Sterling Group Partners III, an affiliated investment fund of The Sterling Group, has acquired ROM and Specialty Manufacturing (SMI), which are owned and independently operated and financed by Century Park Capital Partners.
The transaction was financed with equity from Sterling Group Partners III. First lien financing was arranged by BNP Paribas, and second lien debt was provided by Oaktree Capital Mezzanine.
The investment fund has merged both companies through its holding company Safe Fleet Acquisition.
The new merged entity, headquartered in Belton, Missouri, offers safety-and productivity-oriented components to the emergency vehicle, truck and trailer, utility vehicle, school bus, and transit bus end markets.
The Sterling Group partner Gary Rosenthal said that the combination of these two businesses allows them to draw on the strengths of the two legacy organizations.
"Sterling will work closely with management to further improve operations and take advantage of numerous strategic and acquisition related opportunities," Rosenthal added.
