
Clearview Capital Continues Aggressive Investment Pace
February 7
, 2008
Old Greenwich, CT- The past fifteen months have been a very active period for Clearview Capital. During that span we completed multiple transactions totaling $175 million of enterprise value, including three new platform investments and three “add-on” investments.
In October 2006 we partnered with management to acquire Hettinger Welding, a rapidly growing provider of pipeline and facilities construction and maintenance services for customers building natural gas infrastructure in the Rocky Mountain region. Hettinger completed two add-on acquisitions during 2007 - Eagle Excavation in March and Dakota Line Contractors in October. These two acquisitions broadened Hettinger’s service line and expanded its geographic reach. We expect to complete additional acquisitions for this platform during 2008 and are actively seeking companies providing energy services in the Rocky Mountains.
Following closely on the heels of the Hettinger transaction and leveraging our past experience in specialty plastics, in January 2007 we closed the acquisition of Rowmark, the world’s dominant manufacturer of decorative plastics for the engraving and signage markets. Based in Findlay, OH with additional operations in Ozoir, France, Rowmark specializes in extrusion, co-extrusion and lamination of high quality plastic sheet products used in a variety of applications. We are actively seeking “add-on” opportunities of decorative plastics manufacturers to capitalize on Rowmark’s highly developed infrastructure and talented management team.
This past summer we acquired Air Cooled Exchangers, the country’s largest independent manufacturer of air cooled heat exchangers used in industrial processes and the transportation of natural gas. We are supporting ACE’s rapid domestic and international growth and are also interested in pursuing acquisitions of complementary heat exchanger companies.
Clearview’s health care service platform, Senior Care Centers of America, which is the dominant provider of adult day health services in New Jersey, Pennsylvania and Connecticut, acquired Generations, Inc., an adult day care provider based in Brookhaven, PA, in March. The company is actively pursuing a number of additional acquisitions in its core market and in contiguous geographic areas.
Twinco Romax, a leading manufacturer and distributor of automotive chemicals and accessories in the Upper Midwest, initiated a program to identify potential add-on acquisitions and we are actively pursuing companies that would enhance Twinco’s manufacturing capabilities and/or provide geographic expansion opportunities.
Finally, early in 2007 we recapitalized Hillsdale Furniture, which has been in our portfolio since 2003. Hillsdale is a designer and importer of residential furniture that has had great success during our investment period, allowing us to return our initial investment while leaving the company modestly leveraged.
We continue to search for situations to invest alongside management to acquire and develop established middle market companies that have cash flow between $4 million and $20 million. We have no minimum size limit for “add-on” acquisitions.
Clearview’s committed capital base allows us to invest up to $40 million in equity per transaction, an amount that can be supplemented with co-investment from our base of institutional limited partners.
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