Willkie advised Sterling and Process Barron in the transaction.
On March 6, Willkie client The Sterling Group, a Houston-based private equity firm, announced it completed the sale of Process Barron to funds managed by Carousel Capital.
Process Barron designs, manufactures and installs industrial process fans and material handling systems to a variety of industries, including pulp and paper, power, steel, cement, food, and agriculture. Founded in 1981, the company is based in Birmingham, Alabama and has over 250 employees.
Sterling acquired Process Barron in 2015 from its family and management team who then reinvested alongside Sterling. Willkie advised Sterling on the acquisition.
Founded in 1982, The Sterling Group is an operationally focused middle market private equity firm that targets controlling interests in basic manufacturing, distribution and industrial services companies. Sterling has a long history of partnering with family-owned businesses or entrepreneur-owned partnerships. Sterling has sponsored the buyout of 54 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $1.9 billion of assets under management.
Carousel Capital is a private equity investment firm that invests in companies located in the Southeastern United States and has received commitments of more than $1.2 billion in capital across its funds. Carousel’s investor base includes institutional investors and an elite group of more than 100 current and former CEOs across the region. Since its inception, Carousel has invested in 37 companies primarily in business, consumer and healthcare industries.
The Willkie team was led by partner Bruce Herzog and included partners Hillel Jacobson, Christopher St. Jeanos and Mark Holdsworth, and associate Jason Koenig.