Lincolnshire Management, founded in 1986, is a private equity firm focused on investing in and growing middle market companies. Headquartered in New York, with regional offices in Los Angeles, Chicago and Atlanta, Lincolnshire invests in acquisitions of private companies, recapitalizations, corporate divestitures, management buyouts and growth equity for public and private companies. Lincolnshire manages over $1.7 billion of private equity funds including the most recent, $835 million Lincolnshire Equity Fund IV. The firm has invested in a wide variety of industries through more than 70 acquisitions over the last 28 years and is very flexible in structuring investments. Many Lincolnshire professionals have hands-on managerial and operational expertise giving portfolio companies the resource of their experience to better realize their objectives.
Lincolnshire Management Inc. is a leading private equity firm focused on generating superior returns for investors by acquiring and growing middle market companies across a wide range of industries. Founded in 1986, Lincolnshire currently has approximately $1.7 billion in capital under management for private equity investments, including the $835 million Lincolnshire Equity Fund IV. The firm has a large, experienced team of investment professionals, dedicated to sourcing investment opportunities through a broad network of contacts, and consistently identifies more than 90% of the deals it closes on a proprietary basis. Lincolnshire Management has created significant value through more than 70 acquisitions, including private equity investments in such leading middle market companies as Amports, Bankruptcy Management Solutions, Prince Sports, Riddell Sports, American Coach Lines, Transcraft Corporation, Excelsior Radio Networks, and Nursery Supplies Inc. Headquartered in New York, Lincolnshire has offices in Atlanta, Chicago and Los Angeles. Lincolnshire also has thorough deal representation in Asia and Europe, seeking value-focused opportunities wherever they may be found.
With a creative and flexible approach to transactions and the ability to work in partnership with other equity sponsors, Lincolnshire can structure investments that meet the needs of sponsors, lenders and management. Our twenty five year track record combined with a broad investment charter provides Lincolnshire enormous flexibility to respond to the unique challenges facing private industry and stands ready to provide the resources for an enterprise’s financial success. We look for profitable companies in growing industries. We are open to invest in all industries, especially niche manufacturing, distribution and service businesses. Prospects should have strong management teams, competitive advantages, diversified customers, good gross margins and growth opportunities. We look for companies with revenues in the range of $50 to $500 million and operating cash flow of $5 to $50 million. Add-ons to our existing companies would have revenues in the $5 to $300 million range and cash flow of $2 to $40 million.
Private Equity Funds
Lincolnshire Equity Fund, L.P (Lincolnshire Fund I) was organized in 1994 to make private equity investments in leveraged buyouts and recapitalizations of companies. Lincolnshire Fund I represented $120 million in capital commitments and was used to invest in fifteen portfolio companies. Lincolnshire Fund I provided enough equity to its portfolio companies to make 10 add-on acquisitions. Prior to establishing Private Equity Fund I, Lincolnshire originated, structured and completed leveraged buyouts of seven operating companies between 1986 and 1993 in which Lincolnshire and its affiliates acquired a controlling interest. The Lincolnshire Equity Fund II was organized in 1999 to make private equity investments, principally in leveraged buy-outs and recapitalizations of companies. Lincolnshire Fund II typically invests between $5 million and $50 million of equity in each of its portfolio companies. Lincolnshire Fund II has made investments in 16 portfolio companies. In 2005, Lincolnshire organized Lincolnshire Equity Fund III. Lincolnshire Fund III successfully raised $433 million and has made investments in seven portfolio companies. In August, 2008, Lincolnshire closed its most recent fund, the Lincolnshire Equity Fund IV, successfully raising $835 million and has made investments in seven portfolio companies thus far.
We are open to invest in all industries, especially niche manufacturing, distribution and service businesses. Prospects should have strong management teams, competitive advantages, diversified customers, good gross margins and growth opportunities. We look for companies with revenues in the range of $50 to $500 million and operating cash flow of $5 to $50 million. Add-ons to our existing companies would have revenues in the $5 to $300 million range and cash flow of $2 to $40 million.
The Alaska Club is the leading operator of premium health and fitness facilities in Alaska. Founded in 1986, The Alaska Club has an estimated 60% market share in Alaska and maintains a statewide network of 18 full service locations. The clubs are located throughout Alaska in Anchorage, Fairbanks, Juneau, Wasilla and Eagle River and offer members an unparalleled array of activities, services, and equipment, including state-of-the-art fitness equipment, the ExpressWay circuit (limited duration, complete workouts), personal training, women only and luxury format clubs, child care services, basketball courts, racquet sports, pools, and climbing walls. The Alaska Club’s membership plans span from Economy to Platinum, attracting both individuals and families, and the clubs are unique to each location and range in size from approximately 5,000 square feet to 108,000 square feet. The Alaska Club is among the top 25 fitness companies in the nation.
