Investments
Date of Investment
March 2019
Status
Active
Structure
Equity
Company Profile
Custom VIP aircraft interior manufacturing company.
Industry
Aerospace and Defense
Transaction Type
Corporate Carve-out
Balmoral Opportunity
Partner with management team who ran the company successfully before it became part of a larger parent company.
Date of Investment
December 2009
Status
Exited (May 2018)
Structure
Shared-control with management
Company Profile
Balmoral invested alongside its founder in what has grown to become the leading manufacturer of pontoon boats in North America. The 15 year old brand is best known for fit and finish, comfort and aesthetic appeal. It dominates the middle- to high-end segments of the pontoon market. Bennington has won or been runner-up for the J.D. Power award in pontoon boats every year it has been offered.
Industry
Boat Manufacturing
Transaction Type
Asset purchase from a bank via UCC Article IX purchase
Balmoral Opportunity
Balmoral joined forces with a strong and committed management team, which included Bennington’s founder and former CEO. Together, we worked to enhance the company’s relationship with its floorplan lender and address the needs of an under-inventoried dealer channel.
Date of Investment
October 2012
Status
Exited (December 2017)
Structure
Control, with significant management ownership
Company Profile
Concurrent is a vertically integrated contract electronic manufacturer, providing a range of manufacturing and assembly services. Concurrent operates facilities in the U.S. and Mexico and serves a diverse range of customers within the telecommunications, industrial, energy, defense and aerospace markets.
Industry
Contract Electonics Manufacturing
Transaction Type
Asset purchase from a bank via UCC Article IX purchase
Balmoral Opportunity
With affiliates in the UK, US and Mexico suffering from various levels of distress, Simclar, Inc. found a buyer for its assets in Concurrent. With a reinvented and invested management team and reinvigorated manufacturing capabilities benefiting from Balmoral’s equity infusions into the business, Concurrent is addressing the needs of and expanding the highly-regarded customer base.
Website
Headquarters
Fontana, CA
Leadership
Bruce Degler, Founder and CEO; Kim Pugmire, President
Date of Investment
September 2011
Status
Exited
Structure
Control, with significant management ownership
Company Profile
Full-service hauler and broker of dirt and aggregates in California and Nevada. Dispatch has operated for almost 60 years and is considered a leader and “brand name” in its markets. Within nine months of Balmoral’s investment, Dispatch expanded into Northern California through the purchase of certain assets of a local company.
Industry
Logistics / Transportation
Transaction Type
Asset purchase from a bank via UCC Article IX purchase
Balmoral Opportunity
Dispatch was an opportunity for Balmoral to invest alongside its founder in one of the most significant dirt and aggregate hauling companies in the region and to reinvigorate itself with a strengthened balance sheet. The new liquidity has allowed Dispatch the opportunity to pursue large projects, acquire a business in an adjacent territory and invest in growth.
Date of Investment
SEPTEMBER 2024
Status
Active
Structure
Equity
Company Profile
Provider of customized automation solutions, precision metrology, inspection, and high precision assembly solutions for advanced manufacturing.
Industry
Industrial Technology
Transaction Type
Corporate Divestiture
Balmoral Opportunity
Partnered with management and industry executives to acquire from a corporate parent
Date of Investment
October 2020
Status
Active
Structure
Equity
Company Profile
Leading producer of expandable polystyrene resins in North America. Based in Peru, IL.
Industry
Advanced Materials
Transaction Type
Corporate Divestiture
Balmoral Opportunity
Partnered with management and industry executives to acquire from a corporate parent
Headquarters
Orlando, FL
Leadership
Frank Pinder, CEO
Date of Investment
July 2010
Status
Exited (March 2016)
Structure
Shared-control with another sponsor and with significant management ownership
Company Profile
Provides workers’ compensation fraud and investigation services for large companies, insurers and third-party administrators. GlobalOptions’ proprietary GlobalTrack software allows customers to aggregate their data and better manage their operations. Its blue-chip customer base provides a stable platform for growth in a fragmented multi-billion dollar industry.
Industry
Insurance Services / Software
Transaction Type
Corporate divestiture
Balmoral Opportunity
Balmoral partnered with the management team of a division of a microcap public company that had sought to liberate the business unit from its parent and grow its business, which enjoys attractive contribution margins.
