AUSTIN, TX – Blue Sage Capital, a leading lower-middle market private equity firm, today announced the final close of Blue Sage Capital IV, L.P. (the “Fund”), at $618 million including a substantial commitment from the General Partner. The Fund was significantly oversubscribed, closing above its initial target of $400 million, initial hard cap of $550 million, and more than double its $300 million prior fund size. Blue Sage limited the size of the Fund to maintain its lower-middle market focus and could not fully accommodate a substantial amount of Limited Partner interest generated in only months of fundraising. Blue Sage is backed by a global group of Limited Partners including well-known college/university endowments, charitable foundations, pension funds, large family offices, insurance companies, and entrepreneurial individuals. Many of the Limited Partners have now partnered with Blue Sage across multiple prior funds, some going back to the firm’s founding almost 25 years ago.

The Fund continues Blue Sage’s strategy of partnering with founders, families, and management teams in high-potential lower-middle market businesses. As with prior Blue Sage funds, Fund IV focuses on investment partnerships with environmental solutions, niche manufacturing, and specialty services companies in North America, particularly in Texas, the Southwest, and the Midwest. Blue Sage strongly prefers to be the first institutional investor in the companies with which it partners.

AUSTIN, TX – All-State Industries, Inc. (“All-State”), a Des Moines, IA-based portfolio company of Blue Sage Capital (“Blue Sage”), is pleased to announce its acquisition of United Gasket Corp. (“United Gasket”). United Gasket is a leading manufacturer of custom non-metallic components, including adhesive-backed gaskets, felts, and other flexible parts. United Gasket and its subsidiary, Gaskoa, Inc., have a long-tenured history serving a diverse range of industries, including electronics, rail, non-engine auto, HVAC, pumps and lighting.

“We are very excited to welcome United Gasket into the All-State family, as Mark and team have built an exceptional business that is poised for continued growth,” said Scott Pulver, CEO of All-State. “With the addition of United, All-State will now have a broadly diversified die cut operation with the ability to handle the full spectrum of size, volume, and material types that allow us to better service our existing customer base and pursue growth in new, untapped markets.”

Mark Pahios, CEO of United Gasket noted, “All-State is the exact partner that we were looking for. We take great pride in servicing our customers and this partnership will allow us to provide even more value through the full range of All-State’s nonmetallic solutions.” Mark Pahios will continue to lead the United Gasket division as part of the All-State platform.

AUSTIN, TX - Baker Manufacturing Company, LLC (“Baker”), an Evansville, WI-based portfolio company of Blue Sage Capital (“Blue Sage”), is pleased to announce its acquisition of the Pump Division of A.Y. McDonald Mfg. Co (“A.Y. McDonald”). The acquisition will include A.Y. McDonald’s full pump product line, which includes its comprehensive portfolio of submersible pumps, booster pumps, jets, sump pumps, and pressure tanks for the residential and agricultural markets.

The transaction marks the first acquisition Baker has completed since partnering with Blue Sage in July 2022 and will serve to expand Baker’s Water Systems product offerings and market coverage.

"We are thrilled to bring A.Y. McDonald’s Pump Division into the Baker family,” said Don Wesdell, CEO and President of Baker. “A.Y. McDonald’s rich history and strong reputation in the industry will be a cornerstone of this transition, and we are committed to maximizing the legacy of their pump products while continuing to meet the needs of our valued customers.”

“This acquisition is a tremendous opportunity for Baker Manufacturing while allowing us to further enhance our focus on the water works, natural gas, and plumbing industries,” said Rob McDonald, CEO of A.Y. McDonald. “Baker Manufacturing is a trusted source with deep expertise in this market, and we are confident that they will continue to grow and enhance this pump division with the same dedication and quality our customers have come to expect.”

The Association for Corporate Growth (“ACG”) Austin/San Antonio chapter awarded its 2024 Deal of the Year to Blue Sage Capital for its sale of Frontier Waste Solutions. The award recognizes economic and corporate growth, strategic impact, and capital formation in Central Texas.

Mergers & Acquisitions magazine has recognized Blue Sage Capital as an Honorable Mention on its 2024 list of the best places to work in private equity.

AUSTIN, TEXAS – Blue Sage Capital (“Blue Sage”) is pleased to announce its recent investment in MHW, Ltd. (“MHW” or the “Company”). With over 30 years in its current form and ~90 years in the industry, we believe MHW has built a strong reputation as the leading outsourced licensed importation, distribution, compliance and logistics fulfillment service provider in the beverage alcohol industry (i.e., spirits, wine, and beer). Through its tech-enabled platform and mission-critical services, MHW helps its clients – growing beverage alcohol producers, including newly emerging, foreign, and domestic brand owners and brand agents – navigate the complex regulatory and compliance landscape in the United States and abroad. MHW allows emerging and established alcohol producers to access markets more efficiently and cost-effectively, while allowing producers to direct resources to formulation, branding, and sales & marketing.

