Blue Wolf Capital Acquires Sterling Site Access Solutions
February 08, 2023 – NEW YORK – Blue Wolf Capital Partners (“Blue Wolf”), a New York-based private equity firm, announced today that it has acquired Sterling Site Access Solutions (“Sterling” or the “Company”), a leading, vertically-integrated provider of temporary ground protection and site access services.
Founded in 1949, Sterling is one of the largest providers of mission critical site access solutions in North America. The Company offers a comprehensive suite of products and services including site planning and design, mat rentals and sales, site preparation, mat installation, and final mat removal and site restoration. Sterling operates through two manufacturing facilities in Phoenix, Illinois and Lufkin, Texas, as well as distribution yards across the U.S. Midwest, South and Northeast. The Company serves blue-chip customers in the power transmission and distribution, civil infrastructure, and energy sectors.
“As a leader in the growing market for site access solutions, Sterling has earned a reputation for quality and reliability,” said Aakash Patel, Partner at Blue Wolf Capital. “With its turnkey products and services and industry-leading production capacity, the Company is uniquely positioned to support critical infrastructure projects across North America. We are very excited to partner with Sterling to expand upon the Company’s capabilities and accelerate growth over the next several years.”
“We are pleased to be partnering with Blue Wolf to build on Sterling’s long history of innovative solutions and outstanding customer service,” said Carter Sterling, CEO of Sterling. “Since my family started this business more than 70 years ago, we have grown into an industry leader that provides safe, efficient, environmentally friendly jobsite solutions to our customers. As we enter this next phase of our journey, Sterling will benefit from Blue Wolf’s deep bench of investment and operating professionals and significant industry experience.”
“Sterling is a great fit for Blue Wolf’s portfolio,” said James Shovlin, Principal at Blue Wolf Capital. “Through our industrial sector expertise, we have a deep understanding of Sterling’s supply chain and end markets. We see a significant opportunity to collaborate with Carter and the Sterling leadership team to drive value creation through commercial and operational enhancements.”
Terms of the transaction were not disclosed.
About Sterling Site Access Solutions
Sterling is a leading North American site access contractor providing ground protection products and turnkey access solutions, including site planning & design, mat rentals & sales, site preparation, mat installation, and final mat removal & site restoration. Sterling serves a blue-chip customer base, including asset owners and general contractors in the power transmission & distribution, civil infrastructure, and energy end markets, helping them protect the environment and ensure workers’ safety on their jobsites. Sterling is committed to engineering innovative new products and services for the North American ground protection industry. For additional information, please visit Sterling’s website at https://www.sterlingsolutions.com/.
About Blue Wolf Capital
Blue Wolf Capital is a private equity firm that invests in buyouts, recapitalizations, and growth capital opportunities in middle market companies. The firm focuses on making control investments and works collaboratively to generate returns through operational and strategic experience. Blue Wolf manages challenging situations and complex relationships between business, customers, employees, unions, and regulators with the goal of building value for stakeholders. For additional information, please visit www.bluewolfcapital.com.
January 03, 2023 – NEW YORK – Blue Wolf Capital Partners LLC (“Blue Wolf”), a New York-based private equity firm, today named Natalie Marjancik as a Partner of the firm, announced the promotions of James Shovlin to Principal and David Meyers and Jordan Fong to Senior Associate and expanded Kate Spaziani’s role to Director of Government Affairs and Communications.
“We are delighted to welcome Natalie as our newest Partner and to recognize the significant value she brings to the firm and its portfolio companies,” said Jeremy Kogler, Managing Partner at Blue Wolf. “We also are pleased to extend well-deserved promotions and role expansions to four team members, James, Kate, David and Jordan. Over the past year, thanks to our team’s collective experience, market knowledge and core competencies, Blue Wolf has successfully navigated a challenging global environment. We are proud of our performance and look forward to continued success.”
“I am honored to take on this expanded role and join Blue Wolf’s talented, long-standing group of partners,” said Ms. Marjancik. “Since first becoming acquainted with Blue Wolf nearly a decade ago, I’ve been impressed by the depth and investment discipline of the team, and I look forward to continue building on the firm’s proven track record of investment and operational excellence.”
Ms. Marjancik joined Blue Wolf in March 2022 as Managing Director, Capital Markets, bringing significant expertise in complex, multi-dimensional financing strategies. Prior to joining Blue Wolf, Ms. Marjancik spent almost 13 years at Lincoln International focusing on capital and debt advisory. During her time there, Ms. Marjancik served as a key advisor to corporate and private equity clients, including Blue Wolf, on the structuring and arranging of debt financings across multiple sectors, including, among others, industrials, consumer, business services and healthcare. She also assessed and rendered opinions on companies’ debt capacities and various corporate transactional matters, including financing terms and structures available to borrowers. Prior to that, Ms. Marjancik practiced corporate law at Shearman & Sterling LLP, where she advised on domestic and cross-border capital raising transactions, mergers, acquisitions, divestitures and joint ventures.
