officer. "We are enthusiastic about joining forces with Bright Now and believe that the transaction is in the best interests of Castle Dental and all of its constituencies, including our shareholders, employees, affiliated dentists, and most important, patients.

"Castle Dental is a strong strategic fit with Bright Now", said David Lobel, Founder and Managing Partner of Sentinel Capital Partners. "We are confident that Bright Now's excellent management team will effectively capitalize on the exciting new opportunities that lie ahead to deliver quality patient care. Castle Dental is a solid business and we are pleased to be able to position the company for continued growth. We are also pleased to return capital to our investors.

In May 2003, Sentinel and management recapitalized Castle Dental. GE Healthcare Services provided debt financing for the recapitalization. Sentinel originated, sponsored and negotiated the transaction, arranged the debt financing and provided equity financing from Sentinel Capital Partners II, L.P.

05/2004

Sentinel and Caxton-Iseman recapitalize Buffets, Inc. and pay dividend to shareholders

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Sentinel and Caxton-Iseman recapitalize Buffets, Inc. and pay dividend to shareholders



NEW YORK, May 12, 2004 - Sentinel Capital Partners and Caxton-Iseman Capital, Inc. are pleased to announce a recapitalization of Buffets, Inc. and the payment of a $75 dividend to shareholders. Buffets, headquartered in Eagan, Minnesota, is the largest operator of high quality buffet-style restaurants in the United States with 396 restaurants in 38 states operating under the brand names Old Country Buffet and HomeTown Buffet.

Buffets announced today that it has priced an offering of its 13 7/8% senior discount notes due 2010 in a Rule 144A offering. Gross proceeds from the offering are $75 million. Credit Suisse First Boston was lead manager for the $75 million high yield debt financing. Buffets will use the cash proceeds from the offering of the senior discount notes primarily to make a dividend distribution to stockholders.

"This recapitalization is designed to enable Buffets shareholders an opportunity to partially realize on the substantial equity appreciation Buffets has generated to date while still preserving the opportunity to remain shareholders and benefit from future equity appreciation."

Buffets is the market leader of the $4.2 billion buffet/cafeteria segment. "We are delighted to have worked on this recap with Caxton-Iseman Capital, and we look forward to continuing to serve together on Buffets' Board of Directors and to assist the company's management team in every way possible," Mr. Lobel said.

Buffets is well positioned in the mid-scale dining segment and offers a convenient, value-priced selection of high quality food and excellent customer service. Buffets was an early innovator of the scatter-bar concept, in which food is presented on self-service islands from which customers select the items and portions of their choice. With innovations such as the scatter-bar system and all-inclusive pricing, Buffets' brands are synonymous with the modern buffet concept.

Buffets' formula of exceptional value, convenience, quality, and service has generated consistent growth in sales and profits. Management's strategic objective is to reinforce Buffets' position as the market leader in the buffet-style restaurant segment by expanding its core Old Country Buffet and Hometown Buffet concepts. Buffets will also selectively expand its complementary Tahoe Joe's steakhouse concept.

About Caxton-Iseman Capital
Caxton-Iseman Capital is a leading New York-based private equity investment firm specializing in leveraged buyouts. The firm's investment vehicles currently have $700 million of capital available to them for leveraged buyouts. Caxton-Iseman Capital is funded primarily by affiliates of Caxton Corporation, a New York investment firm whose affiliated companies have in excess of $3.5 billion of capital.

03/2004

Sentinel sells Cottman to American Capital Strategies for $77.3 million

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Sentinel sells Cottman to American Capital Strategies for $77.3 million



NEW YORK, April 19, 2004 - Sentinel Capital Partners announced today the sale of Cottman Transmission Holdings, LLC to American Capital Strategies, Ltd. (NASDAQ: ACAS) for $77.3 million.

Cottman is a franchisor of automotive transmission centers that repair, remanufacture and service transmissions and related components. Cottman, the "Transmission Physician," opened its first transmission repair center on Cottman Avenue in Philadelphia in 1962. With more than 391 centers in the United States and Canada, Cottman is the fastest growing transmission service and repair chain in North America.

Under Sentinel's stewardship, Cottman developed innovative customer service and quality initiatives, and enhanced its franchise support system A leader in both franchising and the automotive aftermarket, Cottman is regarded as a well managed and efficient business by its franchisees and as a trustworthy choice for automotive transmission repairs by consumers. Cottman is consistently ranked among the top franchise organizations in the U.S.

"Franchising is a key investment sector for us and Cottman has been an outstanding performer for Sentinel," said David Lobel, Sentinel's founder and Managing Partner. "Todd Leff, Cottman's CEO, and the entire Cottman management team worked successfully with Sentinel to build the business by significantly increasing the number of franchise locations which are now in 43 states and Canada. We are very confident that they can continue to build the business and deliver results under the guidance of their new partners at American Capital."

"We have valued our partnership with Sentinel and their strategic and financial support as we executed our growth strategy," said Mr. Leff. "The partners at American Capital will bring a new and fresh perspective to the business and we look forward to working closely with them too." In addition to Mr. Leff, who continues as CEO, other members of senior management will remain with the company and invest in Cottman alongside American Capital.

American Capital recently supplied the senior and subordinated debt and co-invested with Sentinel in Nivel Parts and Manufacturing Co., LLC, a leading independent manufacturer and distributor of aftermarket golf car replacement parts and accessories. "American Capital has become a trusted partner and financing source," said David Lobel. "This was a primary reason for selecting American Capital as the buyer of Cottman." American Capital is a publicly traded buyout and mezzanine fund with capital resources in excess of $2.7 billion.

