Investments
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
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
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.
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
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.
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.
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
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 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
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.