Fund III Exits its Stake in Synthetic Turf Business after Five-Year Investment
Stamford, CT, October 26, 2021 — Clearview Capital Fund III, L.P. (“Fund III”), an affiliate of Clearview Capital, L.P. (“Clearview Capital”), today announced the sale of its majority interest in Controlled Products Acquisition Corp. and its subsidiaries (collectively “Controlled Products” or the “Company”) to Sentinel Capital Partners, LLC (“Sentinel”), a private equity firm that invests in middle market companies. The transaction closed on October 25, 2021.
Controlled Products is a manufacturer and distributor of premium quality synthetic turf solutions.
From its headquarters and manufacturing facilities located in Dalton, GA, Controlled Products has built
a broad multi-brand presence through a large dealer distribution network, as well as 28 corporate and franchise store locations. The Company serves the residential landscape, commercial, golf, indoor and outdoor field, and a variety of other unique market applications. It goes to market under several key brands, including Synthetic Turf International®, GrassTex, SporTurf™ and Purchase Green, and the Company’s products are used in numerous private label applications.
“With Controlled Products, we immediately saw an opportunity to partner with a highly-talented
management team and a company that made great products. We recognized a rapid substitution play at work, especially as synthetic turf’s look and feel became almost indistinguishable from natural grass,” said Paul Caliento, a Partner at Clearview Capital. “Over the past five years, our focus was on building a deep national distribution network. As we accomplished that, revenue more than doubled and EBITDA nearly tripled.”
“Clearview Capital has been instrumental in supporting our management team’s long-term vision for the Company,” said Mr. Scott Lowrie, President and CEO of Controlled Products. “In addition to providing the necessary capital to support a large new distribution facility, new state of the art equipment, and the transformative Purchase Green acquisition in 2019, Clearview Capital was willing to invest to help us through the long and arduous process of installing best in class systems and reporting.”
“The sale of Controlled Products will mark our fifth successful exit from Fund III,” commented James Andersen, Managing Partner and Co-Founder of Clearview Capital. “We have thoroughly enjoyed our partnership with Scott, Howell, Tony, Kevin and Frank, and wish all the best for the Company as it moves to its next phase of growth. The Company’s potential is truly remarkable as its turf applications are nearly limitless.”
Fund III, a $325 million vehicle raised in 2013, invested in Controlled Products in March 2016.
Controlled Products manufactures and distributes synthetic turf for a broad range of applications. Anywhere a grass application or floor covering might apply, synthetic turf is a viable replacement option. While the Company is an excellent producer of turf fields and has been in that market for more than 30 years, its primary focus has been in non-field applications. Through an exceptional customer focused approach, Controlled Products has built a loyal dealer network across the country. In addition, the Company operates 28 store fronts throughout the West and Southwest to help deliver product to landscapers and DIY customers and there is tremendous room for continued growth. For more information, please visit www.cpturf.com.
About Clearview Capital
Founded in 1999, Clearview Capital is a private investment firm specializing in the acquisition and recapitalization of lower-middle market companies in North America in the business services, healthcare services, consumer, manufacturing and specialized distribution sectors. Since inception, the Clearview Capital team has completed more than 150 transactions in a wide variety of industries. Clearview Capital is currently making investments from Clearview Capital Fund IV, L.P. and its affiliate, a $550 million vehicle. The firm is headquartered in Stamford, Connecticut and has an additional office in Los Angeles, California. For more information, please visit www.clearviewcap.com.