02/2004

Sentinel completes sale of subordinated notes of Castle Dental

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Sentinel completes sale of subordinated notes of Castle Dental



NEW YORK, February 13, 2004 - Sentinel Capital Partners, a leading private equity firm that invests in smaller middle market management buyouts, is pleased to announce the sale of its subordinated note holdings in Castle Dental Centers, Inc. in a recapitalization transaction. Headquartered in Houston, Texas, Castle Dental develops, manages and operates integrated dental networks in Texas, Tennessee, Florida and California. Castle Dental provides general dentistry, orthodontic and other dental specialty services through 76 dental clinics with approximately 200 affiliated dentists.

"The sale of our subordinated notes demonstrates the substantial progress Castle has made since we made our original investment and also enables Sentinel to achieve some liquidity," said David Lobel, Sentinel's Founder and Managing Partner. "Castle Dental is a highly respected and recognizable brand in the dental services industry and has established a leadership position in its markets," Lobel noted.

"Castle Dental is well positioned to expand the range of specialty services it offers its patients and thereby to take advantage of the company's strong dental office system," said Paul Murphy, a Principal at Sentinel. "We continue to hold all of our common stock and therefore are well positioned to benefit as Castle grows."

02/2004

Sentinel and management acquire Nivel Parts and Manufacturing for $26.5 million

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Sentinel and management acquire Nivel Parts and Manufacturing for $26.5 million



NEW YORK, February 16, 2004 - Sentinel Capital Partners, a private equity firm that invests in smaller middle market buyouts, is pleased to announce the management buyout of Nivel Parts and Manufacturing Co. valued at $26.5 million. Headquartered in Jacksonville, Florida, Nivel is a leading independent manufacturer and distributor of aftermarket golf car replacement parts and accessories.

"We are actively pursuing investments in strong companies with leading positions in niche markets," said John McCormack, Sentinel's Co-founder and Senior Partner. "Nivel has a strong and dynamic management team that has been successful growing this business. We look forward to partnering with Nivel's entire management team to implement the strategic and operational initiatives that will enable the company to continue to grow at its historical rates."

Nivel supplies over 2,000 golf car part SKUs, including battery parts, bearings, brake parts, chargers, body accessories, motor parts and related replacement parts for all makes and models including Club Car, E-Z-Go and Yamaha. Nivel is also recognized for its leading product catalog which is distributed to 1,800 dealers worldwide

"The demand for golf car replacement parts is expected to continue to grow as more players enter the game of golf and new courses are constructed", added Jim Coady, a Principal at Sentinel. "Additionally, about 40% of the market for these cars is for use in non-traditional areas such as planned communities, industrial environments and off-road transportation vehicles, and these sectors are growing at a significantly faster rate than that for golf use."

"I look forward to working with the Sentinel team as we position Nivel for continued growth," said Pat McGrogan, Nivel's CEO. "The market for golf car replacement parts is expected to expand along with the growing number of golfers and their frequency of play. We hope to build upon our loyal customer base of original equipment and independent dealers who have come to rely upon our depth of products, timely delivery and competitive pricing. We see many opportunities to expand our product offerings and to penetrate geographic areas where we are not currently a leader."

American Capital Strategies provided debt financing for the recapitalization and is also an equity co-investor.

02/2004

Sentinel completes recapitalization of Spinrite in partnership with management

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Sentinel completes recapitalization of Spinrite in partnership with management



NEW YORK, February 12, 2004 - Sentinel Capital Partners, a leading private equity firm that invests in promising, smaller middle market companies, is pleased to announce a recapitalization of Spinrite Inc. Headquartered in Listowel, Ontario, Spinrite is one of the leading manufacturers and marketers of craft yarn products in North America.

Established 52 years ago, Spinrite is well known for its Bernat, Patons, Lily Sugar'n Cream, and Phentex brands, which are sold through mass merchants, needlecraft and hobby stores, and independent specialty stores. Spinrite possesses the most modern and diversified craft yarn manufacturing, dyeing and finishing operation in North America and is recognized as a market leader in new product development.

"Spinrite is a market leader with an outstanding reputation in the needlecraft category. We are thrilled to be associated with Spinrite and its employees. With its extensive manufacturing capabilities and first rate management team, Spinrite is well positioned to capitalize on the projected growth in the category," said Eric Bommer, a Partner at Sentinel.

"Spinrite is a market leader with an outstanding reputation in the craft yarn category. We are pleased to partner with the Sentinel team in order to build our unique business," said Robert Hay, Chief Executive Officer of Spinrite. “Since the company was founded by my father over 52 years ago, we have developed a loyal consumer following. We are confident that by working together with Sentinel we will be able to further develop our business."

"Our partnership with Spinrite's management is consistent with our strategy of backing strong management teams in growing consumer-driven businesses," said David Lobel, Sentinel's founder and Managing Partner. “We look forward to working with Spinrite's management team to continue building upon Spinrite's history of success."

Scotia Bank provided senior debt for the recapitalization and Norwest Mezzanine Partners provided subordinated debt financing .

05/2003

Sentinel and management complete $66.2 million recapitalization of Castle Dental Centers

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Sentinel and management complete $66.2 million recapitalization of Castle Dental Centers



NEW YORK, May 15, 2003 - Sentinel Capital Partners is pleased to announce a $66.2 million recapitalization of Castle Dental Centers, Inc. Headquartered in Houston, Texas, Castle Dental develops, manages and operates integrated dental networks in Texas, Tennessee, Florida and California. Castle Dental provides general dentistry, orthodontic and other dental specialty services through 77 dental centers with approximately 200 affiliated dentists.

"This investment is consistent with Sentinel's plan to selectively invest in quality niche service businesses," said David Lobel, Sentinel's Founder and Managing Partner. "Castle Dental is a highly respected and recognizable brand in the dental services industry and has established a leadership position in its markets," Lobel noted. "We are also delighted to partner in this deal with Castle Dental's senior management who invested alongside us. We look forward to working closely with them and assisting in the company's growth plan," Lobel added.

