NAIC Home Run Club

The NAIC Home Run Club recognizes deals completed by NAIC member firms that have returned at least 4X to their limited partners. This will be an ongoing tribute to those diverse managers who have generated superior return.

Deal: Clearlake Capital Group's Sale of Stake in Ashley Stewart

In June 2016, Clearlake Capital Group and FirePine Group sold a controlling interest in Ashley Stewart, Inc. to an affiliate of The Invus Group LLC. Founded in 1991 and headquartered in Secaucus, NJ, Ashley Stewart is a leading global lifestyle brand for plus size women’s fashion. Under Clearlake and FirePine’s ownership, Ashley Stewart has achieved record profitability, growth and market share expansion. Less than three years removed from not having wi-fi at its former corporate offices, Ashley Stewart now boasts industry leading e-commerce and mobile penetration, customer engagement on its social media platforms and organic revenue growth.

Deal: Grain Management's Acquisition and Lease of Spectrum Licenses

In September 2014, Grain made an investment in spectrum licenses owned by regional wireless service provider Cincinnati Bell Wireless. Concurrent with the spectrum acquisition, Grain executed a lease of most the licenses to Verizon and a bond offering secured by the Verizon lease cash flow stream, significantly reducing the amount of capital required from Fund II investors. The licenses not leased to Verizon were sold in February 2015 to T-Mobile, another national carrier. As of September 30, 2016, the transaction's realized return was 5.35x.

Deal: ICV Partners' Sale of Mallet & Company

In August 2015, ICV Partners LLC completed the sale of its portfolio company Mallet & Company, Inc., to Vantage Specialty Chemicals, Inc., a portfolio company of The Jordan Company, L.P. Headquartered outside of Pittsburgh, Mallet is a leading manufacturer of value-added specialty ingredients including food grade release agents, specialty blends, emulsifiers and icing stabilizers. Additionally, the Company designs and builds customized spray equipment to apply many of its specialty ingredients. The company provides best-in-class products and services to a broad range of channel leading customers, including commercial bakeries, packaged food companies, frozen pizza manufacturers, and national pizza retail chains.

Deal: ICV Partners' Sale of Stauber Performance Ingredients

In December 2015 ICV Partners completed the sale of Stauber Performance Ingredients, a leading distributor of nutraceutical ingredients, to Hawkins, Inc. (Nasdaq: HWKN), for $157 million. Founded in 1969, Stauber offers specialty products and ingredients to the nutritional, food, pharmaceutical, cosmetic and pet care industries with approximately 160 employees, and facilities in California and New York. ICV acquired Stauber in January 2011 and expanded the company's product offering and develop manufacturing capabilities. The ICV team and management implemented several initiatives and executed a significant add-on acquisition that enabled Stauber to grow.

Deal: New Mainstream Capital's Dividend Recapitalization for MCCI Holdings, LLC

In August 2011, New Mainstream Capital announced the completion of a dividend recapitalization for MCCI Holdings, LLC. The $195 million credit facility includes a $155 million Revolving Credit Facility and First Lien Term Loan. Headquartered in Miami, FL, MCCI is a leading provider of medical management services to over 100,000 Medicare, Medicaid, and commercial beneficiaries in Florida and Texas. MCCI has achieved several milestones in the years since the investment, having grown revenues and membership at a CAGR of 22% and 18%, respectively. In addition, MCCI has successfully expanded its geographic footprint beyond south Florida, having entered the north Florida market in 2009 and the Texas market in 2010.

Deal: One Rock Capital's Sale of Dixie Electric

In December 2013, One Rock Capital Partners completed the sale of Dixie Electric, LLC to First Reserve Fund XII. Founded in 1951, Dixie provides electrical infrastructure and automation services from initial development throughout the life of an oilfield, including ongoing infrastructure upgrades and periodic maintenance. Further, the company has exposure to several important upstream trends with significant electrical requirements such as automation, artificial lift and enhanced oil recovery. Dixie is headquartered in Odessa, TX.

Deal: Palladium Equity's Sale of ABRA Auto Body & Glass

In August 2014, Palladium Equity Partners, LLC announced it has completed the sale of ABRA Auto Body & Glass, a leading national provider of vehicle damage repair services, to affiliates of Hellman & Friedman, LLC along with ABRA's senior management team. ABRA is a leader in collision repair, paintless dent removal, and auto glass repair and replacement. Following Palladium's investment in October 2011, ABRA expanded its repair center footprint from 110 centers in 12 states to 240 centers in 19 states and significantly grew revenue and EBITDA. During this three-year period, the number of ABRA employees more than doubled from approximately 1,455 to 3,300.

Deal: Clearlake Capital's Sale of Futuris Global Holdings

In August 2017, Clearlake Capital Group, L.P. announced a definitive agreement to sell Futuris Global Holdings LLC to an affiliate of Adient plc (NYSE: ADNT) for approximately $360 million including the assumption of approximately $18 million of net debt. Futuris, which was acquired by Clearlake in 2013 for $62.1 million, is a leading supplier of seating solutions to the global automotive industry, with an active and rapidly growing presence in North America and Asia. Under Clearlake’s ownership, Futuris executed a successful restructuring of its operations to transition from an Australian-focused supplier to a global operator with differentiated capabilities and profitable relationships with leading global automotive OEM customers. In addition, the Company successfully consummated the acquisitions of CNI Enterprises and Kongsberg Automotive’s North American headrest and armrest business.

Deal: Farol Asset Management's Sale of Delphon Industries

In January 2018, Farol Asset Management LP, in partnership with Fulham & Co and Brooke Private Equity Associates, led the sale of Delphon Industries, LLC to PWP Growth Equity. Delphon is a leading provider of innovative, materials-based solutions and services for the handling, processing, packaging and marking of high-value technology and medical components, serving customers primarily in the semiconductor, optoelectronics, data storage and medical end markets.

This information is being provided by NAIC to highlight specific successes of several of our member firms. It is not indicative of the typical fund performance of these firms and should not be interpreted as such.