Ms. Marjancik received a B.S. with honors from Purdue University, a M.B.A. with honors from the Booth School of Business at the University of Chicago and a J.D., magna cum laude, from Boston University School of Law.
Mr. Shovlin joined Blue Wolf in 2015 and most recently served as Vice President. Currently, he serves on the Board of Directors of Blue Wolf portfolio companies C&C Forest Products, The State Group, Vicksburg Forest Products, and Welch & Rushe. Prior to joining the firm, Mr. Shovlin was an Analyst in the Restructuring group at Guggenheim Securities. He received a B.S. in Economics with concentrations in Accounting and Finance from the Wharton School at the University of Pennsylvania.
Ms. Spaziani joined Blue Wolf in 2021 as Director of Government Affairs. Prior to joining the firm, she spent more than seven years at the NewYork-Presbyterian hospital system, serving as Vice President of Communications, External Affairs, and Federal Relations, and worked in both the US House and Senate as a senior staff member. Ms. Spaziani received a B.A., magna cum laude, from Duke University and a J.D., cum laude, from Georgetown University Law Center.
Mr. Meyers joined Blue Wolf in 2020 and most recently served as an Associate. Previously he was an Analyst in the Restructuring group at Perella Weinberg Partners. Mr. Meyers received a Bachelor of Commerce with First Class Honors in Investment Management from McGill University.
Mr. Fong joined Blue Wolf in 2021 and most recently served as an Associate. Prior to joining the firm, he was an Analyst in the Industrials Mergers & Acquisitions investment banking group at Rothschild & Co. Mr. Fong received a B.A. in Economics from Hamilton College.
About Blue Wolf Capital Partners
Blue Wolf Capital is a private equity firm that invests in buyouts, recapitalizations, and growth capital opportunities in middle market companies. The firm focuses on making control investments and works collaboratively to generate returns through operational and strategic experience. Blue Wolf manages challenging situations and complex relationships between business, customers, employees, unions, and regulators with the goal of building value for stakeholders. For additional information, please visit www.bluewolfcapital.com.
Blue Wolf Capital Names Eve Mongiardo Chief Financial Officer
September 7, 2022 – NEW YORK – Blue Wolf Capital Partners LLC (“Blue Wolf”), a New York-based private equity firm, today announced that Eve Gerriets Mongiardo will be joining the firm’s senior leadership team as Chief Financial Officer (“CFO”) and Chief Compliance Officer, overseeing financial reporting, investor relations and compliance. Ms. Mongiardo, a financial and audit committee expert with over 30 years of private equity experience, most recently served as Blue Wolf’s Interim CFO.
“With the closing of Fund V, Blue Wolf continues to build a team with unparalleled talent and expertise, demonstrating our capacity to effectively manage the portfolio and deliver outstanding outcomes,” said Adam Blumenthal, Chairman and Managing Partner at Blue Wolf. “Eve will be a tremendous asset to Blue Wolf given her deep financial and operational experience, and I am thrilled to welcome her to our leadership team.”
“Eve is a seasoned executive in financial management with extensive experience in complex business environments,” said Jeremy Kogler, Managing Partner at Blue Wolf. “Since joining the firm earlier this year, Eve already has made considerable contributions to our organization, and I am delighted she will be officially joining Blue Wolf as we manage a growing investment portfolio.”
“I am so pleased to join Blue Wolf where the strategy, culture and differentiated investment approach have resulted in a strong growth trajectory and investment portfolio,” said Ms. Mongiardo. “I look forward to leveraging my experience and contributing to the future growth of the firm.”
Ms. Mongiardo is a senior executive with decades of experience leading successful initiatives and optimizing financial management processes. Prior to joining Blue Wolf, she provided consulting and advisory services, including CFO advisory services, best practice, operational excellence review and capital raising initiatives. Ms. Mongiardo spent 12 years with Irving Place Capital, where she was a Partner. Previously she held a senior role at Soros Private Funds Management and also worked for Goldman Sachs. She started her career at Deloitte, where she spent four years in the auditing practice.
Ms. Mongiardo is a Certified Public Accountant and received a B.S. from Lehigh University and a M.B.A. from New York University Stern School of Business.