"Castle Dental is well positioned to expand the range of specialty services it offers its patients and thereby to take advantage of the company's strong dental office system," said Paul Murphy, a Principal at Sentinel. "Our objective is to substantially increase Castle Dental's profitability over the next several years, and the company has the systems and infrastructure in place to accomplish this goal."

James M. Usdan, President and Chief Executive Officer, commented, "We are extremely pleased to announce the completion of our debt restructuring and recapitalization efforts, which have been ongoing for more than two years. The infusion of new equity into Castle Dental by Sentinel Capital Partners and the replacement of our senior credit facility with the new line of credit provided by GE Healthcare Services, substantially reduces our debt and provides Castle Dental a stable capital structure for the first time in several years. We have been able to achieve this result through the hard work of our employees and affiliated dentists by focusing on improving the quality of services provided to our patients, stringent cost controls, improving provider relations with our affiliated dental professionals, and selling or closing poorly performing dental centers. With our strengthened balance sheet and new financial partners, we will be able to continue our efforts to become the leading dental healthcare provider in the markets that we serve."

GE Healthcare Services, Castle Dental's existing senior lender, provided debt financing for the recapitalization.

12/2002

Sentinel completes recapitalization of Cottman and distributes dividend to shareholders

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Sentinel completes recapitalization of Cottman and distributes dividend to shareholders



NEW YORK, December 18, 2002 - Sentinel Capital Partners is pleased to announce a $33 million leveraged recapitalization of Cottman Transmission Systems, LLC. Headquartered in Fort Washington, Pennsylvania, Cottman is a leading franchisor of automotive transmission centers that repair, remanufacture and service transmissions and related drive line components.

"Cottman has demonstrated an ability to thrive during an exceedingly difficult economic environment and this recapitalization rewards the company for its superior performance," said David Lobel, Sentinel's Founder and Managing Partner. "Moreover, Sentinel and Cottman's management were able to enjoy a partial realization on our equity investments," Mr. Lobel added.

Cottman opened its first transmission repair center on Cottman Avenue in Philadelphia in 1962. With more than 365 centers in the US and Canada, Cottman, the "Transmission Physician," operates one of the largest chains of transmission service and repair centers in North America. Cottman has earned many industry awards and has been consistently ranked among the top franchise organizations in the US.

"We are delighted to have worked on this recap with Cottman's management team who have done a fantastic job, and we look forward to continuing to assist management in every way possible," said Jim Coady, a Sentinel Principal.

Antares Capital Corporation and GE Capital Commercial Finance, Cottman's existing senior lenders, co-managed a $33 million senior secured credit facility for the transaction.

"Cottman is well positioned to continue its aggressive growth strategy in the transmission repair aftermarket. The demographics of this industry are very attractive and the interest we are receiving from prospective franchisees is unprecedented," said Todd Leff, Cottman's Chief Executive Officer. "With innovations such as our National Fleet Program, extended warranty protection, and 24-Hour Emergency Towing Hotline, Cottman has established a leadership position in the industry," added Mr. Leff.

Cottman's formula of convenience, quality, and excellent service has generated consistent growth in sales and profits. Cottman has also successfully grown comparable store sales for the past several years. Management's strategic objective is to reinforce Cottman's position as the market leader in the transmission repair aftermarket by continuing to rapidly expand its geographical coverage, providing outstanding service to its franchisees, and rolling out national advertising programs.

06/2002

Sentinel and Caxton-Iseman complete $525 million leveraged recapitalization of Buffets, Inc.

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Sentinel and Caxton-Iseman complete $525 million leveraged recapitalization of Buffets, Inc.



NEW YORK, June 30, 2002 - Sentinel Capital Partners and Caxton-Iseman Capital, Inc. are pleased to announce a $525 million leveraged recapitalization of Buffets, Inc. Buffets, headquartered in Eagan, Minnesota, is the largest operator of high quality buffet-style restaurants in the United States with 396 restaurants in 38 states operating under the brand names Old Country Buffet and HomeTown Buffet.

"This recapitalization is designed to give Buffets a more flexible capital structure," said David Lobel, Sentinel's Founder and Managing Partner. "In addition, Buffets' shareholders were able to enjoy a partial realization on our equity investments," Mr. Lobel added.

Buffets is the market leader, currently holding 22% of the $4.2 billion buffet/cafeteria segment, making it nearly twice as large as its next largest competitor. "We are delighted to have worked on this recap with Caxton-Iseman Capital, and we look forward to continuing to serve together on Buffets' Board of Directors and to assist the company's management team in every way possible," Mr. Lobel said.

Credit Suisse First Boston and FleetBancBoston led a syndicate that provided a $295 million senior secured credit facility for the transaction. Credit Suisse First Boston was lead manager for a $230 million high yield debt financing. Co-managers for the high yield offering were Morgan Stanley, Salomon Smith Barney, UBS Warburg, and Fleet Securities, Inc.

Buffets is well positioned in the mid-scale dining segment and offers a convenient, value-priced selection of high quality food and excellent customer service. Buffets was an early innovator of the scatter-bar concept, in which food is presented on self-service islands from which customers select the items and portions of their choice. With innovations such as the scatter-bar system and all-inclusive pricing, Buffets' brands are synonymous with the modern buffet concept.

Buffets' formula of exceptional value, convenience, quality, and service has generated consistent growth in sales and profits. Buffets has also successfully grown comparable store sales for the past several years. Management's strategic objective is to reinforce Buffets' position as the market leader in the buffet-style restaurant segment by expanding its core Old Country Buffet and Hometown Buffet concepts. Buffets will also selectively expand its complementary Tahoe Joe's steakhouse concept.

