PORTFOLIO
Case Study
SterlingBackcheck
PORTFOLIO
Case Study
Rock-It Cargo
PORTFOLIO
Case Study
Juno Lighting
F&I Sentinel, LLC, headquartered in Tallahassee, Florida, is a provider of compliance services for the automotive lending market. F&I Sentinel protects consumers, finance companies and dealers by facilitating a compliant and efficient finance and insurance (“F&I”) product marketplace. The Company provides cutting-edge compliance solutions to mitigate the reputational, financial, litigation, and regulatory risks of financing F&I products.
In February of 2022, Calera Capital acquired a majority stake in F&I Sentinel in partnership with the founder and CEO, Stephen McDaniel, and existing management.
Anderson Group, headquartered in Cleveland, OH, is a leading provider of HVAC, plumbing, electrical, and other non-discretionary repair and replacement services for existing, single family homeowners across the Midwest. Each of the Company’s brands has a leading position in its home market, enabled by a commitment to customer service, operational execution excellence, and recruiting and retaining talented employees.
In November of 2021, Calera Capital acquired a majority stake in Anderson Group in partnership with the CEO, Matt Witzky, and existing management..
FitzMark, LLC, headquartered in Indianapolis, Indiana, is a specialty provider of freight brokerage services across truckload, flatbed, refrigerated and less-than-truckload freight markets. FitzMark has a long and successful track record of providing high levels of service to shippers and carriers with a talented and dedicated employee base, deep network capacity, and robust fit-for-purpose technology. The Company serves over 2,000 shippers and 25,000 carriers throughout the US.
In December of 2020, Calera Capital acquired a majority stake in FitzMark in partnership with the founder and CEO, Scott Fitzgerald, and existing management.
Thayer Power & Communication is a leading provider of mission critical repair, maintenance, and upgrade services for the utility and telecommunications industries. Thayer has a deep understanding of how to deliver and drive exceptional day-to-day work safety, quality, and service. The Company operates in three primary lines of business: electric utility services, fiber placement and other wireline telecommunications services, and small cell site deployment and related wireless services. The Company offers its services across a large regional area including the central Midwest, Northeast, and Southeast United States.
In March 2020, Calera Capital acquired a majority stake in Thayer in partnership with management.
Cypress Health Partners, (formerly Bay State Physical Therapy), headquartered near Boston, is the leading provider of physical therapy and chiropractic services in New England. Cypress Health Partners provides a wide range of evidence-based treatments, including therapeutic exercise, joint mobilization, soft tissue mobilization, neuromuscular education, spinal manipulation and aquatic therapy. The Company operates more than 100 physical therapy clinics and chiropractic offices across Massachusetts, Maine, New Hampshire and Rhode Island.
In March 2019, Calera Capital acquired a majority stake in Cypress Health Partners in partnership with the Company’s founder, Dr. Steven Windwer.
Founded in 1967, ImageFIRST® is the largest and fastest growing national linen rental and laundry service specializing in the healthcare market. ImageFIRST’s 36 locations nationwide serve over 11,000 medical facilities every week providing linen, patient gowns, scrubs and more while managing their clients’ linen inventory for cost management. With a customer retention rate of over 95%, ImageFIRST is dedicated to improving patient satisfaction through quality products and remarkable service: their Comfort Care® line of gowns are proven to increase patients’ favorable perception of a facility by more than 50%.
In October 2018, Calera Capital acquired a majority stake in ImageFIRST in partnership with management.
Arnott Industries, headquartered in Merritt Island, Florida, is the leading global manufacturer of replacement air suspension parts and accessories for the automotive aftermarket. Arnott manufacturers a comprehensive offering of replacement air struts, air springs, compressors, and conversion kits with a superior reputation for quality and reliability. Arnott’s products are primarily sold through the leading aftermarket warehouse distributors and retailers serving the professional repair channel.
In June 2017, Calera Capital acquired a majority stake in Arnott in partnership with management, led by founder Adam Arnott.
United Dental Partners, headquartered in Chicago, is a leading provider of non-clinical services to dental practices. UDP provides dental facilities, support staff and administrative services to dental organizations, freeing them up to focus on providing the highest quality clinical care for their patients. All Family Dental and Braces, First Smiles Dental and Smiles for Families are the firm's major clients. These practices provide patients with affordable access to multiple dental specialties, including orthodontia, pediatrics and oral surgery.
In March 2017, Calera Capital acquired a majority stake in United Dental Partners in partnership with the Company's founders, Dr. Scott Goldman and Dr. Louis Whitesman.
The Evans Network of Companies, headquartered in Schuylkill Haven, Pennsylvania, is a leading non-asset based logistics platform providing critical services at scale to a large and growing agent network of intermodal drayage, truckload, and freight brokerage agents. The Company operates as an outsourced provider of non-core but essential services to its agents, including payment processing, technology, cash management, training, compliance, risk management, and national and regional sales support. Evans has a long and successful track record of growing its agent network and servicing agents, owner-operators, and shippers with its highly value-additive offering.