About Blue Wolf Capital Partners
Blue Wolf Capital Partners LLC is a private equity firm that specializes in control investments in middle market companies. Leading by experience, and with a commitment to excellence, Blue Wolf transforms companies strategically, operationally and collaboratively. Blue Wolf manages challenging situations and complex relationships between business, customers, employees, unions, and regulators to build value for stakeholders. For additional information, please visit www.bluewolfcapital.com.
Blue Wolf Capital Announces Sale of The Mulch and Soil Company
May 4, 2021, NEW YORK – Blue Wolf Capital Partners (“Blue Wolf”), a New York-based private equity firm, today announced that it has sold The Mulch and Soil Company, LLC (“the Company”), a leading manufacturer and distributor of mulch and soil products across the Southeast region of the United States. Terms of the transaction were not disclosed.
Blue Wolf formed The Mulch and Soil Company in 2018 by carving out the mulch division from Suwannee Lumber Company, a former Blue Wolf portfolio company, and merging it with Forestry Resources, Inc. and later K&B Landscapes, two founder-owned businesses in Florida. Under Blue Wolf’s leadership, the Company became one of the Southeast region’s leading manufacturers of premium mulch and soil products with a network that now spans four manufacturing facilities and 165 employees across Florida.
“The Mulch and Soil Company is a quintessential Blue Wolf investment, which involved a complex carveout and integration of three companies and demonstrates the value of our niche sub-sector specializations,” said Adam Blumenthal, Managing Partner of Blue Wolf. “By carving out Suwannee’s mulch division; integrating two founder-run businesses; and recruiting a best-in-class management team comprised of industry veterans, we built a strong platform of scale that is now well-positioned for longterm growth in one of the most attractive U.S. markets for landscape products.”
“Our experience investing in the forest products sector in the U.S. South combined with our expertise in organizational transformations and human capital management enabled us to support The Mulch and Soil Company from its inception through its evolution into the robust platform it is today,” added James Shovlin, Vice President at Blue Wolf. “We are proud to have partnered with Mark West and the entire management team, and we look forward to following the company’s continued evolution in this next phase of its growth.”
“In 2018, Blue Wolf recognized the incredible potential to create and scale a regional leader in landscape products – and with their support, The Mulch and Soil Company has grown into one of Florida’s leading manufacturers and distributors of mulch and soil products. Over the years, Blue Wolf has served as a true partner and their operational expertise has played a critical role in enabling us to successfully integrate three distinct companies and cultures into one cohesive workforce and network of plants across the state,” said Mark West, CEO of The Mulch and Soil Company. “We are excited about the growth opportunities that lie ahead as we continue to expand our platform and meet the growing demand for our products.”
Brown Gibbons Lang & Company LLC served as financial advisor and Robinson Bradshaw served as legal advisor to Blue Wolf in connection with the transaction.
About Blue Wolf Capital Partners Blue Wolf Capital Partners LLC is a private equity firm that specializes in control investments in middle market companies. Leading by experience, and with a commitment to excellence, Blue Wolf transforms companies strategically, operationally and collaboratively. Blue Wolf manages challenging situations and complex relationships between business, customers, employees, unions, and regulators to build value for stakeholders. For additional information, please visit www.bluewolfcapital.com.
About The Mulch and Soil Company The Mulch and Soil Company is a manufacturer and distributor of mulches, premium soils, decorative bark, and other ground cover products to lawn and garden retailers and commercial landscapers. Headquartered in Fort Myers, Florida, the company operates a network of manufacturing and distribution locations from which it serves customers throughout the southeastern United States. For additional information, please visit www.themulchsoilco.com.
Media Contacts Jenny Zhu jenny@bluewolfcapital.com 212.488.3686
Kate Sylvester ksylvester@sloanepr.com 212.446.1860
March 1, 2021 – NEW YORK – Today, Blue Wolf Capital Partners LLC (“Blue Wolf”), a New York-based private equity firm, announced its acquisition of Colson Group (“Colson” or “the Company”), a global leader in caster and wheel product solutions. Terms of the transaction were not disclosed.
Colson is one of the largest manufacturers and distributors of casters and wheels in the world, with over 1,600 employees across 30 global facilities in 14 countries. With a large and diverse customer base that includes several Fortune 500 corporations, Colson offers the most comprehensive suite of caster and wheel solutions in the industry. The Company’s products are used in a wide variety of applications across end-markets such as medical, industrial, logistics, retail and e-commerce.