About Caxton-Iseman Capital
Caxton-Iseman Capital is a leading New York-based private equity investment firm specializing in leveraged buyouts. The firm's investment vehicles currently have $700 million of capital available to them for leveraged buyouts. Caxton-Iseman Capital is funded primarily by affiliates of Caxton Corporation, a New York investment firm whose affiliated companies have in excess of $3.5 billion of capital.

06/2002

Sentinel acquires Alemite Corporation for $39.3 million

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Sentinel acquires Alemite Corporation for $39.3 million



NEW YORK, June 14, 2002 - Sentinel Capital Partners is pleased to announce the acquisition of Alemite Corporation. Alemite is the leading designer, manufacturer, and marketer of industrial lubrication equipment and components in North America.

Sentinel has acquired Alemite, a former subsidiary of Invensys plc, in a management buyout transaction valued at $39.3 million. Alemite was founded in 1919 and is headquartered in Charlotte, North Carolina. Invensys plc, headquartered in London, England, is an international production technology and energy management group that specializes in helping companies to improve efficiency, performance and profitability. Sentinel originated, sponsored and negotiated the transaction, arranged the acquisition debt and provided equity financing from Sentinel Capital Partners II, L.P.

"This deal is consistent with Sentinel's plan to selectively invest in quality niche manufacturing businesses," said David Lobel, Sentinel's Founder and Managing Partner. "Alemite is the most highly respected and recognizable brand in the lubrication industry. Alemite's product line includes grease guns, grease fittings, pumps and reels, and automatic lubrication devices. Alemite invented the hydraulic grease fitting in the 1920s and has been a leader in the industrial lubrication market for the past 80 years."

"We are delighted to partner in this deal with Alemite's senior management. We look forward to working closely with them and assisting in the company's growth plan and continued strong performance," Lobel added. AmSouth Bank, a division of AmSouth Bancorporation (NYSE: ASO), provided senior debt financing for the transaction. American Capital Strategies, Ltd. (NASDAQ: ACAS) provided subordinated debt financing.

"Alemite is well positioned to expand internationally and to make complementary acquisitions in the U.S. that can take advantage of the company's strong domestic distribution channels," said John McCormack, Sentinel's Senior Partner and co-founder. "Our objective is to substantially increase Alemite's size over the next five years, and the company has the systems and infrastructure in place to accomplish this goal."

01/2002

Growing Family acquires First Impressions

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Growing Family acquires First Impressions



NEW YORK, January 22, 2002 - Growing Family, Inc., a Sentinel Capital Partners portfolio company, today announced that it has completed an add-on acquisition of the First Impressions newborn photography business. Growing Family is the nation's leader of in-hospital infant photography.

"Over the past four years, First Impressions has developed many relationships in the healthcare industry and has earned a reputation for innovative and quality service," said David A. Van Vliet, President and CEO of Growing Family, "This acquisition fits perfectly with Growing Family's growth plans and allows us to expand our in-hospital newborn portrait service coverage and help even more new families celebrate and commemorate the birth of a new baby."

With the acquisition of First Impressions, the third largest provider of infant photography, Growing Family will now secure service agreements with an additional 146 hospitals and reach approximately 3 million new families a year within hours of the child's birth.

Growing Family, the nation's leading in-hospital infant photography provider, services hospitals across the U.S. and Canada. Providing products like the First Foto®, baby's first newborn photo, and WebNursery®, baby's first web page, Growing Family strives to provide valuable and relevant products and services to new parents and partner hospitals.

10/2000

Sentinel and Caxton-Iseman acquire Buffets, Inc. for $665 million

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Sentinel and Caxton-Iseman acquire Buffets, Inc. for $665 million



NEW YORK, October 4, 2000 - Sentinel Capital Partners, Caxton-Iseman Capital, Inc. and management of Buffets, Inc. (NASDAQ:BOCB) are pleased to announce the acquisition of the company in a transaction valued at $665 million. Buffets, headquartered in Eagan, Minnesota, is the largest operator of high quality buffet-style restaurants in the United States with 403 restaurants in 38 states operating under the brand names Old Country Buffet and HomeTown Buffet.

"This deal is consistent with Sentinel's plan to invest selectively in quality restaurant franchises," said David Lobel, Sentinel's Founder and Managing Partner. "Buffets enjoys a leading position in the scatter-bar segment of the restaurant industry, which has enjoyed a 17% compound annual growth rate since 1990.

"Buffets is the market leader, currently holding 22% of the $4.2 billion buffet/cafeteria segment, making it nearly twice as large as its next largest competitor," Lobel added. "Naturally, we are delighted to join in this deal with Caxton-Iseman Capital Partners, a leading private equity firm, and we look forward to serving with them on Buffets' Board of Directors as we assist the company's management team in every way possible."

Lehman Brothers Inc., Fleet Securities Inc. and First Union National Bank provided senior debt financing for the transaction. Credit Suisse First Boston Corp. arranged mezzanine financing.

Buffets is well positioned in the mid-scale dining segment and offers a convenient, value-priced selection of high quality food and excellent customer service. Buffets was an early innovator of the scatter-bar concept, in which food is presented on self-service islands from which customers select the items and portions of their choice. With innovations such as the scatter-bar system and all-inclusive pricing, Buffets' brands are synonymous with the modern buffet concept.

Buffets' formula of exceptional value, convenience, quality, and service has generated consistent growth in sales and profits for the past 16 years. Buffets has also successfully grown comparable store sales for 11 consecutive quarters. Management's strategic objective is to reinforce Buffets' position as the market leader in the buffet-style restaurant segment by expanding its core Old Country Buffet and Hometown Buffet concepts. Buffets will also selectively expand its complementary Tahoe Joe's and Original Roadhouse Grill concepts.