In February 2017, Calera Capital acquired a majority stake in Evans in partnership with CEO Bo Bates, the Evans family, and existing management.
Calera sold Evans to Court Square Capital in August of 2021.
Carnegie Fabrics, headquartered in Rockville Centre, New York, is a leading supplier and innovator of sustainable textiles for the corporate, healthcare, hospitality, and education building markets. Carnegie has particular strengths in textiles used in wallcoverings, upholstery, window coverings, panels, and privacy curtains. Carnegie has built a reputation for its ongoing and comprehensive commitment to the environment through all parts of its business cycle.
In December 2016, Calera Capital acquired a majority stake in Carnegie in partnership with Carnegie’s President, Cliff Goldman.
Transaction Services Group is the leading full service outsourced provider of highly differentiated solutions and technology that enable businesses to efficiently accept recurring payments from customers. Initiating over 50 million transactions worth more than $2 billion annually, TSG’s broad solution set provides clients with payment processing, customer service, credit control, debt collection, data analytics, and reporting services. The Company is headquartered in Auckland, New Zealand and has operations across Australasia, Europe, and North America. TSG operates under multiple brands, including Debitsuccess, PaySmart, DFC, and Harlands Group.
In November 2015, Calera Capital acquired a stake in TSG in partnership with the Company's Chairman and management.
Calera sold TSG to Advent International in October 2019.
RFIB is a leading independent provider of wholesale brokerage services to the Lloyd’s insurance market. The Company places approximately $900 million in gross written premium in reinsurance and insurance markets on a global basis. The Company takes no risk onto its balance sheet and operates entirely on a fee-for-service, commission basis. The business is focused on markets and classes of business that are specialist in nature and where it can successfully leverage its brokering expertise, market knowledge, and insurance carrier relationships. The Company’s long-standing client tenure, strong brand, and relative domain expertise have been built over its 35-year operating history. From its headquarters in London and eight offices in major international centers, RFIB has a sterling track record in producing, placing, and servicing risks on behalf of its clients.
In October 2015, Calera Capital acquired a majority stake in RFIB in partnership with management and employees.
Calera sold RFIB to Integro Insurance Brokers in January 2020.
United Site Services, headquartered in Westborough, Massachusetts, is the leading provider of portable sanitation solutions and related site services in the United States and the only provider with a national operating footprint. USS provides these site services and other non-hazardous liquid waste services to commercial and industrial businesses, non-residential and residential construction companies and building owners, special events, and government, military, and agricultural customers.
In August 2014, Calera Capital acquired United Site Services in partnership with existing management.
Sleepy's, headquartered in Hicksville, NY, is the leading mattress retailer in the United States with over 800 retail stores and a significant presence in the Northeast. Through highly trained sales professionals, a broad selection of high quality and mostly exclusive products, and flexible delivery options, Sleepy’s provides consumers with a highly satisfying experience in purchasing the right mattress at a great price. Leveraging its nationwide distribution capability and various branded platforms, Sleepy’s also has a non-store based direct business including 1-800 Mattress, mattress.com and Sleepys.com, and a wholesale division serving various web retailers, hotels, and affinity groups.
In March 2012, Calera Capital made a significant investment into Sleepy’s in partnership with management.
SterlingBackcheck, headquartered in New York, NY, is a leading provider of technology-enabled employment background screening services. The Company provides criminal background checks, employment and education verification, drug testing, and other pre-employment related screening services. SterlingBackcheck delivers its service through a front-end web-based interface and executes its searches through proprietary technology and a highly efficient fulfillment platform.
In December 2010, Calera Capital made a majority investment into Sterling Infosystems (later known as SterlingBackcheck and Sterling Talent Solutions) in partnership with founder William Greenblatt and management. Calera sold SterlingBackcheck to Goldman Sachs and CDPQ in June 2015.
First Republic Bank, founded in 1985, provides private banking, private business banking, and private wealth management, including investment, trust, and brokerage services. Targeting high-net-worth individuals, First Republic specializes in delivering exceptional, relationship-based service through preferred banking and wealth management offices in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland, Boston, Greenwich, and New York City
In June, 2010, Calera Capital and other private investors invested alongside First Republic's management team to acquire the company from Bank of America Merrill Lynch. First Republic accessed public equity capital through an IPO in December, 2010. Calera Capital primarily sold its shares in the open market with the last of its shares of First Republic sold in September, 2012.
