Houlihan Lokey Advises ProcessBarron

Houlihan Lokey is pleased to announce that ProcessBarron, Inc., a portfolio company of The Sterling Group (Sterling), has been acquired by Carousel Capital Partners. The transaction closed on March 6, 2019.

ProcessBarron, based in Birmingham, Alabama, is the leading provider of turnkey air and material handling solutions providing engineering, manufacturing, and field service capabilities to a highly diverse base of blue-chip industrial customers. The company designs, manufactures, installs, maintains, repairs, and replaces mission-critical equipment in and around the power island (boiler, furnace, or kiln) of industrial facilities.

Based in Houston, Texas, The Sterling Group is a private equity investment firm that targets controlling interests in basic manufacturing, distribution, and industrial services companies. Typical enterprise values of these companies range from $100 million to $750 million. Sterling has sponsored the buyout of 54 platform companies and numerous add-on acquisitions for a total transaction value of more than $10 billion. Currently, Sterling has over $1.9 billion of assets under management.

Based in Charlotte, North Carolina, Carousel Capital is a private equity investment firm that invests in companies located in the southeastern United States and has received commitments of more than $1.2 billion in capital across its funds. Since its inception, Carousel has invested in 38 companies primarily in three targeted growth sectors including business services, consumer services, and healthcare services.

Houlihan Lokey served as the exclusive financial advisor to ProcessBarron and assisted in initiating, structuring, and negotiating the transaction on its behalf. With this transaction, Houlihan Lokey has further strengthened its credentials as a premier advisor within the industrial technologies sector.