About Caxton-Iseman Capital
Caxton-Iseman Capital is a New York-based private equity investment firm specializing in leveraged buyouts. The firm's investment vehicles currently have $700 million of capital available to them for leveraged buyouts. Caxton-Iseman Capital is funded primarily by affiliates of Caxton Corporation, a New York investment firm whose affiliated companies have in excess of $3.5 billion of capital.

01/2000

Sentinel divests holdings in Border Foods in a transaction

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Sentinel divests holdings in Border Foods in a transaction


Premier Taco Bell Franchisee in Minnesota


NEW YORK, January 3, 2000 - Sentinel Capital Partners, a leading private equity firm that invests in promising smaller middle market companies, today announced the sale of Border Foods, Inc., a premier franchisee in the Taco Bell system, in a recapitalization transaction valued at $58 million. The change positions Border Foods' management as the new majority owner. Sentinel sold its holdings after three years because virtually all of the investment's original objectives, which were expected to be met in five years, had been achieved. Since Sentinel's original investment, Border Foods has increased sales and profitability by more than 40% and 75%, respectively. According to executives involved with the transaction, Border Foods is now well positioned to grow its existing core Taco Bell business and its newly acquired KFC franchise.

"This marks the culmination of a terrific relationship with Sentinel," said Lee Engler, President of Border Foods. "Both parties did what they said they were going to do at the outset and are more than satisfied with the outcome."

"Lee and his team did an outstanding job. They are superb restaurant executives," observed David Lobel, Founder and Managing Partner of Sentinel. "They told us that their goal was to own the entire company," added John McCormack, Co-Founder and Senior Partner of Sentinel. "We are delighted to enable them to fulfill their dreams and are confident that they will continue to be highly successful."

Border Foods, located in Minneapolis, Minnesota, is one of the largest franchisees in the worldwide Taco Bell system. With approximately $5 billion in systemwide revenues and 6,800 restaurants, Taco Bell is the largest U.S. quick service restaurant chain specializing in Mexican food.

Taco Bell, a wholly-owned subsidiary of Tricon Global Restaurant, Inc., is the franchisor of the Taco Bell concept. Tricon is one of the world's largest operators and franchisors of QSR restaurants with more than 29,000 restaurants in 102 countries. Tricon is also the parent company of KFC and Pizza Hut. Tricon's restaurant brands generate annual system-wide sales of approximately $20 billion.

12/1999

Sentinel and management acquire 97 Churchs Chicken Restaurants

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Sentinel and management acquire 97 Churchs Chicken Restaurants



NEW YORK, December 22, 1999 - Sentinel Capital Partners and management of Falcon Holdings, LLC are pleased to announce the acquisition of 97 Churchs Chicken Restaurants in several Midwest markets in a transaction valued at $35 million. Sentinel sponsored the transaction and provided the equity financing.

Falcon, organized by Sentinel and management, is now the largest franchisee in the worldwide Churchs system, and operates restaurants in Chicago, St. Louis, Detroit, Indianapolis, Cleveland, Dayton, Richmond, and Columbus. Falcon has also secured exclusive rights to develop the Churchs brand in Indianapolis and Richmond. Falcon is well-positioned to grow by building and acquiring additional restaurants within the fragmented Churchs system.

Churchs Chicken is a wholly-owned subsidiary of AFC Enterprises, the franchisor of the Churchs concept and also an owner/operator of Churchs restaurants. AFC Enterprises is one of the world's largest operators and franchisors of restaurants, bakeries and cafes with more than 3,300 restaurants in 28 countries. AFC Enterprises is the parent company of Seattle's Best and Torrefazione Italita Coffees, Churchs Chicken, Popeye's Chicken & Biscuits, Cinnabon International and Ultrafryer Systems. AFC Enterprises has a long history of growth and profitability, and generates system-wide sales of more than $1.8 billion per year.

With more than $800 million in system-wide revenues and 1,400 restaurants worldwide, Churchs is the second largest QSR specializing in chicken in the United States. Established more than 45 years ago, Churchs specializes in southern-style chicken. The Churchs concept is based on a focused menu selection, value pricing and an emphasis on take-out. Churchs has generated strong operating results during the past five years with system-wide same store sales increasing an average of 4.5% per annum.

11/1999

Sentinel and management acquire NorSun Food Group in a transaction

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Sentinel and management acquire NorSun Food Group in a transaction



NEW YORK, November 29, 1999 - Sentinel Capital Partners II, LP, in partnership with company management, has acquired NorSun Food Group, LLC in a transaction valued at $43 million. Sentinel originated and sponsored the acquisition, arranged the debt and provided equity financing. Additional details of the transaction were not disclosed.

NorSun, located in Cincinnati, Ohio, is a leading supplier of specialty food ingredients to large packaged food companies and restaurant chains. The company has a leading share of the industrial Individually Quick Frozen ("IQF") roasted and whole baked potato market and has grown rapidly in terms of profit and revenue over the past several years. Customers such as Nestle, ConAgra, Pillsbury and Campbell Soup incorporate NorSun's ingredients into frozen entrees or soups. NorSun owns specialty processing plants in Fort Kent, Maine, and Rexbug, Idaho and markets its products under the NorSun trade name.

NorSun created the IQF roasted potato market and developed the roasting process. The company also develops proprietary flavors and processes for its customers. NorSun's growth is being driven by: expansion of the Home Meal Replacement category; increased outsourcing by large branded food companies; the introduction and early acceptance of NorSun's specialized food ingredients in restaurant and supermarket channels; healthy eating trends (NorSun's products are fat free); and growth in the roasted/flame broiled vegetable category.