Allison Marine is a marine outfitting, repair and refurbishment company that provides integrated land based and offshore services to oil and gas operators in the Gulf of Mexico primarily related to platform and rig logistics. The Company’s operations are focused on refurbishment, resale and recycling of platforms and equipment, fixed-priced platform decommissioning project management, and various other offshore support services. Allison’s business expertise involves all stages of the platform lifecycle, which is unique among oil and gas service providers. The Company’s services include the removal of used platforms and providing all of the logistical services required to dispose of them; selling fully customized, refurbished platforms and installing those refurbished platforms offshore; and maintaining, modifying and repairing offshore platforms throughout their useful life.
Headquartered in Jacksonville, Florida, AMPORTS, Inc. is the largest automotive port logistics and processing company in the U.S. The Company serves as an important link in the automotive supply chain, providing foreign and domestic customers portside value-added services in vehicle processing, including loading and unloading, inspection, storage, installations, customizations, repairs and distribution services. AMPORTS, Inc. operates at three U.S. portside locations in addition to Jacksonville headquarters and corporate office, in Baltimore, MD; Benicia, CA and Brunswick, GA. Customers include Toyota, Hyundai/Kia, Honda, Volvo, Subaru, Mazda, Volkswagen, Chrysler, General Motors and Ford.
Based in Vernal, Utah and founded in 1988, Cutters Wireline Group is a leading service provider to natural gas and oilfield exploration and production (E&P) companies. Cutters operates a fleet of customized trucks used to lower and raise measurement instruments and tools attached to armored cables into the shaft of an oil or gas well. The Company performs cased-hole electric wireline services including logging, perforation, mechanical services, and plug and abandonment. These services are utilized throughout the life of a well and are a critical and non-discretionary part of the drilling and production process. The Company’s instruments and tools are used to log and evaluate downhole conditions, perforate the well pipe and casing (an essential component of the process used to enhance the flow of oil or gas into a producing well), and recover piping. The Company also performs plug and abandonment services at the end of a well’s life as mandated by state and federal law. Based in Vernal, Utah, the Company services the Rocky Mountain region, as well as the Denver-Julesberg Basin, the San Juan Basin, and the Permian.
Dalbo Holdings, located in Vernal Utah, is a consolidation of four companies that provide equipment rental and fluid management services to oil and gas E&P (exploration and production) companies. The Company transports a variety of materials and equipment used primarily in the drilling, completion and production stages of an oil or gas well. Dalbo also operates a heavy haul division that moves rig components and other heavy equipment for its customers. With offices in Vernal and Roosevelt, Utah, the Company service regions include the Uinta-Piceance Basin and the Green River Basin in the Rocky Mountains; the San Juan Basin in New Mexico; the Marcellus Shale Formation in Pennsylvania; the Permian Basin in West Texas; and the Bakken Shale Formation in North Dakota.
Desch Plantpak is comprised of Desch Plantpak, Summit Plastic Company and Janor Pot. Headquartered in the Netherlands, Desch-Plantpak is the leading manufacturer of thermoformed plastic containers, trays and injection molded containers for the greenhouse industry in Europe. The company operates from four manufacturing sites – two in Great Britain and two in the Netherlands. Summit Plastic Company, based in Akron, Ohio, has a 50-year history in horticulture thermoforming. JanorPot, also located in Akron, Ohio, was formed in 2001 as a joint venture between Desch-Plantpak and Summit Plastic Company. It is a hybrid of product, marketing and manufacturing – combining the best talents of the initiators – thus becoming one of the fastest growing companies in the industry. JanorPot’s product line has grown from four sizes of round pots in 2001 to over 20 in 2006.
Fabbri is a market leader in the design, manufacturing, sales, and distribution of wrapping machines, films, and related parts and service for the fresh food packaging sector, which includes meat, poultry, fish, fruits, and vegetables. Its products, focused on stretch overwrap and modified atmosphere packaging (“MAP”) technologies, are sold to food retailers, food processors, and distributors. Over 10 billion products are packed each year through Fabbri's film and wrapping machines. Founded in 1950, Fabbri is headquartered in Vignola, Italy with manufacturing facilities in Italy and Switzerland and with sales offices and distributors around the world.