“With its global scale and long-standing roster of blue-chip customers, Colson is the global leader in the highly stable and growing casters and wheels market. In addition, Colson’s large domestic manufacturing footprint combined with its impressive product portfolio uniquely position the company to serve the U.S. market. Over the next few years, we intend to invest significant capital to further enhance Colson’s domestic capabilities,” said Aakash Patel, Principal at Blue Wolf. “We are excited to partner with Tom Blashill and his management team to accelerate long-term growth at Colson.”
“Our track record of transforming industrial manufacturing companies into best-in-class businesses combined with our experience optimizing and strengthening global supply chains position us perfectly to support Colson in the next phase of its evolution. We will seek to unlock value at Colson by both leveraging their strong existing foundation and by utilizing Blue Wolf’s unique skillset,” added Adam Blumenthal, Managing Partner of Blue Wolf Capital. “By implementing our ESG investment framework, we will focus on driving growth at Colson through operational, commercial and organizational enhancements. We look forward to working with the Company on this exciting journey.”
“We are pleased to be partnering with Blue Wolf to build upon the market-leading reputation Colson has developed over its 100+ year history. Not only does Blue Wolf have a successful track record investing in industrial manufacturing businesses, but they also have a team of highly experienced operating professionals who will work alongside us and add value to our management team as we drive further efficiencies in the Company,” said Tom Blashill, CEO of Colson Group. “As we enter this new chapter, Blue Wolf’s support will best position Colson to continue to deliver the innovative products, unmatched customer service and supply chain excellence necessary to support our growing global customer base.”
As a result of the acquisition, Blue Wolf Operating Partner Rich Kobor will join Colson’s Board of Directors alongside Adam Blumenthal and Aakash Patel of Blue Wolf as well as Colson’s CEO Tom Blashill. In addition, Ray Poole, who retired after more than a 25-year career at United Technologies during which he served as CFO of the Carrier Residential and Fire & Security Global Fire Product divisions and most recently, was the Senior Vice President of Operations and CFO for Emcor Facilities Services, will also join the Board.
About Colson Group Colson Group, a global leader in caster and wheel products, creates and drives solutions that move lives forward. World renowned brands provide specialized mobility for every industry and market. A leading product portfolio and proprietary global value chain deliver unparalleled efficiencies and support. With over 1,600 employees across 30 global facilities, Colson Group is committed to its customers’ success, ensuring proper products are selected or designed from the start, and always keeping the end-users’ safety, efficiency, and happiness in mind. For more information, visit www.ColsonGroup.com.
About Blue Wolf Capital Partners Blue Wolf Capital Partners LLC is a private equity firm that specializes in control investments in middle market companies. Leading by experience, and with a commitment to excellence, Blue Wolf transforms companies strategically, operationally and collaboratively. Blue Wolf manages challenging situations and complex relationships between business, customers, employees, unions, and regulators to build value for stakeholders. For additional information, please visit www.bluewolfcapital.com.
Media Contact Kate Sylvester, ksylvester@sloanepr.com; 203-736-7821
Blue Wolf Capital Announces Investment in Vicksburg Forest Products
February 8, 2021 – NEW YORK – Today, Blue Wolf Capital Partners LLC (“Blue Wolf”), a New York-based private equity firm, announced its investment in Vicksburg Forest Products, LLC (“VFP” or “the Company”), a manufacturer of Southern Yellow Pine lumber products that operates a sawmill facility in Vicksburg, Mississippi. Terms of the transaction were not disclosed.
VFP’s sawmill produces a diverse mix of dimensional and specialty lumber products. In 2018, the family-owned and operated company underwent a large-scale transformation to convert from a hardwood mill to a softwood mill.
Building upon this transition, VFP recently announced the planned expansion of its operations, which includes a new high-speed chip-n-saw line, two new continuous dry kilns and a variety of other infrastructure projects. Blue Wolf’s investment will support the Company in this expansion that aims to more than double lumber production capacity to approximately 180 million board feet annually and add approximately 60 new jobs. In addition to Blue Wolf’s investment, the Company has received federal, state and local grants and incentives to support this expansion. The project is under construction with completion anticipated in the summer of 2021.
VFP’s Owner and Manager Billy Van Devender and the current management team will continue to lead the business going forward. As a result of the investment, Charlie Miller and James Shovlin of Blue Wolf will join the Company’s Board of Directors.
“As active investors in the U.S. South forest products sector for over a decade, we recognized VFP as a best-in-class facility with high-quality equipment and infrastructure already in place, making it an ideal candidate for expansion. Located in one of the most robust wood baskets in the U.S. South, the mill is well-positioned for growth with convenient access to both an abundant supply of raw materials and major throughfares to access its customers,” said Charlie Miller, Partner at Blue Wolf Capital. “We are excited to support Billy and VFP’s highly-regarded management team in expanding operations and driving long-term growth for the business.”
