Clearview Capital Sells EN Engineering to CIVC Partners
Gross return of 4.5x invested capital; 68% IRR1
April 30, 2012 —Clearview Capital, LLC has completed the sale of EN Engineering, LLC to CIVC Partners of Chicago, IL. EN Engineering (“ENE”) is a leading energy focused professional services firm providing engineering, consulting, automation and integrity management services to the natural gas, liquid petroleum and related industrial markets.
The transaction yielded a gross return of 4.5x invested capital for Clearview and a 68% internal rate of return over Clearview’s three-year hold period.
“Throughout the period of our ownership of ENE, the company’s management team did a terrific job building the business organically and through acquisition,” said James G. Andersen, co-Managing Partner of Clearview Capital. “ENE is a world-class business and we are proud to have had the opportunity to partner with its management team and help the company through a phase of rapid growth.”
Clearview’s investment in ENE was made through Clearview Capital Fund II, LP, which seeks to acquire and develop lower middle market companies in sectors including business services, health care services, design/importing, distribution and manufacturing.
Houlihan Lokey served as financial advisor and Loeb & Loeb LLP served as legal advisor to EN Engineering. Kirkland & Ellis LLP served as legal advisor to CIVC.
Clearview's other holdings include GCR, Inc., a professional services firm delivering consulting services and technology solutions to governmental and commercial clients; Child Health Holdings, Inc., d.b.a. Pediatric Health Choice, the country’s largest operator of prescribed pediatric extended care centers; Pyramid Healthcare, Inc., a provider of in-patient and out-patient behavioral health services; The Results Companies, LLC, a Business Process Outsourcing (“BPO”) provider of customer management solutions; All Tech Inspections Inc./IESCO, LLC, providers of inspection and non-destructive testing services to the refining, petrochemical market and other industrial process industries; Rowmark, LLC, a manufacturer and marketer of specialty plastic sheet and related products for the awards/recognition, engraving and signage markets; Air Cooled Exchangers, LLC, a manufacturer of air cooled heat exchangers used in natural gas compression applications; Senior Care Centers of America, Inc., the country’s largest operator of adult day care centers; Hillsdale Furniture, LLC, a designer and importer of wood and metal furniture; and a minority interest in Compression Polymers Group, the leading extruder of thick gauge polyolefin and PVC sheet, including AZEK® brand trim boards and decking products.
1 Any references to returns should be assumed to be on a gross basis and before any expenses, management fees or incentive allocations which in the aggregate may be substantial and have the effect of reducing returns. Past performance is not an indication of future results. It should not be assumed that any investments described herein were or will be profitable. This material does not constitute investment advice and should not be viewed as a current or past recommendation to buy or sell any securities or to adopt any investment strategy.
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