08/1999

Sentinel and management acquire Cottman Transmission Systems

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Sentinel and management acquire Cottman Transmission Systems



NEW YORK, August 3, 1999 - Sentinel Capital Partners and management today announced the acquisition of Cottman Transmission Systems, Inc. in a transaction valued at $50 million. Sentinel originated and sponsored the acquisition, arranged the debt and provided equity financing.

Cottman, headquartered in Fort Washington, PA, is a franchisor of automotive transmission centers that repair, remanufacture and service transmissions and related component parts.

Cottman opened its first transmission repair center on Cottman Avenue in Philadelphia in 1962. With more than 265 centers in the U.S. and Canada, Cottman, the "Transmission Physician", operates one of the largest chains of transmission service and repair centers in North America. Cottman has earned many industry awards and has been consistently ranked among the top franchise organizations in the US.

Cottman is growing by aggressively franchising new centers and by selectively acquiring independent transmission repair chains. Several favorable industry trends are fueling Cottman's growth: an aging US vehicle population; increased popularity of front wheel and four wheel drive vehicles that have more complex transmissions; a return to high performance/high output engines that place more strain on transmissions; greater use of computers in automobiles that make transmission repair a more specialized and costly service.

06/1999

Met Merchandising Concepts is sold to Leggett & Platt

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Met Merchandising Concepts is sold to Leggett & Platt



NEW YORK, June 30, 1999 - Met Merchandising Concepts, a Sentinel Capital Partners portfolio company, today announced that it has been acquired by Leggett & Platt, Incorporated, (NYSE:LEG). Sentinel and management decided to sell Met after only eighteen months because substantially all of the investments original objectives had been achieved.

Leggett is a leading manufacturer of component and finished products for the furniture industry. In 1998, Leggett generated sales and net income of $3.4 billion and $248 million, respectively. Leggett is actively pursuing acquisitions in the fixture and display industry. Met represents an attractive strategic fit for Leggett and gains Leggett access to upscale customers such as Saks Fifth Avenue, Macy's, Ralph Lauren, Tommy Hillfiger, Levis, Timberland and Liz Claiborne.

01/1999

Sentinel ranked in top 10 venture capital firms in New York

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Sentinel ranked in top 10 venture capital firms in New York



01/1999

James Coady joins Sentinel as Vice President

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James Coady joins Sentinel as Vice President



NEW YORK, January 4, 1999 - Sentinel Capital Partners today announced a significant addition to its team. James D. Coady has joined Sentinel as a Vice President.

Since 1995, Mr. Coady has been an Associate at First Chicago Equity Capital, the private equity division of First Chicago NBD that specializes in investing in middle market companies. Previously, he spent two years as an Analyst at Alex. Brown & Sons. Mr. Coady holds an MBA degree from Northwestern University's J.L. Kellogg Graduate School of Business and a BA degree from Harvard University where he was a member of Harvard's NCAA Championship hockey team.

09/1998

Growing Family prepays debt in a $45 million recapitalization

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Growing Family prepays debt in a $45 million recapitalization



NEW YORK, September 30, 1998 - Growing Family, Inc., a Sentinel Capital Partners portfolio company, today announced the closing of a $45 million leveraged recapitalization which enables the company to prepay its original acquisition debt. The recapitalization also resulted in a partial realization of Sentinel's investment in Growing Family. Sentinel and management structured and negotiated the transaction, and arranged the senior debt financing.

Located in St. Charles, Missouri, Growing Family is the parent company of FirstFoto , the leading provider of in-hospital baby portrait services in the U.S. and Canada. First Foto enjoys exclusive, multi year contracts with more than 2,750 hospitals in North America. Approximately 3.2 million babies are born annually in hospitals served by Growing Family. In addition, Growing Family has the most comprehensive and accurate demographic database of families with newborns in North America and can offer a powerful and captive distribution channel to leading consumer product/service companies seeking proprietary and timely access to new mothers.

Growing Family is currently executing a growth strategy, called "Helping New Moms," which capitalizes on the company's proprietary database, unique relationship with mothers of newborns, and ability to access these mothers on a timely basis. Growing Family already has secured significant contracts from leading consumer product companies wishing to reach Growing Family's customers. Growing Family was established in 1954 and has an established track record of consistent growth and profitability.

09/1998

Met Merchandising Concepts acquires Dove Tail Industries

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Met Merchandising Concepts acquires Dove Tail Industries



NEW YORK, September 19, 1998 - Met Merchandising Concepts, a Sentinel Capital Partners portfolio company, today announced that it has acquired Dovetail Industries, a Chicago-based high-end specialty wood fixture manufacturing company. Met, located in Chicago, Illinois, designs and manufactures high quality fixtures, forms, and decorative and graphic displays for the upscale retail store industry.



Met made this add-on acquisition because Dovetail provides:

  • captive, quick-turnaround prototyping capabilities
  • flexibility to better offer and service short-run and short lead-time orders, which typically command significantly higher gross margins
  • a lower cost position, given that Met has historically outsourced all of its wood fixture manufacturing
  • attractive revenue and cost synergies.

 

Met has established a leading position in the visual merchandising industry. Met serves a diverse group of high quality department store, specialty store, and branded consumer product companies that operate vendor shops within retail stores. Met's leading edge design and product development expertise combined with its manufacturing, delivery and installation capabilities allow Met to offer one-stop solutions to its customers.

08/1998

Floral Plant Growers acquires Greiling Farms Inc.

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Floral Plant Growers acquires Greiling Farms Inc.



NEW YORK, August 17, 1998 - Floral Plant Growers, a Sentinel Capital Partners portfolio company that is pursuing a consolidation growth strategy in the lawn and garden industry, today announced the acquisition of Greiling Farms Inc. in a transaction valued at $22,500,000. Sentinel arranged the senior debt financing and provided additional equity for Floral's expansion.

