Company Description
Altima Dental Centers is one of the largest dental services organizations (DSO) in Canada, with a dental office network across six provinces. Altima provides a broad range of general and specialty dentistry services to more than 225,000 patients annually. Altima offers a dentist-centric, patient-first model.

Background
In 1993, Altima's two co-founding doctors opened their first dental office and over the next two decades grew the business to 45 offices across six Canadian provinces. In 2016, Altima's co-founders sought a partner to help the business continue its impressive growth plan and hired an investment bank with which Sentinel has a strong relationship to manage a sale process. Sentinel was selected as the buyer due to our significant experience investing in the dental industry, the strong chemistry we developed with management, and our proven experience investing in Canada.

The Opportunity
During the first 23 years, Altima built an impressive network of dental offices with strong doctor and clinical leadership, but lacked the operating infrastructure and resources to accelerate its growth trajectory. We saw an opportunity to elevate Altima's business processes and supplement its management team to enable outsized and sustained growth. We expected this to create a higher value company and further cement Altima as a market leader in Canada.

Accomplishments
Building a Complete Executive Team and Growing Support Staff: We made considerable investments in Altima's central infrastructure to support rapid growth, with particular emphasis on its executives and support staff in the finance, operations, and business development departments. Sentinel worked closely with Altima's co-founders to triple corporate headcount over our investment horizon, including the addition of a COO, CFO, and VP of Corporate Development.

Implementing Systems for Growth: To manage a footprint of scale, Altima needed to have advanced systems in place. Together with management, we worked to implement comprehensive business technology solutions to track real-time performance and to enhance Altima's executives' ability to manage a rapidly expanding footprint. Due to our extensive add-on acquisition experience in the dental services industry, we were also able to bolster Altima's M&A capabilities by implementing a systematic approach to deal sourcing, diligence, and execution.

Accelerating M&A Growth: During our ownership, we more than doubled Altima’s clinic base, from 45 to 117, grew revenue almost fourfold, and emerged as the third largest DSO in Canada. These results came from a mix of one- and two-office acquisitions and larger platforms that were highly strategic to Altima’s footprint and strategy.

Outcome
Over our six-year ownership, we helped Altima's co-founders develop an industry-leading DSO capable of expanding its service footprint. In 2022, having achieved our investment objectives, Altima merged with 123Dentist Corporation, a strategic buyer backed by KKR and KKR portfolio company Heartland Dental, the leading DSO in the U.S., and Peloton Capital Management. Sentinel continues as an investor in 123Dentist.



Case studies have been selected for illustrative purposes for management teams of midmarket companies considering a partnership with Sentinel and should not be considered an offer or solicitation of services or an actual or implied endorsement of Sentinel or any security, investment, or portfolio company. The portfolio companies highlighted are not representative of all current and prior investments of Sentinel. A list and description of investments since Sentinel's inception is available on this website.

Company Description
Engineered Controls is the leading global provider of highly engineered, mission-critical flow control products used in the transportation, delivery, and storage of LPG, LNG, and other cryogenic gases. ECI serves a large, global customer base in more than 85 countries including distributors and OEMs.

Background
Sentinel acquired ECI from a prominent family who, for several years, was uninvolved in the day-to-day operation of the business. Management, who had run the business for more than 25 years but did not own any equity, was looking for a partner to help transition ECI to its next phase of growth.

The Opportunity

• To acquire the industry leader with a well-established brand and a defensible market position

• To purchase a business with a long history of success and steady growth

• To partner with a deep, experienced, and committed management team that had not previously had the opportunity to own equity

Accomplishments
Completed a Smooth Transition to New Ownership: As management had spent most of their careers working in a family-owned business, we worked closely together to ensure a smooth transition to new ownership. Sentinel also implemented an option and co-investment program that provided our management partners with significant equity upside and aligned incentives.

Positioned the Business for Growth: We worked together with management to position ECI for future growth by expanding its manufacturing footprint in North Carolina and increasing its focus on LNG, particularly the fast growing China market.

Outcome
During Sentinel’s ownership, ECI built a strong foundation for growth, expanded into new markets and geographies, and significantly grew its profitability. In December 2013, ECI was sold to another private equity firm in a management buyout, which was highly successful for Sentinel and its management partners, who continued with the company.



Case studies have been selected for illustrative purposes for management teams of midmarket companies considering a partnership with Sentinel and should not be considered an offer or solicitation of services or an actual or implied endorsement of Sentinel or any security, investment, or portfolio company. The portfolio companies highlighted are not representative of all current and prior investments of Sentinel. A list and description of investments since Sentinel’s inception is available on this website.