“Given our track record investing in sawmills in rural communities across the U.S. South and our recent experience restarting a mill in the region, the opportunity to partner with Billy and his team on this expansion made VFP an ideal investment for Blue Wolf,” added Adam Blumenthal, Managing Partner of Blue Wolf Capital. “We look forward to partnering with the VFP team in enhancing operations and governance to best meet the needs of their growing customer base in this robust market.”
“As we embark on this next phase of growth, we are thrilled to partner with Blue Wolf, a firm that has a deep track record and network across the forest products industry. Blue Wolf’s experience working hand-in-hand with local governments and communities like ours combined with their understanding of our customers and long-term vision make them a great partner for us,” said Billy Van Devender, Owner and Manager of VFP. “With this partnership in place, we remain focused on expanding our business to become one of the most diverse mills in the Southeast to best support our customers.”
Raymond James Ltd. acted as financial advisor to VFP in connection with the transaction.
About Vicksburg Forest Products, LLC Vicksburg Forest Products, LLC is headquartered in Jackson, Mississippi and offers customers a wide variety of dimensional and specialty lumber products through its sawmill operations located in Vicksburg, Mississippi. The Company’s facility underwent a large-scale transformation in 2018 and VFP is now embarking on its next phase of growth, with significant upgrades throughout the mill that will expand production capacity to 180 million board feet by the summer of 2021. Family-owned and operated, VFP is Page 2 of 2 dedicated to its employees who are passionate about delivering unmatched, high-quality lumber from a world-class manufacturing facility.
About Blue Wolf Capital Partners Blue Wolf Capital Partners LLC is a private equity firm that specializes in control investments in middle market companies. Leading by experience, and with a commitment to excellence, Blue Wolf transforms companies strategically, operationally and collaboratively. Blue Wolf manages challenging situations and complex relationships between business, customers, employees, unions, and regulators to build value for stakeholders. For additional information, please visit www.bluewolfcapital.com.
Media Contact Kate Sylvester, ksylvester@sloanepr.com; 203-736-7821
Finding Value Through an ESG Lens: PEI Keynote Interview with Blue Wolf Capital
Being systematic on the ‘S’ in ESG will help firms identify opportunities and build resilience, says Blue Wolf Capital’s Adam Blumenthal
New York-based Blue Wolf Capital, which has a portfolio made up largely of healthcare services and industrial companies, found itself on the frontline of the covid-19 pandemic in the early months of 2020. Adam Blumenthal, founder and managing partner, tells Private Equity International that the firm’s long-term focus on environmental, social and governance factors was fundamental to its ability to cope with the pressures brought by covid-19. Meanwhile, Blue Wolf’s attention to the ‘S’ in ESG is at the heart of its strategy to unlock value as it prepares for life after the pandemic.
Question: How has Blue Wolf been affected by covid-19 and how has it responded to the pandemic?
Due to the healthcare services aspect of our investment portfolio, we were aware of the likely impact of covid-19 very early. That insight meant we were able to educate our employees and put in place support across the portfolio to maintain safe workplaces and behaviours at our companies.
Through our longstanding Safety, Health and Environmental programme, we already had infrastructure in place that allowed us to not only roll out best practices but also to encourage broad cross-portfolio engagement of resources – which was necessary, because all our portfolio companies continued operating throughout the pandemic. All of them were deemed essential. We had to keep going and remain safely operational, despite the disruption.
Whether it was on the healthcare or the industrials side of the portfolio, we witnessed the heroism of frontline workers as they met the needs of society in the pandemic. We have a group of outpatient healthcare facilities that operate in areas of New York that were at the centre of the pandemic. Everyone around the world saw what was happening in Brooklyn. We had urgent care centres there, and people kept coming into work every day in the midst of covid-19, and had their workload increase.
The only good news is that now we have a year of experience on how you manage in a pandemic at a high-performance level, while keeping people safe and meeting society’s needs. We are far better prepared to do that today than we were a year ago.
Question: Blue Wolf has been focusing on ESG for many years; how did that contribute to the resiliency of its portfolio when covid-19 arrived?
We have always had a focus, portfolio-wide, on managing human capital and on employee health and safety. We think that engagement with our employees is an important driver of business success, and we have formal governance systems to ensure our portfolio companies are doing that – that is getting onto the ‘G’ in ESG. You need a governance process. Without the ‘G’, it just does not happen. You need to know what you are doing and measure it through board committees.