The Floral-Greiling combination operates more than 65 acres of enclosed, highly-automated greenhouse facilities serving the Virginia, Pennsylvania, New Jersey, Maryland, Washington D.C., Wisconsin, Iowa and Indiana markets. Floral Plant Growers has established a strong platform and is well-positioned to continue pursuing a consolidation strategy within the fragmented specialty horticulture industry.

During the past several years, mass merchant retailers have enjoyed profitable growth in the lawn and garden category. Companies such as Home Depot, Lowes, Walmart, Kmart and Target have built large, in-store garden centers to capitalize on favorable demographic trends fueling the growth of the gardening industry. Many small and midsize companies that currently supply the specialty horticultural industry lack the sophistication to adequately serve the mass merchant channel. Floral Plant Growers' strategy is to actively participate in consolidating the industry by acquiring these small and midsize businesses.

07/1998

Sentinel acquires controlling interest in Tony Roma's

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Sentinel acquires controlling interest in Tony Roma's



NEW YORK, July 1, 1998 - Sentinel Capital Partners today announced that is has acquired a controlling interest in Roma Restaurant Holdings, Inc., a subsidiary of NPC International, Inc., in a leveraged recapitalization transaction valued at $109 million. NPC, which currently owns and operates approximately 660 Pizza Hut restaurants and is the largest franchisee in the Pizza Hut system, will continue to own a minority stake in the company. The recapitalization positions Tony Roma's for aggressive growth in the United States and internationally. To finance the transaction, Tony Roma's placed $75 million in high yield bonds through Salomon Smith Barney and Schroders. SCP originated, sponsored, negotiated, and arranged the senior debt, and provided equity financing.

Tony Roma's, headquartered in Dallas, Texas, is the operator and franchisor of the largest national casual dining chain specializing in ribs with 194 restaurants located in 25 states in the United States and in 18 foreign countries. Founded in 1972, Tony Roma's restaurants are primarily located in Florida, Texas and California. Both the Tony Roma's name and its "Famous for Ribs" and "A Place for Ribs" slogans are well-recognized throughout the United States. Since Tony Roma's inception, its baby back ribs have won numerous consumer and industry awards in more than 25 markets. In addition to its award-winning ribs, the menu features Tony Roma's signature deep-fried onion ring loaf.

The Tony Roma's concept is designed to serve a demographically and geographically diverse customer base, and provide high quality food at moderate prices. Tony Roma's restaurants are generally located in free-standing buildings and seat approximately 200 guests with separate bar areas. The restaurants have a fun, comfortable atmosphere with distinctive and varied decor and provide consumers with high quality, friendly service. The Tony Roma's concept is appropriate for a wide variety of casual dining occasions including family dinners and business lunches.

03/1998

Growing Family acquires Today's Parent Group from Hunter McLean

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Growing Family acquires Today's Parent Group from Hunter McLean



NEW YORK, March 31, 1998 - Growing Family, Inc., a Sentinel Capital Partners portfolio company, announced today the acquisition of Today's Parent Group from Hunter McLean, a leading Canadian publishing company.

Today's Parent Group, based in Toronto, Ontario, is the leading Canadian provider of in-hospital product sampling services to new mothers.

Growing Family, located in St. Charles, Missouri and the parent company of FirstFoto, is the leading provider of in-hospital baby portrait services in the U.S. and Canada, and enjoys exclusive, multi year contracts with more than 2,750 hospitals in North America. Approximately 3.2 million babies are born annually in hospitals served by Growing Family. In addition, Growing Family has the most comprehensive and accurate demographic database of families with newborns in North America and can offer a powerful and captive distribution channel to leading consumer product/service companies seeking proprietary and timely access to new mothers.

Growing Family is currently executing a growth strategy, called Helping New Moms, which capitalizes on the company's proprietary database, unique relationship with mothers of newborns, and ability to access these mothers on a timely basis. The acquisition of Today's Parent enables Growing Family to accelerate the rollout of its hospital sampling service throughout North America. Growing Family already has secured significant contracts from leading consumer product companies wishing to reach Growing Family's customers. Growing Family was established in 1954 and has an established track record of consistent growth and profitability.

12/1997

Sentinel and management acquire Met Merchandising Concepts in a

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Sentinel and management acquire Met Merchandising Concepts in a



NEW YORK, December 27, 1997 - Sentinel Capital Partners and management of Met Merchandising Concepts today announced that they have acquired Met in a leveraged recapitalization transaction valued at $30 million. Met, located in Chicago, Illinois, designs and manufactures high quality fixtures, forms, and decorative and graphic displays for the upscale retail store industry. The recapitalization positions Met to pursue a growth strategy within the highly fragmented retail store fixtures industry. Sentinel originated and sponsored the transaction, and together with management, provided the equity financing.

Met has established a leading position in the visual merchandising industry. Met serves a diverse group of high quality department store, specialty store, and branded consumer product companies that operate vendor shops within retail stores. Met's leading edge design and product development expertise combined with its manufacturing, delivery and installation capabilities allow Met to offer one-stop solutions to its customers.

During the past several years, retailers and branded consumer companies have increasingly developed consistent identities to market and differentiate their products to remain competitive. This has resulted in the development and acceptance of the store-within-a-store or vendor-shop concept. Department stores have evolved into a series of separate brand environments with vendors heavily influencing the visual presentation of their merchandise. These changes have also led department stores to outsource more of the in-store design function to visual display companies such as Met. These industry dynamics favor companies like Met.