Company Description
GSM is a leading provider of technologically-advanced, branded products for the hunting, sport shooting, and outdoor enthusiast markets. GSM's industry leading brands include Walker's (hearing protection and enhancement devices); Muddy, Hawk, and Big Game (tree stands and box blinds); Stealth Cam (technologically-advanced game scouting cameras); Birchwood Casey, SME, TekMat, GPS Bags, and CrossFire (shooting targets, holsters, range bags, and related accessories); HME, Skull Hooker, and Viking Solutions (hunting tools, mounts, and knives); Hunters Specialties and Western Rivers (scent attractants, scent control products, and game calls); Cyclops (specialty outdoor lighting); Boss Buck and American Hunter (game feeders); and NAP (broadheads and other archery accessories). GSM sells through a diverse mix of channels, including online retailers, sporting goods stores, mass merchants, outdoorsman retailers, farm and fleet stores, and distributors across the U.S. and Canada.

Background
GSM was previously owned by a private equity firm that acquired the business from its founder. In 2018, after a two-year ownership that included two add-on acquisitions, the prior owner decided to sell GSM. Sentinel was selected as the buyer because of our experience investing in the consumer sector, our proven record of growing businesses through acquisitions, and the strong relationship we formed with GSM's management team during the sale process.

The Opportunity

• To partner with GSM's talented and experienced management team, who co-invested meaningfully alongside Sentinel and continued to lead the business.

• To acquire a leading branded enthusiast consumer products business in an attractive, stable category.

• To establish GSM as the consolidator of choice in a highly fragmented industry.

Accomplishments
Positioned the Business for Growth: Sentinel worked together with management to solidify GSM's strong foundation by moving to a new, state-of-the-art distribution center, investing in new hi-tech systems, and hiring additional management. GSM also acquired its primary supplier and R&D partner shortly after Sentinel's investment.

Transformed the Platform through Acquisitions: Sentinel closely collaborated with management to build a robust add-on acquisition pipeline. Within two years, GSM completed 12 add-on acquisitions including two sizable platforms with leading brands in key adjacent categories and 10 tuck-ins of smaller single brand or product businesses. GSM's management team smoothly integrated all of the acquisitions and demonstrated strong organic revenue growth due to cross selling and product innovation.

Outcome
During Sentinel's 2½ year ownership, GSM more than tripled its revenues and quadrupled its EBITDA while making investments to ensure it was well-positioned for further rapid growth. Having substantially exceeded our investment objectives, in November 2020, GSM was sold to another private equity firm in a highly successful management buyout transaction.



Case studies have been selected for illustrative purposes for management teams of midmarket companies considering a partnership with Sentinel and should not be considered an offer or solicitation of services or an actual or implied endorsement of Sentinel or any security, investment, or portfolio company. The portfolio companies highlighted are not representative of all current and prior investments of Sentinel. A list and description of investments since Sentinel’s inception is available on this website.

Company Description
LTI Boyd is a leading global manufacturer of high performance, custom-engineered solutions for gasket, sealing, insulation, and impact protection applications in the heavy truck, recreational vehicle, enterprise electronics, off-highway, aerospace, and consumer electronics markets. LTI Boyd primarily sells to large, multinational OEMs.

Background
LTI's founders grew the business from a small regional manufacturer to a leader in the niche rubber and plastic component market. As it became larger and more complex, the founders sought a partner to help take the business to the next level by developing its management and systems infrastructure and pursuing acquisitions. Sentinel acquired LTI as a platform to consolidate the fragmented rubber and plastic sealing components market.

The Opportunity
Hundreds of small family-owned businesses manufacture rubber and plastic sealing components. Their customers are generally large multinational OEMs who increasingly are consolidating their vendor bases to simplify their supply chains. Sentinel recognized that this dynamic would place pressure on smaller, underdeveloped suppliers, creating the impetus for an industry consolidation. With a strong free cash flow profile, LTI was well positioned to pursue a plan to:

• Develop and implement the systems and management infrastructure to improve financial tracking and reporting and support a much larger company

• Diversify into new end markets through new product development

• Pursue growth through acquisitions

Accomplishments

• Upgraded LTI's Infrastructure: Sentinel assisted management in implementing a new IT and accounting system which helped create a robust financial reporting platform. After implementation, LTI's monthly financial closing period was reduced from a month to less than five days, and management was able to easily track key financial metrics and business drivers. Sentinel also helped recruit additional management talent who were instrumental in helping transform the business.

• Executed Acquisition Strategy: With an upgraded infrastructure, LTI was able to play offense during the 2008–2009 recession. As one of the best capitalized businesses in its industry, LTI was well positioned to acquire competitors struggling with difficult market conditions. LTI completed three acquisitions during Sentinel’s ownership as part of an aggressive growth strategy. Two small tuck-in acquisitions helped broaden LTI’s geographic reach and add complementary products. The third acquisition was transformative. LTI acquired Boyd Corporation to form LTI Boyd, which more than doubled the size of the business and created the clear industry leader in the custom-engineered rubber and plastic sealing components market.

Outcome
In July 2012, having integrated the acquisitions, grown revenue fivefold, and built a strong platform to support future growth, LTI Boyd was sold to another private equity firm in a management buyout, which was a highly successful transaction for Sentinel and its management partners.