Date of Investment
June 2013
Status
Active
Structure
Majority, in Shared-Control Structure
Company Profile
Operator of the world’s first plastic pallet rental service featuring lightweight, 100% recyclable plastic pallets with embedded radio frequency identification (RFID) technology. The company’s plastic pallets and integrated technologies yield significant savings for product manufacturers (of beverages, foods, pharmaceuticals, agriculture, etc.) and their customers who receive such products (e.g. retailers).
Industry
Logistics / Mobile Assets
Transaction Type
Turnaround followed by growth investment in 2019
Balmoral Opportunity
Partnered with experienced and successful operators and a private equity firm (whose foreign affiliate had manufactured 10 million pallets that iGPS has purchased) to acquire the only U.S.-based plastic pallet rental/pooling business. The new management will implement strategies focused on greater logistics efficiency, faster velocity of the assets in use and lower loss/damage rates.
Headquarters
Navasota, TX
Date of Investment
January 2007
Status
Exited (September 2008)
Company Profile
Interstate Southwest is a leading provider of closed die steel forgings, specializing in large components (10 to 2,500 pounds) with complex geometries. ISW provides customers a full range of services including tool design and manufacturing, engineering, prototyping, forging, heat treating and machining.
Industry
Steel forging / Heavy industrial
Transaction Type
Corporate divestiture
Balmoral Opportunity
ISW was an opportunity for Balmoral to acquire an unprofitable business unit from a large auto-part casting company which was in bankruptcy. Despite ISW’s unprofitability, Balmoral and key managers saw the chance to shed unprofitable business, add customers and increase the sale of higher margin products. The turnaround also included a preventative maintenance program and upgrading the physical appearance of the plant. Balmoral partnered with the key managers to acquire and complete a successful turnaround of the company.
Date of Investment
May 2019
Status
Exited
Structure
Equity
Company Profile
KP Aviation is an aerospace aftermarket sale and leasing company. KP Aviation acquires assets opportunistically by identifying those that (a) have entered into the mid-life status of their life cycle, (b) are migrating from tier one operators to the secondary marketplace; and/or (c) have reached a point in their life cycle where the sum of their parts is worth more than the value derived from repairing, maintaining and operating them.
Industry
Aerospace
Transaction Type
Growth Equity
Balmoral Opportunity
Partner with committed and successful operators.
Date of Investment
March, 2019
Status
Exited
Structure
Equity
Company Profile
Leader in the design, manufacture and certification of a wide range of mission equipment products for the aviation industry. The company provides Air Medical, Armor, and Interior solutions for government, municipal, commercial and private aircraft.
Industry
Aerospace and Defense
Transaction Type
Corporate Carve-out
Balmoral Opportunity
Partner with management team who ran the company successfully before it became part of a larger parent company.
Date of Investment
April 2017
Status
Active
Structure
Equity
Company Profile
Franchisor of fast-casual “MOOYAH” branded restaurants offering fresh, customizable burgers, hand cut fries, and real ice cream milkshakes to customers worldwide. The Company is a global brand with 93 locations spanning 10 countries, including 73 stores in the U.S. and 20 international stores. MOOYAH’s ongoing growth and success is driven by its strong network of franchisees who value MOOYAH’s global brand, proven economic model and passionate, committed leadership team.
Industry
Restaurant Brand
Transaction Type
Buyout, Growth Investment
Balmoral Opportunity
Partner with Anand Gala, 30 year industry veteran, and MOOYAH management.
Date of Investment
May 2021
Status
Active
Structure
Equity
Company Profile
Leading producer of compounded expandable polystrene and molded products used in building insulation, personal safety equipment, and filtration media.
Industry
Advanced Materials
Transaction Type
Buyout, Growth Investment
Balmoral Opportunity
Complementary acquisition for Epsilyte
Date of Investment
March 2022
Status
Active
Structure
Equity
Company Profile
Resco Products, Inc is a refractory manufacturer that services many diverse end markets, including steel and cement production, and petrochemical processing. Resco has been in the refractory industry for over 75 years and operates 11 facilities across North America and the United Kingdom. Resco’s footprint provides a unique ability to service customers quickly and efficiently. Resco is a product leader within the refractory industry, creating enhanced products that reduce customers downtime and increase productivity.
Industry
Engineered Materials
Transaction Type
Buyout
Balmoral Opportunity
Partnered with industry executives to refresh the business and reinvest in growth after years of inactive ownership.
Headquarters
Reno, NV
Leadership
Long tenured executives
Date of Investment
December 2015
Status
Exited
Structure
Equity
Company Profile
Silver Aero is a joint venture with an aerospace aftermarket sale and leasing company. Silver Aero acquires assets opportunistically by identifying those that (a) have entered into the mid-life status of their life cycle, (b) are migrating from tier one operators to the secondary marketplace; and/or (c) have reached a point in their life cycle where the sum of their parts is worth more than the value derived from repairing, maintaining and operating them.