MHW CEO Ryan O’Hara commented, “We are excited to enter the next chapter of the MHW story alongside Blue Sage as we seek to continue the Company’s track record of growth. We pride ourselves on delivering the highest level of service to our clients, and we look forward to making additional investments in our team and enhancing our service offering to support our clients better.”

MALIBU, CA – NexGen Financial Inc. (“NexGen” or “the Company”), a leading specialty finance firm offering unique capital solutions to the debt resolution industry, has announced a significant growth capital investment from funds managed by Oaktree Capital Management, L.P. (“Oaktree”). This investment will fuel NexGen’s long-term growth strategy and enhance its position in the debt resolution industry. Blue Sage Capital (“Blue Sage”) first partnered with NexGen in March 2023.

NexGen’s core focus lies in providing capital to debt resolution companies by acquiring rights to settlement fees from their existing portfolios of enrolled debt. The partnership with Oaktree, known for its history of fostering rapid growth and value creation, positions NexGen for continued success.

"As we explored potential investment partners, Oaktree stood out for its unique approach to partnering with established management teams," said James Shanahan, CEO of NexGen. “Oaktree’s resources and experience in specialty finance will be invaluable as we expand our presence in the fast-growing debt resolution industry. We are excited to see where this outstanding partnership takes us in the coming years.”

AUSTIN, TEXAS - Impact Property Solutions (“Impact”), a Dallas, TX-based portfolio company of Blue Sage Capital (“Blue Sage”), is proud to announce its acquisition of OneSource Flooring and Interiors (“OneSource”), an Arizona-based provider of flooring products and installation services to Multifamily and Commercial properties. OneSource, which opened its doors in 2007, covers the broader Phoenix market with a focus on Multifamily replacement flooring. Led by founder Brandon Haber and OneSource President Mazeratie Sweet, OneSource’s leadership will oversee Impact’s total Phoenix operations as of September 1, 2024, to include our existing operation formed out of the acquisition of Interior Concepts in August of 2023. Existing Impact customers and current OneSource customers will still interface with their current points of contact.

This represents the fifth transaction since Impact began its partnership with Blue Sage at the end of 2020, further solidifying Impact’s presence in the Sun Belt as a leading multifamily flooring solutions provider. Impact will continue to build out its platform in the Sun Belt as well as other regions of the country, both organically and inorganically.

AUSTIN, TEXAS - Blue Sage Capital is pleased to announce its recently completed investment in American Alloy (the “Company”). American Alloy is a metal component and sub-assembly manufacturing platform focused on serving OEM customers in the packaging, food & beverage, industrial automation, hard rock mining, and other general industrial markets. The Company has distinguished itself through its best-in-class quality, quick-turn fulfillment, stainless steel and segregated/clean room manufacturing expertise, and full-service fabrication and machining capabilities for low-to-medium volume parts. American Alloy has built a long-standing reputation for being a trusted manufacturing partner for its blue-chip customers and is well-positioned to continue to benefit from the secular growth in automation investment within all verticals of the manufacturing economy.

Blue Sage will support American Alloy as it seeks to further build out its presence within current and targeted new markets through organic efforts and M&A. In conjunction with the transaction, the Company’s COO, Brett Stevens, has been named CEO and will lead the business in partnership with Blue Sage. American Alloy’s founder, Garret Guinn, will remain involved with the business as an employee, board member, and shareholder.

Blue Sage Capital is pleased to announce its recently completed investment in Geo-Solutions, Inc. Founded more than 40 years ago, Geo-Solutions provides highly complex geotechnical and environmental remediation services, primarily for the infrastructure, utilities, chemical, mining, and other industrial end-markets. The company is headquartered in New Kensington, PA, and has established itself as a market leader in soil mixing, slurry wall construction, and jet grouting. Over its lengthy history, Geo-Solutions has been an innovator of industry techniques and technologies, with an unprecedented resume of “first-of-its-kind” projects.

Geo-Solutions’ President and CEO, Darin Payne, commented, “We are excited to enter the next chapter of the Geo-Solutions story alongside Blue Sage, a proven value-added investor in the environmental industry. For decades, we have been a trusted resource for offering our specialized suite of services across a variety of geotechnical and environmental remediation applications. We are looking forward to leveraging the Blue Sage relationship to expand our geographic footprint, extend our service lines, pursue strategic acquisitions, and reinvest in our business.”

Impact Property Solutions (“Impact”), a Dallas, TX-based portfolio company of Blue Sage Capital (“Blue Sage”), is proud to announce its acquisition of Interior Concepts, Inc., an Arizona-based provider of flooring products and installation services to multifamily and commercial properties. Interior Concepts, which opened its doors in 1985, covers Phoenix/Scottsdale and other key markets in Arizona. Interior Concepts leadership will remain with Impact as we grow to other geographies to support Interior Concept’s and Impact’s customers on a broader scale.