12/1997

Border Foods acquires additional Taco Bell restaurants

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Border Foods acquires additional Taco Bell restaurants



NEW YORK, December 16, 1997 - Border Foods, Inc., a Sentinel Capital Partners portfolio company, today announced the acquisition of additional Taco Bell restaurants in Minnesota and Wisconsin. Border Foods owns and operates all the Taco Bell restaurants in Minnesota and has exclusive rights to develop the Taco Bell brand in that state. Sentinel is the only U.S. private equity firm to have been granted such exclusive development rights.

Border Foods originally acquired its restaurants from Taco Bell Corporation, a franchisor formerly owned by Pepsico, Inc. and now a subsidiary of Tricon Global Restaurants.

Tricon owns one of the largest worldwide Quick Service Restaurant (QSR) operations, including Taco Bell, Pizza Hut, and KFC. Taco Bell, with $6.0 billion in system-wide revenues and more than 5,700 restaurants, is the largest Mexican food QSR operation in the United States and the fourth largest QSR operation nationwide. The Taco Bell franchising system has a 70% share of the Mexican food QSR market, both nationwide and in Minnesota.

03/1997

Growing Family acquires Forever Yours

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Growing Family acquires Forever Yours



NEW YORK, March 31, 1997 - Growing Family, Inc., a Sentinel Capital Partners portfolio company, announced today the acquisition of Forever Yours, Inc. Based in Los Angeles, CA, Forever Yours provides in-hospital infant portrait services using digital preview technology.

Located in St. Charles, MO, Growing Family is the parent company of FirstFoto, the leading provider of in-hospital baby portrait services in the U.S. and Canada. First Foto enjoys exclusive, multi year contracts with more than 2,750 hospitals in North America. Approximately 3.2 million babies are born annually in hospitals served by Growing Family. In addition, Growing Family also has the most comprehensive and accurate demographic database of families with newborns in North America and can offer a powerful and captive distribution channel to leading consumer product/service companies seeking proprietary and timely access to new mothers.

10/1996

Sentinel acquires controlling interest in Floral Plant Growers

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Sentinel acquires controlling interest in Floral Plant Growers



NEW YORK, October 28, 1996 - Sentinel Capital Partners today announced the acquisition of Floral Plant Growers in a management buyout transaction valued at $32.5 million. Floral, headquartered in Rising Sun, Maryland, produces, markets and sells specialty floriculture products to lawn and garden centers of mass merchant retailers. Floral owns and operates two greenhouses with 17 acres of production capacity. Floral Plant Growers is now well-positioned to pursue a consolidation strategy within the fragmented specialty horticulture industry.

Floral primarily serves the $2 billion per year bedding plant segment of the horticulture industry which has grown at 10% per annum for the past 10 years. The greying of America and the maturing of the baby-boom generation continue to fuel industry growth. Also, the aggressive entry into the market by big-box retail chains such as Home Depot, Lowes, Walmart and Target, all of whom operate large enclosed greenhouses in their stores, is further fueling industry growth.

Gardening is one of the most popular leisure activities in the U.S. While big-box retailers are enjoying profitable growth in the lawn and garden category, many of their smaller suppliers lack the sophistication to adequately serve the mass merchant channel. Floral's strategy is to actively participate in consolidating the industry by acquiring these smaller companies.

09/1996

Sentinel and management acquire Border Foods in a transaction

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Sentinel and management acquire Border Foods in a transaction



NEW YORK, September 29, 1996 - Sentinel Capital Partners and management of Border Foods, Inc. are pleased to announce the acquisition of 74 Taco Bell restaurants in Minnesota from Taco Bell Corporation, a subsidiary of PepsiCo, Inc. Border Foods now owns and operates all the Taco Bell restaurants in Minnesota and has exclusive rights to develop the Taco Bell brand in that state. Sentinel is the only U.S. private equity firm to have been granted such exclusive development rights. Sentinel originated, sponsored and provided the equity financing in a transaction valued at $33,000,000. Border Foods is well-positioned to acquire additional restaurants from Taco Bell.

PepsiCo owns one of the largest worldwide Quick Service Restaurant (QSR) operations, including Taco Bell, Pizza Hut, and KFC. Taco Bell, with $6.0 billion in system-wide revenues and more than 5,700 restaurants, is the largest Mexican-food QSR operation in the United States and the fourth largest QSR operation nationwide. The Taco Bell system has a 70% share of the Mexican-food QSR market, both nationwide and in Minnesota.

11/1995

Sentinel invests in recapitalization of Growing Family

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Sentinel invests in recapitalization of Growing Family



NEW YORK, November 15, 1995 - Sentinel Capital Partners is pleased to announce its investment in Growing Family, Inc. Sentinel originated, sponsored and provided the equity financing in a recapitalization transaction valued at $46.5 million.

Growing Family's core business is the largest provider of in-hospital infant portrait services in the United States and Canada, and operates under the FirstFoto trade name. Growing Family's second business, the rapidly growing e-commence web site growingfamily.com, offers various products and services to new families. Growing Family's third business is a rapidly growing and highly profitable information and marketing service business targeting large consumer product/service companies and new families. Growing Family was established in 1954 and has an established track record of consistent growth and profitability.

First Foto enjoys exclusive contracts with more than 2,750 of all hospitals in the U.S. and Canada. Approximately 3.2 million of the 4.0 million babies born annually in North America are born in First Foto hospitals. Growing Family's representatives personally interact with more than 70% of all new mothers in North America within hours of the birth event. Because of this interaction, Growing Family possesses the most comprehensive and current database of families with newborns and can offer a powerful and captive distribution channel to leading consumer product/service companies seeking proprietary and timely access to new mothers. Growing Family has capitalized on its unique relationship with new mothers by building an information and marketing service business designed to provide consumer product/service companies with a portal to its customer base and to give new mothers information about and access to a variety of products and services.