BlackArch Partners Advises The Sterling Group on Sale of Specified Air Solutions to Madison Industries
CHARLOTTE, N.C. (October 23, 2018) – BlackArch Partners LLC (“BlackArch”) is pleased to announce that Specified Air Solutions (“Specified Air” or the “Company”), a portfolio company of The Sterling Group (“Sterling”), is now part of the Madison Industries family of companies.
Specified Air, headquartered in Grand Rapids, Michigan, is a multi-branded, commercial and industrial HVAC equipment manufacturer focused on providing end users with semi-custom, energy efficient solutions for their indoor air quality needs, including dehumidification, heating and cooling & ventilation products. The Company's diverse product offering is utilized in a range of niche market applications, including manufacturing facilities, warehouses, airport hangars, hotels, fitness facilities, retail stores and municipal and community centers. The Company will be a part of Madison Industries’ Indoor Air Quality segment and complement Madison’s suite of niche HVAC and indoor air quality solutions.
Charley Brown, CEO of Specified Air Solutions, commented, “The Sterling Group has been a great partner for the past four years as together we brought our businesses to new levels of growth and profitability. BlackArch worked tirelessly with our team to manage the process and help facilitate the transaction with Madison Industries, and we are now thrilled to join the Madison family of companies which will allow us to continue building on our success.”
John Hawkins, Partner of The Sterling Group, noted, “BlackArch did a great job orchestrating and executing upon what became a unique process. We selected BlackArch for their relevant industry knowledge and execution expertise, which proved critical in closing on an aggressive timeline. The BlackArch team was as vested as we were in achieving a successful outcome and we look forward to working with them again in the future.”
BlackArch was engaged by the Company to serve as its exclusive financial advisor. The transaction serves as another example of BlackArch’s deep experience in serving clients within the Diversified Industrials sector and is representative of the firm’s focus on providing unique M&A advisory services to market-leading and sponsor-backed growth businesses.
About The Sterling Group
The Sterling Group, founded in 1982, specializes in partnering with management teams to grow and build winning businesses in the industrial sector. Sterling excels as a partner where it can bring its operational focus and expertise to a situation and is focused on making majority investments in manufacturing, distribution and industrial service businesses. The Sterling Group is located in Houston, Texas. For more information, visit www.sterling-group.com.
About Specified Air Solutions
Specified Air Solutions is a leading multi-branded, commercial and industrial HVAC equipment manufacturer based in Grand Rapids, Michigan. Specified Air is comprised of several industry-leading HVAC brands and maintains six manufacturing facilities in the United States and Canada. For more information, visit www.specifiedair.com.
About Madison Industries
Madison Industries ("Madison") is one of the largest and most successful privately-held companies in the world. Madison builds entrepreneurially driven, branded market leaders that are committed to making the world safer, healthier and more productive, by creating innovative solutions that deliver outstanding customer value. The team at Madison is committed to building something truly remarkable that long outlasts them while coaching others to reach their highest potential. For more information, visit www.madison.net.
About BlackArch Partners
BlackArch Partners is a leading middle-market investment bank offering a full spectrum of advisory services to financial sponsors, private companies and diversified corporations. BlackArch addresses the needs of owner-operators, founders and shareholders of private companies with specialized services that include M&A advisory, strategic advisory and private capital solutions. Headquartered in Charlotte, North Carolina, BlackArch features a total of 12 industry-focused practices that cover all sectors of interest to middle-market investors; BlackArch professionals have closed more than 350 transactions in 16 countries on four continents. Please visit our website, www.blackarchpartners.com, for more details.
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