This represents the fourth transaction since Impact began its partnership with Blue Sage at the end of 2020, further solidifying Impact’s presence in the Sun Belt as a leading multifamily flooring solutions provider. Impact will continue to build out its platform in Texas, North Carolina, Florida, Arizona, and across the broader Southeast and Southwest both organically and inorganically.

“We are very excited to welcome the Interior Concepts team to the Impact family,” said Kerry Jones, CEO of Impact Property Solutions. “Interior Concepts has a long-standing reputation for quality and service, which is a testament to the culture that the team has established. We believe Interior Concepts is a perfect fit for us as a partner, and we look forward to working with the team to expand Impact’s service capabilities to the growing Arizona market and beyond.”

AUSTIN, TEXAS – Blue Sage Capital (“Blue Sage”) is pleased to announce its recently completed investment in NexGen Financial (“NexGen” or the “Company”) in partnership with Four Point Capital Advisors (“Four Point”). Founded in 2018, NexGen provides flexible capital solutions to debt settlement companies. The cash infusions from NexGen allow debt settlement companies to finance customer acquisition costs and maintain operations without sacrificing growth goals. Further, NexGen’s deep understanding of the industry and flexible capital solution makes them a highly strategic partner to their customers. The investment from Blue Sage will serve as primary growth capital on NexGen’s balance sheet to accelerate growth.

NexGen’s Founder and President, James Shanahan, commented, “Partnering with Blue Sage and Four Point will enable us to meet the demands of our debt settlement partners that are rapidly growing in the current macroeconomic environment. By leveraging Blue Sage and Four Point’s resources and strategic support, NexGen will be positioned to grow with our existing partners, begin supporting new partners, and expand our service offerings and analytical insight capabilities.”

AUSTIN, TEXAS – Blue Sage Capital (“Blue Sage”) is pleased to announce its recently completed investment in Clearly Clean Products, LLC (“Clearly Clean” or the “Company”) in partnership with Insight Equity (“Insight”). Founded in 2007, Clearly Clean is an Orwigsburg, PA-based manufacturer of sustainable food packaging trays made from 100% recyclable polyethylene terephthalate (“PET”). PET is a clear, strong, and lightweight plastic with unique properties that make it suitable for a variety of applications. The Company offers an environmentally-friendly and recyclable tray option to grocers, food processors, and packaging distributors. Clearly Clean produces its trays using a first-of-its-kind, patented “rolled edge” thermoforming and manufacturing process. As a result, Clearly Clean’s trays have superior recyclability and durability relative to competitive packaging products while utilizing less material and providing a premium aesthetic.

Clearly Clean’s President, Jeff Maguire, commented, “We are excited to partner with Blue Sage and Insight as we continue to invest in sales and marketing resources, expand our manufacturing capabilities, and extend our product line with innovative, sustainable packaging solutions that our customers desire.”

AUSTIN, TX -- Blue Sage Capital (“Blue Sage”) announced today that it closed on the sale of Magnum Systems, Inc (“Magnum”) to 3 Rivers Capital, based in Pittsburgh, Pennsylvania. Patriot Capital and SharpVue Capital participated in the transaction by providing debt and equity financing. Magnum designs and manufactures mission-critical, customized systems and engineered components for automated material handling and packaging solutions. These solutions are primarily used to handle and package a variety of dry bulk solid substrates across the industrial, food, agricultural, and chemical end markets. The company also provides ongoing parts, service, and maintenance for its large installed base of products. Magnum is based in Lenexa, Kansas, with two additional manufacturing and fabrication facilities in Parsons, Kansas. Blue Sage invested in Magnum in October 2016 in partnership with the management team.

Peter Huff, Co-Founder and Managing Member of Blue Sage, stated, “We enjoyed working with President & COO Don Day, CFO Bill Mead, and the rest of the Magnum team. During our investment period, we were able to build on Magnum’s longstanding tradition of manufacturing highly engineered products that are recognized throughout the industry for their superior quality, performance, reliability, and ease of use, and we have positioned the company well for its next phase of growth.”

January 26, 2023

2022 was a productive year for our firm.

During the year, we exited four investments.

Exited Investments

• Americo Manufacturing, an Acworth, Georgia manufacturer of 100% end-to-end recyclable floor pads and industrial cleaning solutions, on February 2nd
• Timber Automation, a Hot Springs, Arkansas manufacturer and supplier of automation equipment and systems for the forest products and biomass industries, on June 30th
• Ligchine International, a leading designer, manufacturer, and marketer of laser-guided boom operated concrete screed machines used in the construction of industrial properties, particularly those engaged in e-commerce, on July 11th
• Frontier Waste Solutions, a Texas-based provider of municipal solid waste services for the municipal, commercial, residential, and industrial markets, on November 9th

In the aggregate, these transactions generated gross proceeds of $204m with a 2.9x return on invested capital and a 26% internal rate of return (2.6x net return on invested capital and 21.2% net internal rate of return).

