Source: Playcore
Chattanooga, TN – May 30, 2014 - PlayCore is pleased to announce its acquisition by Sentinel Capital Partners, a leading private equity firm focusing on middle market investments. The company was previously held by Irving Place Capital (IPC).
Based in Chattanooga, Tennessee, PlayCore is a leading designer, manufacturer, and marketer of a broad range of commercial play and recreation equipment. The Company offers a diverse family of brands and markets custom designed playground, recreational amenities, aquatic,performance, and specialty recreational products. Widely recognized as the industry thought leader, PlayCore’s product offering is complemented with highly differentiated value-added services such as research, curriculum-based education programs, and advocacy resources to help customers align with funding sources.
Under IPC’s ownership, PlayCore successfully executed on a strategic plan to drive growth both organically and through compelling acquisitions. During this period, PlayCore completed nine strategic acquisitions, further strengthening the company’s brand portfolio and enhancing its product offering, entering new end markets, and expanding PlayCore’s reach to a broader customer base.
Douglas Korn, a Senior Managing Director of IPC, stated, “PlayCore has achieved impressive expansion and we have enjoyed working alongside the company’s talented management team to strengthen the business and position PlayCore as not only the innovative market leader, but also the acquirer of choice in its sectors. We wish the company and its management team continued success.”
PlayCore’s President and CEO, Bob Farnsworth commented, “We have been fortunate to work with Irving Place Capital for the last 7 ½ years. They have certainly supported the Company’s organic growth and acquisition strategy and have been instrumental in supporting the success of the Company. We are now very pleased to partner with Sentinel Capital Partners as we take PlayCore to the next stage of growth. Sentinel has a reputation as a value added partner and we look forward to working with them as we continue to focus on the continued success of PlayCore and our vision of building communities through play.”
“PlayCore is an innovative leader and possesses a strong portfolio of leading brands in the playground and recreation market,” said Eric Bommer, a Sentinel partner. “We are very excited to partner with PlayCore’s management team and support the continued growth of this great business.”
About PlayCore
PlayCore helps build stronger communities around the world by advancing play through research, education, and partnerships. The company infuses this learning into its complete family of brands. PlayCore combines best in class planning and education programs with the most comprehensive array of recreation products available to create play solutions that match the unique needs of each community we serve. Learn more at www.playcore.com.
About Sentinel Capital Partners
Sentinel Capital Partners specializes in buying and building lower middle market companies in the United States and Canada in partnership with management. Sentinel targets aerospace and defense, business services, consumer, distribution, food and restaurants, franchising, healthcare, and industrial businesses. Sentinel invests in management buyouts, recapitalizations, corporate divestitures, and going-private transactions of established businesses with EBITDA of up to $50 million. Sentinel also invests in special situations, including balance sheet restructurings, and operational turnarounds. For more information about Sentinel, visit www.sentinelpartners.com.
About Irving Place Capital
Irving Place Capital is a middle-market private equity firm that invests in compelling buyouts, recapitalizations, and growth capital opportunities. The firm focuses on making control or entrepreneurship-driven investments in retail, consumer, industrial and healthcare companies where it can apply its substantial operating and strategic resources and expertise to enhance value. Since its formation in 1997, Irving Place Capital ahas been an investor in more than 55 companies and has raised over $4 billion of equity capital, including its current $2.7 billion institutional fund. More information about Irving Place Capital is available at www.irvingplacecapital.com.