We have used the ‘G’ features of ESG to put in place supports for the ‘S’. Having emphasised employee health and safety at the board and C-suite level for many years, when the crisis hit we did not have any questions about what our priorities would be or need to invent any new tools. If there are no questions about priorities and if you have the tools, it is easy for people to do the right thing.
We were able to track covid-19 infection rates across the portfolio and we found that less than 5 percent of our employees who contracted covid-19 were infected at work. We were able to demonstrate that if you are focused on providing people with a safe place to work and with the tools and the education to work safely, then it can be done. We are extremely proud of our work to make that happen.
Question: The pandemic has highlighted inequalities in the US healthcare system. What is Blue Wolf doing to address these?
The American healthcare system is well known for its inefficiency. Although the US has some of the best healthcare in the world at the highest level, on average it provides lower-quality outcomes at a higher cost than in many other developed nations. Closing that gap is a driver of value.
Blue Wolf’s approach to healthcare can be summarised by something called the Triple Aim – having better health, at a lower cost, with a higher level of patient satisfaction. We believe that the way to tell if you are creating value in American healthcare is whether your strategy is delivering on the Triple Aim. That has led us to embrace distributed home and community-based services that improve population health.
An example of this is portfolio company FOX Rehabilitation, which provides home-based physical therapies to a geriatric population. We have been putting physical therapists – with adequate PPE and testing – into the homes of 80 or 90-year-olds during lockdown. We help keep these people healthy, even though their mobility is restrained. We have great partnerships with assisted living facilities and senior citizen advocacy groups, because we can deliver the care where it is not happening otherwise.
We think that the way to lose money in healthcare over the next decade is to provide high-cost luxury services. The way to generate value for society and for investors is to use the Triple Aim to provide quality outcomes at a lower cost, in the way that the rest of the world has proved it is possible to do. Since the pandemic, valuation multiples on homebased and community-based care have increased dramatically. Covid-19 has made it clear that they are a critical piece of creating value in the system.
Question: 2020 exposed various social problems in the US. Can private equity investment help neglected communities while delivering returns?
With some of our industrial investments, we are the largest employer in small towns in America. We have operated sawmills in Dixie County, Florida, and Glenwood, Arkansas; paper mills in Madawaska, Maine. When we make an investment in a place like that, the advantage we have is that we are the only private equity company around. Because we are off the beaten path, typically, we can invest at valuations that are quite compelling.
We use ESG as a lens to find value creation opportunities. The fact that there is a lack of investment capital in these areas creates the opportunity to acquire attractive assets at low values. You get talented people, low-cost inputs and do not have a lot of competition.
However, it is not an anonymous world in Glenwood, Arkansas – your plant manager is going to have breakfast at the same café as the janitor. When you are operating in that environment, you need to be a community partner if you are going to be an employer of choice for the most talented people in the community. We view that as a business strategy as well as the way businesses need to behave.
Question: Does this approach extend to partnering with your workforces?
We have successfully invested in unionised companies since our inception as a firm. In a regulated environment, like healthcare, working collaboratively with unions is important. We approach our relationship with unions the same way we do with sources of financing or customers, and over 15 years, we have conducted ourselves so that we have a relationship of trust with unions. We negotiate hard for business success, but we tell people the truth and we recognise that unions and their workforces have a vested interest in the success of the company.
The result has been that we see investment opportunities that other people do not, because unions will call us and say: “Hey, we’ve got a problem at this company, is there a way you can buy this and fix it?” Usually we can’t – but when we can, that is a really remarkable piece of off-market dealflow.
Question: Will disruption to supply chains during covid-19 encourage investment in US manufacturing?
In our mind, it is about balance. American business followed a model of outsourcing to low-wage economies for many years that created structural risk within their supply chains. What is happening now is not a 180 degree turn from there, but companies are acknowledging the risks and investing to mitigate them. It is tragic that it took a pandemic for people to recognise that risk. We have been trying to mitigate it for many years. For example, we bought a building products company in 2016 and invested in domestic manufacturing to make sure we can always meet short-term demand. We want to have that kind of balanced, robust, resilient supply chain.
Question: What are the main lessons from the past year? Can interest in ESG be sustained?
ESG is a lens for value creation – it forces you to see things that others don’t, in ways that others don’t. I believe the private equity community is serious about embracing this approach.
As an investor, you have to see problems that become evident today as opportunities to invest for the future. Certainly, the pandemic has highlighted problems in our society and economy, ranging from the vulnerability of our supply chains, to the quality of our public health infrastructure. At the same time, operating in the pandemic has made clear there is room for innovation to address those problems. The pandemic has taught many people how to operate in a safe and systematic way – that is an innovation that has been broadly accepted throughout our economy.
