Time Manufacturing/Versalift, a portfolio company of The Sterling Group, has acquired Duluth, Minnesota-based Aspen Aerials, a maker of specialty equipment used to inspect the safety and integrity of bridges. No financial terms were disclosed.
HOUSTON, Oct. 3, 2018 /PRNewswire/ — The Sterling Group, a middle market private equity firm based in Houston, Texas, today announced that its portfolio company, Time Manufacturing/Versalift, has completed the acquisition of Aspen Aerials.
Headquartered in Waco, Texas, Time is a global designer, manufacturer, and distributor of vehicle-mounted aerial lifts primarily for the telecom and electric utility end markets. Time has pioneered several brands within the aerial lift market, including the market leading Versalift brand. Sterling acquired the business in 2017 from family owners to drive both organic and acquisition related growth.
Headquartered in Duluth, Minnesota, Aspen Aerials is the leading manufacturer of specialty equipment used to inspect the safety and integrity of bridges. “We are delighted to welcome Aspen Aerials, a market leading manufacturer in the bridge inspection space, to the Versalift family,” said Time Manufacturing CEO Curt Howell. “With this acquisition, we extend our reach into an important and growing industry, and continue to expand our offering of high-quality, safe and reliable equipment.”
Founded in 1982, Sterling has a long history of partnering with family owned businesses who are seeking the next phase of growth for their industrial businesses.
About The Sterling Group
Founded in 1982, The Sterling Group is a private equity investment firm that targets controlling interests in basic manufacturing, distribution and industrial services companies. Typical enterprise values of these companies range from $100 million to $750 million. Sterling has sponsored the buyout of over 52 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $1.9 billion of assets under management. For further information, please visit www.sterling-group.com.
Past performance is no guarantee of future results and all investments are subject to loss.