Clearview Capital Fund III (Fund III), an affiliate of Clearview Capital, has sold its majority interest in Controlled Products Acquisition Corp and its subsidiaries (Controlled Products) to Sentinel Capital Partners (Sentinel), a private equity firm that invests in middle market companies.
Terms of the transaction, which closed on 25 October, 2021, have not been disclosed.
Controlled Products is a manufacturer and distributor of premium quality synthetic turf solutions. From its headquarters and manufacturing facilities located in Dalton, GA, Controlled Products has built a broad multi-brand presence through a large dealer distribution network, as well as 27 corporate and franchise store locations. The Company serves the residential landscape, commercial, golf, indoor and outdoor field, and a variety of other unique market applications. It goes to market under several key brands, including Synthetic Turf International, GrassTex, SporTurf and Purchase Green, and the Company’s products are used in numerous private label applications.
“With Controlled Products, we immediately saw an opportunity to partner with a highly-talented management team and a company that made great products. We recognised a rapid substitution play at work, especially as synthetic turf’s look and feel became almost indistinguishable from natural grass,” says Paul Caliento, a Partner at Clearview Capital. “Over the past five years, our focus was on building a deep national distribution network. As we accomplished that, revenue more than doubled and EBITDA nearly tripled.”
“Clearview Capital has been instrumental in supporting our management team’s long-term vision for the Company,” says Scott Lowrie, President and CEO of Controlled Products. “In addition to providing the necessary capital to support a large new distribution facility, new state of the art equipment, and the transformative Purchase Green acquisition in 2019, Clearview Capital was willing to invest to help us through the long and arduous process of installing best in class systems and reporting.”
“The sale of Controlled Products will mark our fifth successful exit from Fund III,” says James Andersen, Managing Partner and Co-Founder of Clearview Capital. “We have thoroughly enjoyed our partnership with Scott, Howell, Tony, Kevin and Frank, and wish all the best for the Company as it moves to its next phase of growth. The Company’s potential is truly remarkable as its turf applications are nearly limitless.”
Fund III, a USD325 million vehicle raised in 2013, invested in Controlled Products in March 2016.