The State Group Names Michael Lampert as Chief Executive Officer
NASHVILLE, Tenn. – January 25, 2021 – Today, The State Group Inc., a leading multi-trade industrial contractor providing quality maintenance, repair and construction services, announced the appointment of Michael Lampert as Chief Executive Officer, effective immediately. Mr. Lampert brings over 20 years of senior leadership experience across the manufacturing, construction and service industries.
Founded in 1961, The State Group operates 20 offices throughout the United States and Canada. The company employs over 1,200 construction professionals and support staff and performs over 2 million man-hours annually of construction, retrofit, maintenance, and emergency services. In April 2018, The State Group was acquired by Blue Wolf Capital Partners, a New York-based private equity firm, and Yellow Point Equity Partners, a Vancouver-based private equity firm.
“I’m excited to join The State Group, a company that has built an impressive track record as a leader in the industrial and engineering services sector and a trusted long-term partner for many Fortune 100 companies,” said Michael Lampert, CEO of The State Group. “I’m looking forward to working closely with the management team to continue to provide best-in-class service to our clients while growing the business.”
Prior to joining The State Group, Mr. Lampert served as the President and CEO of GrayWolf Industrial, a specialty construction, maintenance and fabrication provider. During his tenure at GrayWolf Industrial, he also held the roles of Chief Operating Officer and Chief Financial Officer, overseeing all operations including sales, estimating, execution, safety, quality and human resources. Previously, he also served as the President of Integrated Energy Technologies, a turbine component manufacturing company that was founded as a result of CitiGroup Venture Capital’s acquisition of the Evansville Division of Rolls Royce Aerospace.
“We are pleased to welcome Michael to The State Group as he not only brings decades of experience leading companies across the industrial sector, but he also has a demonstrated track record of driving growth while working closely with private equity partners,” said Arthur Cabrera, Executive Vice President and CFO of The State Group. “I’m excited to work alongside Michael as we continue to grow our business while upholding the highest safety and quality standards that we are known for across our projects.”
“Michael’s expertise integrating sales, engineering, manufacturing and finance coupled with his experience in high value manufacturing positions him well to drive success at The State Group,” said Marc Dumont, former CEO and current board member at The State Group. “We are excited to have Michael joining the leadership team and are confident his background will be a tremendous value-add to the company.”
About The State Group The State Group is a leading North American multi-trade industrial and specialty services contractor. Established in 1961, the company provides comprehensive electrical and mechanical trade services to Fortune 100 companies in the power generation, automotive, oil and gas, communications, metals and transportation industries. The State Group performs over two million man-hours annually of retrofit, maintenance, construction and emergency services and maintains a tooling and equipment inventory to support its skilled workforce. The company has offices across the United States and Canada and is ISO 9001:2015 registered. For more information, please visit www.stategroup.com.
About Blue Wolf Capital Partners Blue Wolf Capital Partners LLC is a private equity firm that specializes in control investments in middle market companies. Leading by experience, and with a commitment to excellence, Blue Wolf transforms companies strategically, operationally and collaboratively. Blue Wolf manages challenging situations and complex relationships between business, customers, employees, unions, and regulators to build value for stakeholders. For additional information, please visit www.bluewolfcapital.com.
Media Contact Kate Sylvester, ksylvester@sloanepr.com; 203-736-7821
ABILENE, Texas & FORT WORTH, Texas — Petrosmith, a leading provider of production equipment and oilfield tubular goods, has acquired the assets of Wellflex Energy Solutions, LLC (“Wellflex” or the “Company”), a leading engineering, procurement and construction management company.
Wellflex, headquartered in Fort Worth, Texas, utilizes the latest in design technology to assist in detailed engineering, fabrication and project management to provide customers with the most efficient, fit for purpose equipment.
Chris Thomas, CEO of Petrosmith, said, “We believe Wellflex’s design and project management solutions are best-in-class and will be in high demand as the energy sector gets back on track. Combining the Wellflex process with Petrosmith’s quality fabrication and services will provide our operators and customers an efficient and effective process to reduce facility expenses as the market returns. We are excited to add the Wellflex team to Petrosmith as we steer the company towards long-term success.”
“Our successful sale to Petrosmith is a testament to our team’s collective effort to be the best in providing high quality, design, engineering, fabrication and construction management for our customers,” said Nick Klaus, President of Wellflex. “We’re excited to join Petrosmith as we begin the next chapter of Wellflex’s growth and success.”