Grandpoint Capital, Inc. is a Southern California based community bank launched in 2010 by a team of recognized banking executives who draw on their many years of experience to lead a bank built around client needs. Grandpoint focuses on the financial requirements of businesses and their owners, entrepreneurs, professionals, high-net-worth individuals, and financial institutions. Initially capitalized with $80 million and with a clean balance sheet, Grandpoint is positioned to grow organically by attracting new deposit and loan relationships, while capitalizing on the stress being experienced in the Southern California banking market by selectively acquiring failed institutions and other community banks.
In June 2010, Calera Capital made an initial investment in Grandpoint in partnership with management. Calera has committed additional equity to Grandpoint to support its growth and future acquisitions.
In February 2018, Grandpoint entered into a definitive agreement to be acquired by Pacific Premier Bancorp in an all-stock transaction. Calera Capital sold its shares in the open market with the last of its shares sold in June 2019.
Rock-It Cargo LLC and the Rock-It group of companies provide value-added logistics and specialized manufacturing services to the live event market. The Company was founded in 1978 with an initial focus on providing international freight forwarding services to the global music touring industry. Rock-It Cargo has since expanded into show production services and similar adjacent logistics markets characterized by international destinations, a meaningful degree of complexity, and critical time sensitivity. Through expansion into new markets and geographies, Rock-It has built a market-leading growth platform within the most attractive, defensible, and critical segments of the live event, fine art, industrial, corporate, and sports end markets. For more information, please visit www.rockitcargo.com.
In December 2009, Calera Capital made a majority investment into Rock-It in partnership with existing management and employees. In March 2015, Calera exited the investment in a sale of its ownership stake to management and employees through a recapitalization of the business.
Ironshore provides specialty lines of property and casualty insurance on a global basis, serving commercial clients through a broad network of multinational insurance brokers. Ironshore was initially capitalized in Bermuda with approximately $1 billion to support underwriting activities across a diverse set of specialty property and casualty markets. Through its platform in Bermuda, Ironshore writes property and excess casualty insurance for commercial risks. Ironshore's US operations write commercial property and casualty insurance, including a variety of coverages in the Management & Profesional Liability, Healthcare Liability, Construction, and Environmental specialty areas. Specialty coverages are underwritten at Lloyd's through Ironshore's Pembroke Syndicate 4000.
Calera Capital was a lead investor in the capitalization of Ironshore in January of 2007. To support its continued growth, Calera also participated in a subsequent $300 million equity raise in June of 2009.
Loopnet (NASDAQ: LOOP), headquartered in San Francisco, California, is the leading online marketplace for commercial real estate in the U.S. The Company enables brokers to list properties for sale or for lease and submit detailed information on listings including marketing descriptions, photos, key property statistics and financial and tenant information, in order to find a buyer or tenant. Commercial real estate agents, buyers and tenants use LoopNet to search for listings that meet their criteria.
In March 2009, Calera Capital led a convertible preferred stock investment into LoopNet along with Company insiders, Trinity Ventures, and Rustic Canyon Partners. In April 2012, LoopNet was sold to CoStar Group, Inc.
Direct General, headquartered in Nashville, Tennessee, is a financial services company providing non-standard personal automobile insurance, term life insurance, premium finance and other consumer finance products and services through retail offices.
In March of 2007, Calera Capital and TPG partnered to take Direct General private.
IPS Corporation is a market-leading manufacturer of a wide range of adhesive cements, structural adhesives and niche plumbing products primarily for residential, commercial, industrial and international markets. IPS's products are sold under a number of highly regarded brand names, including Weld-On, Watertite, Studor, Truebro and Guy Gray.
Calera Capital and management acquired a controlling interest in July 2006. Calera sold IPS to Nautic Partners in February 2015.
Specialty Brands is a leading producer, processor, and marketer of frozen food products, including hand-held Mexican appetizers and entrees, filled pasta and coated appetizers. Company brands include José Olé, Fred's for Starters, Rotanelli's, Marquez, Posada, Little Juan, and Butcher Boy. Specialty Brands has a total of six manufacturing sites located in New York, Missouri, Texas, New Mexico, and California.
Calera Capital and Specialty Brands management acquired a controlling interest in Specialty Brands from a major U.S. corporation in September 2002. Calera Capital sold Specialty Brands, Inc. to Windsor Quality Food Company in December of 2004.
Juno Lighting is a specialist in the design, manufacturing, and marketing of recessed, track, HID and fluorescent fixtures for commercial and residential use. Juno sells its products through more than 1,200 distributors and lighting showrooms across the U.S. and Canada and also sells directly to a variety of national department stores, specialty retail, supermarket, and commercial accounts.
Calera Capital and Juno's management led the company's recapitalization in June 1999. In August 2005, Juno Lighting was sold to Square D Company, a subsidiary of Schneider Electric SA.
