Lincoln International Closes Three Deals
in One Day
Lincoln International, a global mid-market investment bank, has announced that it closed three M&A transactions on the last day of 2008. The firm acted as exclusive financial advisor to ICV Capital Partners in its sale of Sterling Foods, Ltd.; Peter Brown Construction; and Wolf Electronix.
Sterling Foods, Ltd., a portfolio company of ICV Capital Partners, was sold to TGF Management Corp., through its latest fund, Southwest Opportunity Partners, L.P., and Austin Ventures on December 31, 2008. Founded in 1971, Sterling is a leading supplier of baked goods, as well as a provider of gourmet bakery items to the food service and retail industries. In addition, Sterling provides products to the K - 12 educational market, weight management industry and is the largest supplier of shelf stable bakery products to the military.
“That we were able to complete a leveraged buyout in this economy, in this credit market, during the holidays is a special treat,” said Brad Akason, Managing Director of Lincoln International and Co-head of the firm’s Consumer Group. “We’re delighted to have achieved a favorable result for the owner and a great company.”
Also on December 31, Lincoln International’s Building and Construction Group announced the sale of Peter R. Brown Construction, Inc. to The PBSJ Corporation, an employee-owned provider of engineering, environmental science, architecture, planning and construction services based in Tampa, Florida. Peter Brown, headquartered in Clearwater, Florida, provides comprehensive construction management and design-build services to public and private clients primarily throughout the southeastern U.S. The company was purchased in 2000 by its three current owners and senior managers, Judy A. Mitchell, John R. Stewart, and Eduardo “Tito” Vargas, and they will continue to manage the day-to-day operations of the business as a wholly owned subsidiary of PBSJ.
Later in the day, Lincoln International’s Electronics Group announced the sale of Wolf Electronix Corporation to Computrol, Inc., a subsidiary of Armstrong International, Inc. Wolf is a leading provider of high mix, complex electronics manufacturing services (“EMS”) to a wide range of customers in the Rocky Mountain region of the United States. Lincoln International guided the transaction to completion despite unprecedented challenges in the M&A market and challenging economic conditions within the EMS industry and its broader end-markets.
“There is no question that it’s a challenging market right now, and we’re proud of the perseverance and ingenuity that our deal teams and industry groups are demonstrating. Three closed deals on New Year’s Eve was a great way to end a landmark year,” said Jim Lawson, Co-Chairman and Managing Director of Lincoln International.