Case studies have been selected for illustrative purposes for management teams of midmarket companies considering a partnership with Sentinel and should not be considered an offer or solicitation of services or an actual or implied endorsement of Sentinel or any security, investment, or portfolio company. The portfolio companies highlighted are not representative of all current and prior investments of Sentinel. A list and description of investments since Sentinel’s inception is available on this website.

Company Description
Massage Envy was founded in 2002 to capitalize on the significant unfulfilled demand for professional, affordable, and convenient therapeutic massage services. At the time of our purchase, Massage Envy was a leading franchisor of therapeutic massage services through a network of approximately 600 clinics.

Background
We were introduced to the opportunity by independent sponsor Princeton Ventures, who had developed a relationship with Massage Envy’s CEO. Princeton approached Sentinel because of our experience in growing franchise brands, established record of closing transactions, and sizeable capital base.

The Opportunity
To accelerate the growth of a established franchise concept by implementing and executing strategies to grow the number of clinics, average clinic volume, and expand the services offered to customers.

Accomplishments
Identified Optimal Locations: We worked closely with management to make a significant investment in software and management talent to identify real estate locations with a high likelihood of success. This initiative enabled Massage Envy to more than double its annual openings while maintain its almost-zero new clinic failure rate.

Created Financing Program to Accelerate Unit Growth: We helped management source and secure a dedicated financing program to accelerate new unit growth. The program enabled more than 36 units to open during a period when franchisee access to debt markets was seriously curtailed.

Introduced New Service Offerings: During our watch, Massage Envy introduced facial treatments to augment core massage therapy services. The number of clinics offering facial treatments grew from 11% in 2009 to 67% by 2012, which enhanced unit-level economics.

Optimized Clinic Operations: During our ownership, we assisted management in analyzing how to enhance member retention, increase capacity utilization, and improve therapist retention. The result of these initiatives materially boosted unit-level economics, and positioned the Massage Envy brand for long-term success.

Outcome
During Sentinel’s approximately 2¾–year ownership, Massage Envy grew from approximately 600 to nearly 850 operating clinics with a backlog of more than 270 clinics waiting to open. With systemwide sales nearly doubling, revenue and EBITDA more than doubled. In August 2012, Massage Envy was sold in a management buyout to another private equity firm.



Case studies have been selected for illustrative purposes for management teams of midmarket companies considering a partnership with Sentinel and should not be considered an offer or solicitation of services or an actual or implied endorsement of Sentinel or any security, investment, or portfolio company. The portfolio companies highlighted are not representative of all current and prior investments of Sentinel. A list and description of investments since Sentinel’s inception is available on this website.

Company Description
Vintage Parts is the leading independent distributor of original slow-moving and inactive OEM replacement parts for automobiles, recreational vehicles, and construction, agriculture, and other industrial equipment. Pursuant to long-term agreements with 66 OEMs, Vintage Parts purchases old-model parts inventories and warehouses them for future sale to more than 75,000 distributors, many of whom are authorized OEM dealers.

Background
Vintage Parts was previously owned by the Swire Group, a privately held $20 billion transnational corporation headquartered in the United Kingdom. Swire owns a range of businesses and Vintage Parts was an autonomous, non-core asset that Swire decided to divest. Swire chose Sentinel because of our established record of closing transactions, our rapport with management, and our record and experience with specialty industrial distributors.

The Opportunity

• To accelerate Vintage Parts' growth by adding new OEM partners and expanding its unique distribution model, which had been highly successful in the automotive sector, into new end markets.

• To partner with an experienced and highly motivated management team that had not previously had the opportunity to own equity.

Accomplishments
Built Strong Partnership with Management: Sentinel closely collaborated with management to establish growth plans and priorities and to align interests. We also created an incentive program to provide Vintage Parts' executives with significant financial upside for personal wealth creation.

Added OEMs and Diversified into Non-Automotive End Markets: At the outset, automotive OEMs represented nearly two-thirds of Vintage Parts' sales. Sentinel worked closely with management to identify new end markets that could leverage Vintage Parts' distribution model. During our ownership, Vintage Parts added 30 new OEM partners and successfully penetrated the agriculture, construction, heavy-truck, mining equipment, marine, industrial engine, and oil & gas sectors. Today, more than half of Vintage Parts' sales come from non-automotive sectors.

Outcome
During Sentinel's eight-year ownership, Vintage Parts significantly exceeded the growth objectives established at the outset of our investment. Having substantially exceeded our investment objectives, in September 2015, Vintage Parts was sold in a management buyout to another private equity firm.



Case studies have been selected for illustrative purposes for management teams of midmarket companies considering a partnership with Sentinel and should not be considered an offer or solicitation of services or an actual or implied endorsement of Sentinel or any security, investment, or portfolio company. The portfolio companies highlighted are not representative of all current and prior investments of Sentinel. A list and description of investments since Sentinel’s inception is available on this website.