M&A Deal Summary

Blue Wolf Capital Partners Acquires Sterling

On February 8, 2023, private equity firm Blue Wolf Capital Partners acquired infrastructure company Sterling from Oaktree Capital Management

Acquisition Highlights
  • This is Blue Wolf Capital Partners’ 1st transaction in the Infrastructure sector.
  • This is Blue Wolf Capital Partners’ 32nd transaction in the United States.
  • This is Blue Wolf Capital Partners’ 4th transaction in Illinois.

M&A Deal Summary

Date 2023-02-08
Target Sterling
Sector Infrastructure
Buyer(s) Blue Wolf Capital Partners
Sellers(s) Oaktree Capital Management
Deal Type Secondary Buyout

Target

Sterling

Phoenix, Illinois, United States
Sterling is a 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. Sterling was founded in 1949 and is based in Phoenix, Illinois.

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Buyer(S) 1

Buyer

Blue Wolf Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2005
PE ASSETS 3.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Blue Wolf Capital Partners is a private equity investment firm that targets control investments in middle-market North American companies. Blue Wolf looks to commit at least $75 million of equity capital in businesses with minimum revenues of $100 million. Blue Wolf is a generalist firm with broad interest in service and applied engineering companies, capital equipment manufacturers, general manufacturing, financial services, paper products, and broadcast media. Blue Wolf will also consider distressed situation investments. The Firm does not invest in start-ups. Blue Wolf Capital Partners was formed in 2005 and is located in New York, New York.


DEAL STATS #
Overall 34 of 36
Sector: Infrastructure M&A 1 of 1
Type: Secondary Buyout M&A Deals 8 of 9
State: Illinois M&A 4 of 4
Country: United States M&A 32 of 32
Year: 2023 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-05 Hallcon

Chicago, Illinois, United States

Hallcon is a provider of mission-critical transportation services and infrastructure for a broad range of customers including railroads, universities, airports, hospitals and healthcare systems, public transit, technology, industrial companies, and other large employers seeking custom transportation solutions. Hallcon was founded in 1946 and is based in Chicago, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-16 Logistec

Montreal, Quebec, Canada

Logistec is a provider of a marine and environmental services. It offers marine transportation services geared primarily to the Arctic coastal trade, short-line rail transportation services, as well as marine agency services to foreign shipowners and operators serving the Canadian market. Logistec was founded in 1952 and is based in Montreal, Canada.

Buy $1.2B

Seller(S) 1

SELLER

Oaktree Capital Management

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1995
PE ASSETS 26.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Oaktree Capital Management LLP is a global alternative investment firm with a variety of investment strategies spanning corporate debt, convertible securities, distressed debt, control investing, real estate, and public investing. The Firm's control investing group is spread across several disciplines, including Global Principal, European Principal, Power, and Infrastructure. Oaktree was formed in 1995 and is based in Los Angeles.


DEAL STATS #
Overall 77 of 90
Sector: Infrastructure M&A 2 of 2
Type: Secondary Buyout M&A Deals 22 of 27
State: Illinois M&A 3 of 3
Country: United States M&A 54 of 59
Year: 2023 M&A 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-08 Enercon

Kennesaw, Georgia, United States

Enercon is an engineering and environmental services firm that supports the safe and efficient production, delivery, and use of energy. Enercon was founded in 1983 and is based in Kennesaw, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-16 E360S

Aurora, Ontario, Canada

E360S is an environmental management company providing solutions to municipalities and Industrial, Commercial, and Institutional customers. With operations across ten Canadian cities in Ontario, Alberta, and British Columbia, E360S was founded in 2018 and is based in Aurora, Ontario.

Sell -