“The addition of Wellflex provides an exciting opportunity to partner with a company aligned with our own values in prioritizing quality of service,” said Michael Duffy, President of Petrosmith. “Wellflex has a strong brand built on a foundation of nearly 15 years of high-quality service.”
About Petrosmith Founded in 1983 as Smith Pipe of Abilene, Petrosmith is dedicated to efficiently designing and manufacturing high-quality, innovative and reliable products for the oil and gas industry. Smith Pipe of Abilene transitioned to Petrosmith to better reflect the variety of offerings and expanded footprint in the industry. Petrosmith is a service-oriented, technologically advanced company, dedicated to time-honored traits of efficiency and high quality in the design and manufacture of products for today’s and tomorrow’s oil and gas industry. For more information, visit petrosmith.com.
About Wellflex Energy Solutions, LLC Wellflex Energy Solutions was founded in 2006 in the heart of the Barnett Shale during one of the most innovative periods in energy industry history. Wellflex was created to deliver quality products on time and improve efficiencies of pad site construction, providing solutions from a standard bare vessel to a fully customized ModFlex™ pad site. With over 100 years of production and process equipment experience, Wellflex is an industry leader in modular production equipment solutions. For more information, visit wellflex.com.
Blue Wolf Capital Announces Expansion of Investment Team and Promotion of Joshua Cherry-Seto
Four Strategic Hires Support Continued Portfolio Growth
Shashank Patel Rejoins the Firm as Principal
Joshua Cherry-Seto Promoted to Managing Director
October 21, 2020, NEW YORK – Blue Wolf Capital Partners (“Blue Wolf”), a New Yorkbased private equity firm, today announced the expansion of its investment team with four strategic hires: Shashank Patel, Greg Singer, Ethan Cooper and David Meyers. Blue Wolf has also promoted Chief Financial Officer and Chief Compliance Officer Joshua Cherry-Seto to Managing Director.
Shashank Patel rejoins the firm as a Principal after working at Apax Partners and Providence
Equity. He first joined Blue Wolf in 2011 and was previously involved in Blue Wolf’s
investments in American Builders Supply, Snappy and Twin Rivers, among others
In addition, Greg Singer, a recent MBA graduate from The Wharton School at the University of Pennsylvania and formerly a Private Equity Associate at Nautic Partners, joins the firm as a Senior Associate; Ethan Cooper, formerly an Analyst in the Middle Market Group at Lazard, joins the firm as an Associate; and, David Meyers, formerly an Investment Banking Analyst in the Restructuring Group at Perella Weinberg Partners, also joins the firm as an Associate.
Joshua Cherry-Seto has been promoted to Managing Director, reflecting his role in managing a wide variety of tax, legal, structuring, compliance and capital raising issues across the portfolio, as well as the commitment he has demonstrated to the firm’s ESG strategy since joining Blue Wolf in 2013. He will continue to remain Chief Financial Officer and Chief Compliance Officer.
“We are thrilled to add such a talented group of experienced individuals to our growing investment team – Shashank, Greg, Ethan and David will each play a critical role in supporting both new and existing investments across our portfolio,” said Adam Blumenthal, Managing Partner of Blue Wolf Capital. “As we navigate this period of economic disruption, our team’s expansion not only reflects the continued growth of our investment pipeline in this environment, but it also ensures we are well-positioned to take advantage of the unique secular trends we expect to see accelerate in each of our investment verticals over the coming year.”
“I am very excited to rejoin the Blue Wolf team at a time when the firm’s long-standing ESGdriven approach to value creation is more vital to investors and to society than perhaps ever before,” said Shashank Patel, Principal at Blue Wolf Capital. “Working with Adam, Jeremy, Charlie, Bennet and other members of the Blue Wolf investment team was an important part of my career early on and I could not be more excited to be back at the firm today.”
Most recently, Blue Wolf announced the sale of Pharmaceutical Strategies Group’s marketleading 340B business to Omnicell after a nine-year investment, reflecting the firm’s long-term ESG-driven approach to creating value. Last year, Blue Wolf also expanded its investment portfolio with the acquisitions of Fox Rehab, ClearSky Health, Kirlin Design Build, and RHA Health Services.
About Blue Wolf Capital Partners Blue Wolf Capital Partners LLC is a private equity firm that specializes in control investments in middle market companies. Leading by experience, and with a commitment to excellence, Blue Wolf transforms companies strategically, operationally and collaboratively. Blue Wolf manages challenging situations and complex relationships between business, customers, employees, unions, and regulators to build value for stakeholders. For additional information, please visit www.bluewolfcapital.com.