Kerr Group is a leading provider of specialty plastic closure products to the pharmaceutical and food and beverage industries in North America. Kerr designs and manufactures highly engineered, proprietary, injection-molded plastic closures that incorporate functional features such as child resistance and tamper evidence. Kerr is recognized as a market leader in technological innovation. Kerr proactively works with many of its customers to design and manufacture closures to serve its customers' specific product needs. In the pharmaceutical market, Kerr partners with its customers in designing packaging to secure Food and Drug Administration approval.
Calera Capital acquired the outstanding shares of NYSE-listed Kerr through a public tender offer in August 1997. Kerr subsequently acquired Sun Coast Industries, Inc., a manufacturer of specialty plastic closures, in March of 1998, and McCormick & Company's packaging business, Setco, Inc. and Tubed Products Inc., in August of 2003. Calera Capital sold Kerr to Berry Plastics Corporation in June 2005.
Kinetic Concepts and its subsidiaries develop and market innovative medical devices for advanced wound healing and therapeutic treatment systems that address skin breakdown, pulmonary complications, and circulation problems associated with patient immobility. KCI's medical devices and therapeutic systems include V.A.C.® Therapy Systems, as well as specialty beds, mattress replacement systems, wheelchair seating, and related devices. KCI serves hospitals, nursing homes, and home care settings both in the U.S. and abroad.
Calera Capital led the recapitalization of KCI, taking the company private, in November 1997. As part of the transaction, KCI's founder and senior management team retained and reinvested a significant equity stake.
KCI completed a $1 billion recapitalization in August of 2003 and subsequently accessed public equity capital through an IPO in February of 2004 and a secondary offering in June of 2004. Calera Capital completed the sale of its shares of KCI in May 2005.
Software Architects is a leading provider of information technology consulting and training services. The company has vast experience in delivering customized solutions designed for Fortune 500 and middle-market companies. Founded in 1978, Software Architects is an independent company with more than 600 employees and consultants in offices nationwide. The company's client roster includes Bank One, Motorola, Qwest Communications, The Limited, Sears, Shell, and BMW Financial Services. The company is also a Microsoft Certified Partner and Gold Partner for eCommerce Solutions.
Calera Capital acquired a controlling interest in Software Architects in March 2000. In February 2007, Calera Capital sold Software Architects to Sogeti USA LLC, a Capgemini Group Company.
Tapco International is the leading designer, manufacturer, and marketer of accessory products and professional installation tools for the remodeling and new construction of residential exteriors. Tapco's products include window shutters, gable and roof vents, and exterior fixture mounting blocks. Tapco's products are sold throughout the U.S. and selected European markets through four principal distribution channels: one - and two-step distributors, do-it-yourself mass merchandisers, and manufactured housing distributors.
Calera Capital and Tapco management acquired a controlling interest in Tapco International Corporation from the founder's estate and family in June 1999. Calera Capital sold Tapco International to Headwaters Incorporated in September 2004.
Coldwell Banker has been the premier provider of full service real estate since 1906. The Coldwell Banker system has more than 3,500 residential and commercial real estate offices with over 105,000 Sales Associates globally. Each office is independently owned and operated except for offices owned and operated by NRT Incorporated. The company is an industry leader in residential real estate and in niche markets such as resort, new homes and especially luxury properties through its Coldwell Banker Previews International® division.
In October 1993, Calera Capital acquired Coldwell Banker® from Sears, Roebuck and Co., which was divesting Coldwell Banker® in connection with a major restructuring of Sears. Calera Capital sold Coldwell Banker® to Cendant Corporation (NYSE: CD) in May 1996.
Crown Pacific is an integrated, solid-wood forest products producer with operations in three primary segments – timberlands, lumber manufacturing and wholesale marketing, and distribution of forest products. The company owns and manages approximately 524,000 acres of forestland in three regional locations: Central Oregon, the Olympic Peninsula, and the Northern Cascades in the State of Washington. Crown Pacific has a strong conservation record and has worked with The Nature Conservancy, River Network, Conservation Trusts, Paul Allen Foundation, Seattle City Light, Deschutes Basin Land Trust, and others. Crown Pacific plants approximately 3,500,000 trees annually to promote forest growth and health and accomplish reforestation goals.
Calera Capital acquired Crown Pacific, Gilchrist and Crown Inland (collectively "Crown Pacific Partners") in August 1991, September 1991, and September 1993, respectively. Crown accessed public equity capital through an IPO in December of 1994.
Petro Stopping Centers is one of the leading operators of large, multi-service truck stops in the United States. Petro Stopping Centers' facilities are located along interstate highways and typically offer diesel fuel, gasoline, home style restaurants, truck preventative maintenance centers, travel and convenience stores, and a range of other products, services, and amenities to commercial truck drivers, as well as to other highway motorists and local residents.
In May 1992, Calera Capital made an equity investment in Petro Stopping Centers. Calera Capital sold Petro Stopping Centers to Chartwell Investments, a private equity group, and Mobil Oil in 1997.