Flight Training Acquisitions brings together two recognized leaders in aviation training, Aerosim Flight Academy, formerly Delta Connection Academy and Aerosim Technologies to develop global aviation training capabilities, and to develop and market simulation-based products. The academy, established in October 1989 by Comair Airlines, operates a fleet of 73 aircraft and has a combined total enrollment of more than 550 flight students. Aerosim Technologies of Burnsville, Minn., founded in 1993, specializes in low-cost, high fidelity, simulation-based training products and offers pilot and maintenance technician training tools for ground school, flight training, and distance learning applications. Aerosim and DCA have had a relationship since 2007. The academy uses desktop avionics system trainers, advanced aviation training devices, and flight training devices for its Cirrus aircraft that were manufactured by Aerosim. Management believes the new company will be able to provide training more efficiently, allowing FTA to take advantage of the ever increasing global demand for pilot training.
Holley, founded in 1903, is a manufacturer, marketer and supplier of fuel systems and exhaust products to the $8.5 billion performance automotive aftermarket. The Company is a leading supplier of performance carburetors, electronic fuel injection systems, intake manifolds, nitrous oxide systems, automotive plumbing products and performance exhaust systems. Holley offers products that are coveted by professionals and weekend enthusiasts alike in virtually every segment of the performance aftermarket, from street performance to hard-core racing. The products are sold under numerous brands, including Holley, Quick Fuel Technology, Demon Fuel Systems, Earl’s Performance Plumbing, Weiand Air Systems, Hooker Headers, NOS Nitrous Oxide Systems and Flowtech Exhaust. These products represent “must carry” brands for performance parts suppliers and are carried virtually everywhere performance auto parts are sold.
Latite Group LLC Founded in 1943, Latite is a leading roof installation service provider in Florida and one of the largest roofing installation companies in the United States. Latite offers new roof installations and re-roofing (replacement roofs) for both residential and commercial buildings.
National Pen, headquartered in San Diego, CA, is a leading direct mail provider of personalized promotional products globally. National Pen differentiates itself through its superior mailing capabilities, state-of-the-art decorating, integrated manufacturing and its unique go-to-market strategy. National Pen has a large and diverse customer base of approximately one million customers in the U.S., Canada, Europe, Australia and New Zealand.
Nursery Supplies Inc. (NSI) is the world's leading manufacturer of plastic containers for the wholesale nursery industry. In its early days, the company marketed such products as bushel baskets, apple crates and seedling trays to what was then called the "truck farm" industry in the Metropolitan New York and Philadelphia areas and went on to become the country's first producer of plastic containers for the nursery industry.
NSI produces a broad product line from manufacturing facilities strategically located throughout the United States. The Company uses a direct sales force and a network of third-party distributors to market its products. The Company's deep roots in the business and longstanding expertise in manufacturing has garnered for its products a well-deserved reputation for high quality at a cost-effective price.
PADI is the largest organization in the world committed to the education, training and certification of recreational SCUBA divers, and to the continuing education and training of SCUBA diving instructors. PADI is also the world’s largest professional membership organization serving the SCUBA diving industry, with a total membership base of approximately 136,000 individual instructor members and over 6,000 retail and resort members in 175 countries and territories throughout the world. PADI was founded in 1966, and is headquartered in Rancho Santa Margarita, California, with regional offices in Australia, Canada, Japan, Switzerland, and the United Kingdom. Throughout the Company’s history, PADI member instructors have issued over 20 million certifications.
Phoenix Brands meets the needs of consumers everywhere. With a portfolio of widely recognized household care and laundry brands including Niagara® Spray Starch, Rit® Dye, Final Touch® Fabric Softener and Fab®, Dynamo®, Ajax®, Arctic Power®, and ABC® Laundry Detergents, Phoenix Brands taps into the universal household needs of the everyday consumer. Phoenix Brands' overall mission is to ensure that their products and brands will always be consumer-relevant and their approach to business is ever customer-centric. Phoenix markets great brands by enhancing product performance, shelf impact and brand appeal. Their brands enjoy wide consumer recognition, and will continue to invest in building on that equity. Their highly flexible business model enables Phoenix to bring customized solutions to its retail partners.
True Temper Sports is the market leading designer, manufacturer and supplier of golf club shafts as well as performance sports products including hockey sticks, lacrosse stick handles and other equipment. True Temper is a highly recognized brand name within the golf industry and has been the number one shaft on the PGA Tour for more than 75 years. The Company's shafts are in use by over 90% of all tour professionals, translating into more tour wins than all other shafts combined. True Temper manufactures both steel and graphite shafts and its brands include Dynamic Gold, Dynalite, Project X, Rifle, and ProLaunch. True Temper is headquartered in Memphis, Tennessee with manufacturing and R&D facilities in the United States and China and offices around the world.
