Sterling Investment Partners has sold Cambridge International to Industrial Growth Partners. Financial terms weren’t announced. The deal closed on April 10. Cambridge makes custom-built conveyor belts and related woven metal mesh solutions. News of the deal was announced by Harris Williams, which provided financial advice to Sterling. Derek Lewis, John Klim and Ben Ross led the deal team at HW.
Harris Williams & Co., a preeminent middle market investment bank focused on advisory needs of clients worldwide, announces the sale of Cambridge International, Inc. (Cambridge), a manufacturer of custom-built conveyor belts and related woven metal mesh solutions, to Industrial Growth Partners (IGP). Cambridge was a portfolio company of Sterling Investment Partners (Sterling). The transaction closed on April 10, 2012 and was led by Derek Lewis, John Klim and Ben Ross from the firm’s Richmond office, along with Bill Roman from the firm’s Boston office. Harris Williams & Co. acted as the exclusive advisor to Cambridge.
“For the last 100 years, Cambridge has been an innovator and market leader in delivering woven metal mesh solutions to a broad array of industrial, architectural and environmental customers around the world. We look forward to following the continued success of the business as it grows and expands upon the strong foundation it has built over the last century,” said Derek Lewis, a managing director at Harris Williams & Co.
“Cambridge is a great example of a manufacturing business that has the attributes that are highly attractive to buyers in today’s market. Cambridge’s products are custom-designed, mission critical and consumable making Cambridge an essential partner to its customers’ success,” added Bill Roman, a managing director at Harris Williams & Co.
With a heritage that dates back to 1911, Cambridge is comprised of three divisions, Cambridge Engineered Solutions, Cambridge Architectural and Cambridge Environmental Technologies. Based on Maryland’s Eastern Shore, with five manufacturing locations around the world, the company is recognized as a pioneer in engineering and manufacturing, supporting a diverse array of industries. Cambridge is actively growing and expanding as it continues to develop innovative product solutions to serve its customers.
Sterling is a private equity firm specializing in leveraged acquisitions and recapitalizations of high-potential businesses in the middle market. Sterling 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. The firm typically invests in outsourcing and business services, niche manufacturing and industrial, transportation and logistics, distribution, training and educational services and technology-related sectors. Sterling was founded in 1991 and is based in Westport, CT.
IGP, founded in 1997, is a San Francisco-based private equity investment firm with over $1.3 billion in capital under management. The firm invests exclusively in middle market companies in the manufacturing sector in partnership with management.
Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Services Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.