The Sterling Group, a Houston-based private equity investment firm, has completed the acquisition of a majority interest in CCCG and its subsidiaries, including Express Integrated Technologies and Express Metal Fabricators.
The acquisition was financed with equity from Sterling Group Partners II and debt financing from BNP Paribas.
Express, headquartered in Tulsa, Oklahoma, is an independent manufacturer engaged in the engineering, design and fabrication of heat transfer, environmental compliance and sound suppression equipment. The company primarily serves the power generation, refining, chemical, exploration and production, and mining industries.
Express was founded by the Cowan family in 1979, and Express Integrated Technologies was established in 2000. Terry Cowan, chief executive, and other key management including Jerry Cowan, John Hare, and Philip Childers, will continue their substantial ownership in the business going forward.
"We are pleased The Sterling Group has agreed to partner with Express and are eager to capitalise on the many opportunities this new relationship presents. Our new partnership, rooted in the Express management team’s past success and Sterling’s deep knowledge and experience, will effectively drive the transformation of the company in its next phase of growth," says Terry Cowan.
"Over the past 30 years, the Cowan family has successfully developed Express into a leader in the design and fabrication of key process units that serve the North American energy industry," says Kevin Garland (pictured), a partner of The Sterling Group. "Management has earned a best-in-class reputation based on the company’s engineering capabilities, superior product performance and customer service. We at Sterling are truly excited to acquire an industry leading franchise and partner with management in order to grow the business and create value for all shareholders."
