Growth Capital • Machinery

The Sterling Group, TorQuest Partners and CPP Investments Invest In Bad Boy Mowers

On December 11, 2019, private equity firm The Sterling Group, private equity firm TorQuest Partners and pension CPP Investments invested in machinery company Bad Boy Mowers

Investment Context
  • This is The Sterling Group’s 6th, TorQuest Partners’ 1st and CPP Investments’ 1st transaction in the Machinery sector.
  • This is The Sterling Group’s 34th, TorQuest Partners’ 7th and CPP Investments’ 45th transaction in the United States.
  • This is The Sterling Group’s 1st, TorQuest Partners’ 1st and CPP Investments’ 1st transaction in Arkansas.

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Investment Summary

Date December 11, 2019
Target Bad Boy Mowers
Sector Machinery
Investor(s) The Sterling Group
TorQuest Partners
CPP Investments
Deal Type Growth Capital
Advisor(s) Stephens (Financial)
Jones Day (Legal)

Target Company

Bad Boy Mowers

Batesville, Arkansas, United States
Bad Boy Mowers is a manufacturer of high-performance zero-turn riding lawn mowers. Bad Boy enjoys a major brand in the lawn care industry with its lineup of commercial-quality residential mowers and professional-grade commercial mowers. Bad Boy sells its mowers across an expanding base of independent dealers and outdoor retailers. Bad Boy Mowers was founded in 1998 and is based in Batesville, Arkansas.
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Investors Overview 3

Investor

The Sterling Group

Houston, Texas, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1982
PE ASSETS 9.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Sterling Group is a private equity firm focused on acquiring middle-market businesses within basic manufacturing, industrial services, and distribution. Sterling looks for companies valued from $100 to $1000 million with positive cash-flow, strong market positions, and potential to grow. Sterling avoids investments in financial services, real estate, healthcare, or information technology companies. The Sterling Group was formed in 1982 and is based in Houston, Texas.


Deal Context for Investor #
Overall 37 of 54
Sector: Machinery 6 of 6
Type: Growth Capital 1 of 1
State: Arkansas 1 of 1
Country: United States 34 of 51
Year: 2019 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-15 Greenbridge

Mentor, Ohio, United States

Greenbridge is a securement packaging industry. Greenbridge manufactures polyester ("PET") and polypropylene strapping consumables, securement equipment and related products, serving the food and beverage, consumer packaged goods, and industrial industries. Greenbridge was founded in 1974 and is based in Mentor, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-08-03 Frontline Road Safety Group

Denver, Colorado, United States

Frontline Road Safety Group provides pavement marking services in the United States. It offers a full range of pavement marking and specialty services to meet the needs of prime contractors, governmental agencies, and the public. Frontline Road Safety Group was founded in 2020 and is based in Denver, Colorado.

Buy -
Investor

TorQuest Partners

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2002
PE ASSETS 3.0B CAD
Size Large
Type Sector Agnostic
DESCRIPTION

TorQuest Partners is a Canadian mid-market private equity firm. TorQuest invests in established companies that deal in manufacturing, business services, financial services, industrial products, food, consumer products, and chemicals. Prospective transaction situations include family successions, recapitalizations, corporate carve-outs, and buyouts. Torquest targets businesses valued from C$40 to C$250 million where the firm can commit C$20 to C$100 million. TorQuest Partners was formed in 2002 and is based in Toronto.


Deal Context for Investor #
Overall 31 of 45
Sector: Machinery 1 of 1
Type: Growth Capital 4 of 8
State: Arkansas 1 of 1
Country: United States 7 of 9
Year: 2019 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-03 Joriki

Scarborough, Ontario, Canada

Joriki is a contract manufacturer of beverages for several major brands and private label retail customers. Joriki has an extensive range of beverage manufacturing and packaging capabilities, including hot-fill, cold-fill, and aseptic PET/carton lines across three strategically located Canadian facilities. Joriki is based in Scarborough, Ontario.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-03 Barrette Outdoor Living

Middleburg Hts, Ohio, United States

Barrette Outdoor Living empowers homeowners to bring their personal outdoor space to life by providing fencing, railing, decking, and complimentary outdoor products that beckon people to embrace their Outside SideTM. Barrette Outdoor Living is proud to be an American manufacturer, with 14 locations throughout North America that provide outdoor products sold through specialty retailers, home centers, and lumberyards. Featuring more than 70 patents, proprietary state-of-the-art machinery, and rigorous testing and control standards, Barrette Outdoor Living products are meticulously engineered, and designed for flexibility and ease of installation. Barrette Outdoor Living is based in Middleburg Hts, Ohio.

Buy -
Investor
DESCRIPTION

CPP Investments is a Canadian pension fund focused on a variety of investing strategies, including public equities, debt, and alternative investments. The Firm's private equity arm looks to acquire direct stakes in private companies, as well as make fund investments and acquire secondary positions. For direct stakes in companies, CPP looks to invest across North American and Europe and seeks to commit a minimum of $150 million per transaction. CPP has no industry preferences however the Firm will not invest in real assets. CPP Investments was established in 1997 and is based in Toronto, Ontario.


Deal Context for Investor #
Overall 88 of 176
Sector: Machinery 1 of 1
Type: Growth Capital 10 of 21
State: Arkansas 1 of 1
Country: United States 45 of 82
Year: 2019 21 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-21 IDEAL

Mexico City, Mexico

IDEAL engages in development, promotion, operation, and administration of infrastructure projects in Mexico and Latin America. IDEAL was founded in 2005 and is based in Mexico.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-01 aiBank

Beijing, China

aiBank is andependent internet-based direct bank. aiBank is based in Beijing, China.

Buy -