Firms & Funds

Sentinel chalks up sixth acquisition in a year with Luminaires Group

-
A glass lighting fixture is seen in a showroom at the Linea Vetro Murano company on the island of Murano near Venice January 27, 2009. Murano glass has been prized through the centuries for its refined beauty, but the credit crisis is threatening to shatter the fading Italian craft industry. Relentless competition from China and other producers and a strong euro that killed the U.S. market for its fine glass are the key culprits in cutting sales in half and the loss of about 75 percent of the sector's jobs in the last few years. But the financial crisis has dried up even the reduced sales at the glassmakers that line the canals of the Venetian island of Murano and raised stark questions about the future of the 700-year-old industry itself. Picture taken January 27, 2009. REUTERS/Chris Helgren (ITALY) - RTXB597
  • Lighting company marks flurry of deals for NYC firm
  • Sentinel aims for four to six deals a year
  • New York GP typically pays at  least $40 mln in equity for a deal

Sentinel Capital Partners said it recapitalized Luminaires Group, a manufacturer of lighting fixtures, marking the sixth acquisition in the past year for the New York firm.

While the terms weren’t disclosed, Sentinel typically pays at least $40 million in equity per deal, according to a source. The firm emerged with a controlling stake in Luminaires, the Montreal maker of Amerillum Brands, Eureka and Cyclone lighting products.

Eric Bommer, partner at Sentinel, led the deal for the firm. Bommer joined Sentinel in 1997 and currently sits on the boards of Credit Infonet, Hollander Sleep Products, PlayCore, Power Products and WellSpring Pharma.

Along with Luminaires Group, Sentinel Capital in the past year bought Marketplace Events, the largest operator of consumer home-and-garden shows in North America; Corporate Visions, a business-services company for marketing and sales solutions, and Driven Performance Brands, a manufacturer of automotive aftermarket products.

It also bought Fazoli’s Group, a franchiser of Italian fast-casual restaurants; and Total Military Management, a relocation-services provider for U.S. government personnel.

Sentinel Capital is nearing its record of seven deals in a year, set in 2007.

On the exit side, Sentinel Capital sold Hospice Advantage, IEP Technologies, Northeast Dental Management, Spinrite and Vintage Parts in the past year.

Sentinel closed Sentinel Capital Partners V LP with $1.3 billion in commitments in July 2013, with a focus on companies with as much as $65 million in EBITDA.

Action Item: http://www.sentinelpartners.com/

Photo: A glass lighting fixture is seen in a showroom on the island of Murano near Venice January 27, 2009. January 27, 2009. REUTERS/Chris Helgren

Clarification: This story has been updated to clarify the typical equity payment for Sentinel Capital’s buyouts.