American Coach Lines, Inc. ("ACL") headquartered in Lake Worth, Florida, operates approximately 400 motorcoaches for charters, tours and transit services throughout the southeaster region of the US. ACL is comprised of nine established businesses that have been leaders in their respective markets for an average of over 30 years. Five of the operating entities are located in Florida, two in North Carolina and one each in Maryland and Georgia. The Company was formerly the Southeast Division of Coach USA, Inc.
Bankruptcy Management Solutions, Inc. (“BMS”), based in Irvine CA, is the leading provider of proprietary software products, computer hardware and support services to bankruptcy trustees and certain other fiduciaries. Previously a wholly-owned subsidiary of JP Morgan Chase, the company provides its customers with products and services that are designed to assist trustees in managing asset liquidations under the Bankruptcy Code, effecting creditor distributions and producing reports required by the Bankruptcy Court, the Executive Officer for U.S. Trustees and or various other requirements of fiduciaries. BMS also offers selected specialized banking services, integrated within the software, to allow the trustees and fiduciaries to manage assets related to their cases.
Credentials Services International, Inc. At the time of investment, Credentials was a leading direct marketer of credit information and monitoring membership programs to consumers. The Company's core product provided members with comprehensive information regarding private credit data held by credit reporting agencies. That information allowed customers to respond on an informed basis to credit decisions made by mortgage lenders, consumer finance companies, auto loan providers, credit card providers, banks and other lending institutions.
Excelsior Radio Networks based in New York City, owns and operates X Radio and MJI Interactive, as well as Dial Communications-Global Media. Through its X Radio programming division, Excelsior produces and syndicates more than 25 music programs and prep services in a variety of formats to more than 2,500 radio stations nationwide. Programs and prep services include “Backtrax USA,” “Rick Dees Weekly Top 40,” “The Countdown” with Walt “Baby” Love , “The Ross Brittain Report,” and Russell Simmons’ “Hip Hop Laws of Success.” Dial-Global provides sales representation services for over 50 national radio production companies producing over 100 different programs and services. MJI Interactive provides affiliated stations with daily music news content services in nine formats and software tools.
Glassalum International Corp. is one of the largest and most respected customized curtainwall providers in the United States. Glassalum has a 28-year history dating back to the initial use of panelized curtainwall in commercial building construction. The Company's ability to deliver a highly engineered product on a rigorous schedule and its record of innovation have positioned Glassalum as the curtainwall supplier of choice for the nation's leading architects and developers.
NexCycle / Strategic Materials – In April 2004, Lincolnshire acquired Strategic Materials, Inc. (“SMI”) and combined it with the operations of NexCycle, Inc. (“NexCycle”), a portfolio company purchased in February 2002. The merger of SMI and NexCycle (the “Company”) created one of the largest non-hazardous waste recovery and reprocessing business in North America. The Company operates with three distinct business lines, Glass Reprocessing, Beverage Container Collection and Plastics Reprocessing.
PCS / CTS is the combined Peripheral Computer Support, Inc. and Computer Technologiey Solutions. Together they are a leading independent provider of aftermarket repair and logistical support services to the computer storage device industry.
Prince Sports, Inc. is the premiere brand in racquet sports, having pioneered such revolutionary designs as the "oversized" and "longbody" racquets for tennis. The success of Prince in tennis has grown over the years to include a full range of products targeting all major racquet sports including, squash, racquetball and badminton. The Company's brands, which include PRINCE (tennis, squash and badminton) and EKTELON (racquetball), consistently place among the top global racquet sports brands. In tennis, Prince enjoys strong brand recognition in all of the world's largest markets including North America, South America, Asia and Europe and Prince racquets are used by many of the world's leading tennis professionals.
Riddell Sports Group, Inc. is a leading provider and reconditioner of branded athletic equipment, uniforms, and practice gear for young men and women. The Company is known for its premier position in manufacturing and marketing football helmets to the National Football League (NFL), college, high school and youth sports leagues. The company has three divisions: Team Sports Division, which sells game equipment, apparel and reconditioning services; Retail Division, which sells Riddell® branded products based on NFL, Major League Baseball and NASCAR trademarks; and Licensing Division, which licenses the Riddell® and MacGregor® trademarks to other manufactures.
