Value-Add Deals in Challenging Environment — Barrier Companies Acquires Fire Door Solutions & United Fire Door Inspection; True Temper Sports Acquires 44 Pro Gloves
NEW YORK ‒ July 20, 2022 ‒ Lincolnshire Management, Inc. (“Lincolnshire”), a private equity firm with a more than 36-year track record of successfully investing in companies across the lower middle market, today announced a trifecta of add-on transactions for two of its portfolio companies – three deals closed in three days.
“These three transactions demonstrate that we continue to find attractive opportunities to invest and grow our platform businesses in the current environment,” said T.J. Maloney, Chairman & CEO of Lincolnshire Management. “The market volatility some find challenging actually plays to Lincolnshire’s strengths in locating value-add investments for our companies and putting our operating capabilities to work helping the management teams of lower middle market businesses navigate choppy waters.”
Lincolnshire portfolio company Barrier Companies (“Barrier”) has acquired two fire, life and safety compliance businesses with national reach and service capability. Fire Door Solutions is a leading provider of fire and life safety compliance services and solutions primarily for the healthcare facility market nationwide, and United Fire Door is a specialized provider of inspection services to customers in the Southeast.
Founded in 2012, Fire Door Solutions provides inspection, product sale and repair work services for doors, dampers and firestops and related consulting and facilities management services. The company is led by CEO Mickey Eberts, an industry veteran with over 25 years’ experience in healthcare facilities management who will remain with the business post-transaction. United Fire Door Inspection, founded in 2013, is a provider of fire door inspections and maintenance. These are the third and fourth acquisitions for Barrier since Lincolnshire invested in the business in April 2021, with the goal to create a leading nationwide platform company providing various fire and life safety services.
“The acquisition of these market leading-businesses is a continuation of Barrier’s strategy to build a nationwide footprint and enhance its fire safety solutions to serve customers,” said Tad Nedeau, a Managing Director at Lincolnshire Management. “We are very excited about the additional value these well-performing companies will bring to Barrier as we raise its industry profile across the country.”
The Lincolnshire team that led the Barrier add-on transactions included Tom Callahan, John Comino, Philip Kim, Matt Nacier, Nicolas Vega Llona, Matthew Landolphi, Yashna Ginodia, and Michael Morris.
Concurrently, Lincolnshire portfolio company True Temper Sports has acquired 44 Pro Gloves, a 100% customizable direct-to-consumer baseball fielding glove brand used by over 100 Major League Baseball players, including Nestor Cortes of the New York Yankees, Genesis Cebrera of the St. Louis Cardinals, and Freddy Peralta of the Milwaukee Brewers.
Founded in 2012, 44 Pro Gloves is the fastest growing brand in the baseball fielding glove market, currently estimated to be $270 million in size. The acquisition of 44 Pro Gloves will enable True Temper Sports to broaden its baseball product offering into the sport’s second biggest product segment after bats. Additionally, it will continue to grow the consumer-facing side of True Temper Sports and provide a social media presence for it to offer bats online and give the company access to 180,000 new direct-to-consumer customers and 270,000 Instagram followers.
“44 Pro Glove is a prime example of a complementary add-on we seek for our investments. This deal will enable True Sports to expand its baseball product offering and serve more players in that market with a proven glove used by Major League professionals,” said Philip Kim, Managing Director at Lincolnshire Management. “44 Pro Glove is a major win for True Sport’s business and that partnership will drive growth for both companies.”
The Lincolnshire team that led the add-on for True Temper Sports included Mike Lyons, Chris Kostoglou, Philip Kim and Nicolas Vega Llona.
About Lincolnshire Management, Inc.
Lincolnshire Management, founded in 1986, is an experienced private equity firm focused on investing in companies across the lower middle market across an array of industries. Headquartered in New York with a satellite office in Chicago, the firm has established a strong reputation through identifying unique investment opportunities and through a team that brings deep sector, market and operational knowledge to each investment. The Lincolnshire team takes a collaborative approach to private equity investing drawing on extensive experience through many economic cycles across several industries. Lincolnshire Management has executed more than 56 platform investments and 38 add-on acquisitions since the firm’s founding in 1986. For more information, please visit: www.lincolnshiremgmt.com.
About Barrier Companies
Barrier Companies, founded in 2008, is a leading fire and life safety (“FLS”) and containment services provider. Headquartered in Lenexa, KS, Barrier is a national containment contractor that specializes in preventing the spread of fire, smoke, sound, water, and infection in commercial buildings and hospitals. The Company’s services include inspections, installation and repair of perimeter joint systems, building expansion joints, fire resistive joint systems, acoustical & sound caulking, firestopping, commercial fire/smoke door and damper systems and more. For more information, visit www.barriercompanies.com.
About Fire Door Solutions
Founded in 2012, Fire Door Solutions is a leading provider of Fire and Life Safety compliance services for healthcare facilities. It specializes in providing these critical services to hospitals and nursing homes, locations requiring outstanding client service the Company is well-equipped to provide. For more information, please visit www.firedoorsolutions.com.
About United Fire Door Inspection
Based in St. Petersburg, Florida, United Fire Doors Inspection has grown into one of the top cost-effective fire door inspection companies in the region. The Company has been consistently recognized for excellence in the fire and life safety industry with certified fire door inspectors, providing high-quality fire door inspection services to protect lives and property. For more information, please visit www.unitedfiredoors.com.
About True Sports
Based in Memphis, Tennessee, True Sports is a maker of sports equipment with roots lasting over 100 years. It produces equipment for players in golf, baseball, hockey and lacrosse, helping athletes achieve their highest level of performance. Learn more at www.truetempersports.com/en-us/
About 44 Pro Glove
Based in San Diego, 44 Pro Glove is a maker of 100% customizable baseball gloves. They are used by over 100 players in Major League Baseball and 44 Pro stands as the fastest-growing brand in the fielding glove market. Learn more at www.44progloves.com