Good Things Come in Threes – Blue Point Capital Partners Exits Three Deals in 36 Days at Average of 4.7x Invested Capital
CLEVELAND (December 3, 2014) – Blue Point Capital Partners is pleased to announce the results of one of its most eventful periods to date. Within a six-week span, the firm completed the exits of three platform investments, with an average return in those deals of 4.7x invested capital.
On September 12, 2014, Blue Point sold its interest in The Cook & Boardman Group, LLC (C&B), generating 3.2x invested capital. C&B was acquired in August 2008, and annual EBITDA at the company grew more than 200% over its six-year investment period. “We were able to achieve our growth objectives and generate outstanding results at Cook & Boardman through the management team’s diligent execution of our strategic plan,” said Juli Marley, Blue Point’s lead partner on the investment.
JTM Foods was acquired in January 2011. “Over the course of our ownership, we dramatically changed the company in partnership with Executive Chairman Angelo Fraggos – this included a significant expansion of the management team, repositioning of the brand, development of new products, a doubling of production capacity and a tripling of the customer base,” said John LeMay, lead partner for Blue Point’s JTM investment. Blue Point sold its interest in JTM on September 26, 2014, generating 6.3x invested capital.
Callison Architecture was sold on October 17, 2014, generating 4.7x invested capital. Blue Point acquired Callison in August 2006 and supported the company through strategic growth initiatives as well as the integration of multiple add-on acquisitions. “We helped the company to build a strong presence in China, expanding Callison’s in-country expertise and becoming a leader in large, complex projects,” said Mark Morris, lead partner on the Callison investment. “Our strategic plan was key in supporting Callison’s growth and tripling the company’s profitability.”
“These exits help cap an exceptional year for the firm, which also includes a successful closing on our third fund as well as four acquisitions to date,” said Chip Chaikin, also a partner with Blue Point. “We wish to recognize the great work of the management teams of each of these companies. We are proud of our association with them and the work we have done together.”
Blue Point’s 2014 platform acquisitions include OrthoLite, a leading supplier of performance insoles and related shoe components to more than 130 of the world’s leading branded footwear companies, and Hilco Vision, a leading designer, manufacturer and distributor of eyewear and eye care accessories, supplies and equipment.
Add-on acquisitions include Slaughter and Stanley Construction, acquired in conjunction with LineStar Services, Blue Point’s pipeline maintenance and integrity platform, and Onamac Industries, acquired in conjunction with Selmet, a leading titanium castings supplier to the global aerospace and defense industry.
Blue Point Capital Partners (www.bluepointcapital.com) is a private equity firm managing over $800 million in committed capital. Leveraging offices in Charlotte, Cleveland, Seattle and Shanghai, Blue Point’s entrenched regional presence affords it the opportunity to establish relationships on a local and regional basis with entrepreneurs and their trusted advisors, while simultaneously providing the resources of a large, international firm. The Blue Point group has a 24-year track record of partnering with companies in the lower middle market where it can bring about accelerated growth and transformative change in partnership with its companies, their management teams and Blue Point’s network of operating resources. Blue Point is one of only a few middle-market private equity firms with a presence in the economies of both the United States and China, and the firm’s experience with cross-border management and value drivers provides a distinct advantage for its portfolio businesses. Blue Point invests in manufacturing, distribution and service businesses generating $20 million to $200 million in revenue.
For more information, contact:
BLUE POINT CAPITAL PARTNERS
Chip Chaikin
Partner
Blue Point Capital Partners, LLC
127 Public Square, Suite 5100
Cleveland, OH 44114
(216) 535-4700