Industry
Aerospace
Transaction Type
Growth Investment
Balmoral Opportunity
Partner with committed and successful operators.
Date of Investment
October 2021
Status
Active
Structure
Equity
Company Profile
Leading provider of expandable polystyrene (EPS) located in Baie d’Urfe, Quebec.
Industry
Advanced Materials
Transaction Type
Buyout, Growth Investment
Balmoral Opportunity
Complementary acquisition for Epsilyte
Date of Investment
March 2019
Status
Exited
Structure
Equity
Company Profile
Leading omnichannel retailer of personalized gifts and merchandise for every milestone and the everyday. The company’s proprietary merchandise, quality assortments, unmatched in-store experience and employees committed to helping customers bring one-of-a-kind gifting experiences to life.
Industry
Personalized Gift
Transaction Type
Buyout
Balmoral Opportunity
Complementary acquisition for Enesco LLC.
Date of Investment
November 2015
Status
Exited
Structure
Equity
Company Profile
Global leader in the gift, collectible, home and garden décor industries with a portfolio that includes some of the world’s most recognizable brands including Jim Shore, Disney, Department 56, Britto and Our Name Is Mud. Serving more than 40,000 customers worldwide, the company designs, develops, and distributes consumer products to a wide variety of specialty card and gift retailers, home décor boutiques, national retail chains, and direct-to-consumer retailers. Enesco’s international headquarters is located in Itasca, Illinois with subsidiaries in the United Kingdom, France, Canada and China. Enesco serves markets operating in the Americas, Europe, Canada, Australia and Asia. Enesco employs approximately 750 associates worldwide.
Industry
Gift and Collectibles and Home Decor
Transaction Type
Buyout
Balmoral Opportunity
Refresh and reinvigorate the company and brands following years of inactive ownership.
Headquarters
Daytona Beach, FL
Date of Investment
March 2006
Status
Exited (July 2011)
Structure
Shared-control with another sponsor and with significant management ownership
Company Profile
Tara Technologies is a designer, tester and manufacturer of precision components and systems used in critical applications for leading global manufacturers in semiconductor, aerospace, military, energy and medical markets for 50+ years. Tara was a sole-supplier of critical parts to many of its customers, including Applied Materials.
Industry
Precision components and systems
Transaction Type
Corporate divestiture
Balmoral Opportunity
Tara was the last business unit of an orphaned division that had otherwise been sold off in pieces. Balmoral saw an opportunity to support the management team of Tara and implement a turnaround plan which consisted of branding itself, opening up an office in Singapore and diversifying revenue into other markets, including oil & gas, industrial and aerospace.
Date of Investment
November 2018
Status
Exited
Structure
Equity
Company Profile
Leader in modular building sales and leasing – offering turnkey permanent and temporary modular construction solutions for sale or lease across North America. Developed by industry veterans, VESTA brings a professional approach and unique perspective to its projects utilizing a greener, faster, and smarter way of building. THINKING BEYOND THE BOX is the company motto, emphasizing that the modular box is just a part of the overall project success. The company provides modular solutions, for sale or lease, to the educational, hospitality, multi-family, assisted living, institutional, Government, healthcare, workforce housing, office, disaster recovery and storage industries with an emphasis on quality, comfort, and safety.
Industry
Modular Facility Construction and Rental
Transaction Type
Buyout, Growth Investment
Balmoral Opportunity
Partner with experienced operators, Dan McMurtrie and Billy Hall, with a successful track record in modular construction.
Date of Investment
June 2022
Status
Active
Structure
Equity
Company Profile
Provider of specialty hydrocarbons (pentanes and hexanes) and waxes out of 2 facilities near Houston, TX. Trecora Resources serves the building products, packaging, transportation, consumer and life sciences end-markets.
Industry
Chemicals
Transaction Type
Take-private
Balmoral Opportunity
Partnered with management and industry executives to take a microcap public company private.
Date of Investment
SEPTEMBER 2024
Status
Active
Structure
Equity
Company Profile
Provider of modular, full-stack IoT SaaS solutions improving operational efficiency and enhancing safety within the commercial fleet, transportation, and supply chain segments.
Industry
Telematics
Transaction Type
Corporate Divestiture
Balmoral Opportunity
Partnered with management and industry executives to acquire from a corporate parent
