Westport, CT, April 12, 2012 – Sterling Investment Partners (“Sterling”), a leading middle-market, private equity firm based in Westport, CT, has sold its portfolio company, Cambridge International, Inc. (“Cambridge” or the “Company”) to Industrial Growth Partners of San Francisco, CA.
Headquartered in Cambridge, MD, Cambridge is the leading global provider of custom-built, highly engineered metal conveyor belts and related mesh solutions. The Company’s products are used in a wide range of end-market applications, including conveyor systems that operate in harsh manufacturing environments, architectural mesh systems that provide functional and aesthetic benefits to buildings and specialized environmental solutions. Cambridge is a global competitor with five facilities in the U.S., Mexico and Brazil.
Since the time of its initial investment in the Company in May 2006, Sterling has worked closely with the Company’s management team to build the business and create significant value, including expanding and strengthening the senior management team, introducing new products into new end markets, consolidating and modernizing facilities and initiating lean manufacturing best practices.
William Selden, a Sterling Managing Partner noted, “When we made our initial purchase of the Company, it was a leading manufacturer of conveyor belts in a stable and growing market. We understood that there were many opportunities to expand Cambridge’s product lines during our ownership. We strengthened and grew the management team and invested in industry-leading technology which propelled Cambridge to the next level.”
Tracy Tyler, Chief Executive Officer of Cambridge commented, “We have valued our partnership with Sterling and their strategic and financial support as we executed our growth strategy.”
Sterling Investment Partners (“Sterling”) is a leading middle-market private equity fund that makes investments in businesses that have strong, sustainable competitive advantages and growth potential. Sterling works as partners with management to build companies that have enduring value. Sterling has over $1.0 billion in initial fund commitments, and since 1991 has completed investments, strategic or add-on acquisitions, and liquidity events with an aggregate transaction value in excess of $8 billion, representing more than 100 transactions