3SI Security Systems,Inc. is the world's leading manufacturer and marketer of electronic security systems for cash protection. The company provides security solutions utilizing electronic activation of dye-based staining, smoke and tear gas to protect currency from bank robbers. The company offers its customers a full range of products that provide security for currency over the entire cash handling chain: from the vault, in transit and in the teller's drawer and/or ATM machine. 3SI's products provide customers with the highest success rate for recovery of cash stolen in bank robberies as compared to all competing products. The company has dominant share in its niche market as a result of its product leadership, strong management and direct sales force. Its customers include all the leading banks in the US, Canada, England and Europe.
Transcraft Corp. is the leading designer and manufacturer of high quality flatbed trailers with over 24% market share. Founded in 1963, Transcraft has earned a reputation for producing high quality, innovative products, incorporating superior payload capabilities and lightweight designs. The company has expanded its market position by building the largest dealer network in the industry. Transcraft continues to focus on enhancing its competitive advantages through product innovation, quality manufacturing and expansion of its dealer network.
Wabash National Corp is one of the leading manufacturers of semi trailers in North America. Established in 1985, the company specializes in the design and production of dry freight vans, refrigerated vans, flatbed trailers, drop deck trailers, dump trailers, truck bodies and intermodal equipment. Its innovative core products are sold under the DuraPlate®, ArcticLite®, Eagle® and Benson™ brand names. The company operates two wholly owned subsidiaries; Transcraft® Corporation, a manufacturer of flatbed, drop deck and dump trailers and truck bodies; and Wabash National Trailer Centers, trailer service centers and retail distributors of new and used trailers and aftermarket parts throughout the U.S.
T. J. Maloney is the CEO of Lincolnshire Management which he joined in 1993. Prior thereto, he practiced merger, acquisition and securities law in New York City. He is a member of the Board of Trustees of Boston College and the Board of Trustees of Fordham University. Mr. Maloney has lectured extensively and has served as a guest lecturer at several universities including the Columbia University M.B.A. Program. Mr. Maloney is a graduate of Boston College (B.A. 1975) and Fordham Law School (J.D. 1979). He is the 2007 recipient of the Richard J. Bennett Memorial Award, presented by Fordham Law School in recognition of corporate leaders with the highest moral standards. Mr. Maloney previously served on the Board of Directors and the Executive Committee of the English Speaking Union of the United States and the Board of Trustees of The Tilton School. Mr. Maloney has also served on the Board of Directors of several public and numerous private companies.
Michael J. Lyons is the President of Lincolnshire Management. Mr. Lyons began his affiliation with Lincolnshire in 1994 when he was Chief Operating Officer at one of its portfolio companies. Mr. Lyons has significant operating experience, having served as COO for a number of middle market companies involved in the consumer products and printing industries. Mr. Lyons' experience includes the successful execution of several financial recapitalizations and operational restructurings for manufacturing, distribution and service companies. Mr. Lyons started his career as a CPA with PriceWaterhouse. Mr. Lyons is a graduate of Boston University, summa cum laude, (B.S.B.A. 1981) and Harvard University (M.B.A. 1988).
Vineet Pruthi is a Senior Managing Director of Lincolnshire. Prior to joining Lincolnshire in 1999, Mr. Pruthi was Chief Financial Officer of Credentials Services International, a Lincolnshire Equity Fund I Portfolio Company and one of Lincolnshire's most successful portfolio investments. Mr. Pruthi is a Chartered Accountant and a seasoned finance professional whose background includes experience in high growth situations, turnarounds and start-ups. His industry experience includes wholesale and retail trades, international operations, direct marketing subscription services, pharmaceutical and fashion industries. Mr. Pruthi is a graduate of BombayUniversity (B.S. 1964) and Rutgers University (M.B.A 1981).
Matthew Nacier joined Lincolnshire Management as an Analyst in 2014. Mr. Nacier is responsible for analyzing new investment opportunities and providing support in managing portfolio companies. Mr. Nacier is a graduate of Boston College (B.A. 2014) holding degrees in Philosophy and Economics.
Michael Forlenza is a Managing Director of Lincolnshire. Prior to joining Lincolnshire in 2001, Mr. Forlenza was a Senior Manager with Andersen Consulting's Strategic Services division. While at Andersen, Mr. Forlenza assisted multinational corporations in strategic planning and operational improvements. Previously, Mr. Forlenza purchased a small/middle market vending equipment distributorship and implemented a financial turnaround as its CEO. He sold the company after quadrupling the investment value in 3 years. Mr. Forlenza started his career as a CPA with Arthur Andersen.
Mr. Forlenza is a graduate of Drake University (B.S.B.A. 1984), and Columbia University (M.B.A. 1988).