Oaktree Capital Management LP has made an undisclosed investment in Sterling Lumber Company. Based in Phoenix, Illinois, Sterling is a provider of timber mats and ground protection solutions for energy, power and infrastructure sectors.
PHOENIX, Ill.–(BUSINESS WIRE)–Sterling Lumber Company (“Sterling” or the “Company”), one of the country’s largest providers of timber mats and ground protection solutions to energy, power, and infrastructure end markets, today announced an investment by funds managed by Oaktree Capital Management, L.P. (“Oaktree”). Oaktree has partnered with the Sterling family and management team to provide capital and strategic support to expand the Company’s abilities to serve both existing and new customers. Terms of the investment were not disclosed.
Founded by John Sterling in 1949 and based in Phoenix, IL, Sterling is a leading North American provider of access, crane, and outrigger mats to owners and constructors of energy and power infrastructure, particularly electric transmission & distribution and oil & gas pipelines. Sterling also provides turnkey matting solution services, including access planning, site preparation, mat installation and removal, and site restoration. Sterling’s matting solutions help protect the environment, increase construction efficiency, and play a critical role in ensuring jobsite safety.
“We are very excited to begin our partnership with Oaktree,” said Carter Sterling, CEO of Sterling. “With the addition of Oaktree’s strategic support, industry relationships, and capital, Sterling is well-positioned to continue improving the quality of our products while maintaining the highest level of service for our customers.”
Michael Cardito, Managing Director and Co-Portfolio Manager of Oaktree’s Power Opportunities group, said: “We are excited to partner with Carter, his family, and the Sterling management team. The Company is revolutionizing the North American ground protection industry, and we are very proud to be a part of it. We are optimistic about the rapidly growing market opportunity for Sterling as both asset owners and contractors continue to increase their focus on safety and ground protection.”
Sterling is a leading North American provider of ground protection products and turnkey access solutions, including site planning and preparation, access road construction, mat handling and washing, and site restoration. Sterling serves owners and constructors of energy and power infrastructure, particularly electric transmission & distribution and oil & gas pipelines, helping them protect the environment and ensure workers’ safety on their jobsites. Sterling is committed to bringing innovative new products and services to the North American ground protection industry, and recently developed and began shipping its TerraLam engineered matting solution. For additional information, please visit Sterling’s website at www.sterlingcranemats.com.
Oaktree is a leader among global investment managers specializing in alternative investments, with $100 billion in assets under management as of September 30, 2016. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Oaktree’s Power Opportunities group invests in profitable, growing companies with innovative products and services used in the energy and power industries. Headquartered in Los Angeles, Oaktree has over 900 employees and offices in 18 cities worldwide. For additional information, please visit Oaktree’s website at www.oaktreecapital.com.