Blue Sage Capital is pleased to announce its sale of Frontier Waste Solutions to a global investment group led by Concentric Equity Partners and Summer Street Capital Partners. Blue Sage helped create Frontier alongside founding CEO John Gustafson in 2017. Over the last six years, Blue Sage guided Frontier’s growth from its initial startup to one of the largest independent municipal solid waste collection companies in Texas and the United States. During Blue Sage’s ownership, Frontier grew its run-rate revenue by over 15x and its EBITDA (earnings before interest, taxes, depreciation, and amortization) by over 30x. Frontier continues to expand rapidly today by focusing on non-hazardous solid waste and recycling collection in numerous Texas communities stretching from Dallas-Fort Worth to Austin and San Antonio to Houston.

“It is certainly bittersweet to part with our friends at Frontier,” said Blue Sage Co-Founder and Managing Member Peter Huff. Huff further noted that “it is extremely rare and rewarding to work alongside a management team and co-founders as talented and dedicated as John Gustafson, Drew Pozatek, Bill Killian, Tim Henderson, Alek Orloff, and the many others that worked together to build Frontier into such an outstanding company.”

Blue Sage Capital (“Blue Sage”) is pleased to announce that All-State Industries, Inc. (“All-State”) acquired substantially all of the assets of dB Engineering, Inc. (“dB Engineering”), a Mansfield, Texas-based manufacturer of thermal, acoustic and vibration isolation components for OEMs throughout North America. Under the leadership of its owner, Mike Gibson, dB Engineering has built a strong expertise in the vibration and insulation arena, and All-State intends to further leverage these capabilities across its end markets and customers.

“We are thrilled to welcome dB Engineering into the All-State family,” said Scott Pulver, CEO of All-State. “This acquisition rounds out our thermal and vibration insulation capabilities and will allow us to better service our existing customer base and expand into new end markets, anchored by the strong customer relationships built by Mike and his team.”

Jonathan Kaskow, Principal at Blue Sage, noted, “dB Engineering fits squarely within the All-State strategy of building out best-in-class nonmetallic capabilities across an increasingly growing set of customers and end markets. We are excited about this acquisition and the growth potential it creates across the platform.”

AUSTIN, TX -- Blue Sage Capital (“Blue Sage”) announced today that it closed on the sale of Ligchine International Corporation (“Ligchine”) to RAF Industries, Inc., a Philadelphia, Pennsylvania-based long-term focused capital provider. Ligchine is a leading designer, manufacturer, and marketer of laser guided boom screeds used for placing concrete. The company’s equipment utilizes cutting-edge technology to automate the process of flat-finishing concrete, enabling best-in-class flatness and levelness. Ligchine’s product portfolio is comprised of a full line of high-performance boom operated screeds, a drive-in machine, and has a number of other products on the drawing board. Blue Sage invested in Ligchine in August 2018 through its partnership with Peter and Gary Ligman (Ligchine’s founders), Hanover Partners and Dave Ring, CEO.

Blue Sage Partner, Eric Weiner, exclaimed, “Ligchine is a great example of Blue Sage partnering with founders, augmenting the management team, and investing in growth. Over the last roughly four years Ligchine nearly doubled its sales team to increase geographic coverage and added 3 new models to its product lineup.” Hanover Partners Founding Partner, John Palmer added, “Hanover commends Ligchine’s leadership team for expanding on the foundation the Ligmans built and accelerating Ligchine’s growth trajectory.”

AUSTIN, TX -- Blue Sage Capital is pleased to announce its recently completed investment in Baker Manufacturing Company, LLC (“Baker” or the “Company”). Founded nearly 150 years ago and headquartered in Evansville, WI, Baker manufactures residential, industrial, municipal, and environmental water well equipment and accessories, as well as specialized rotary gear pumps and ductile and gray iron castings. Over a long arc of time, Baker has carved out a leadership position in several niche markets and established a portfolio of well-known products, including pioneering the pitless well adapter.

Baker’s President and CEO, Don Wesdell, commented, “Our partnership with Blue Sage Capital represents an exciting inflection point in Baker’s history. We are looking forward to working alongside the Blue Sage team to continue to launch new water systems and pump products, expand into new geographies, pursue strategic acquisitions, and invest in our business.”

Jonathan Pearce, Partner at Blue Sage, stated, “We could not be more excited to partner with Don and the rest of the Baker senior leadership team, who will all continue to build upon Baker’s long track record of success. Baker has an impressive breadth of product offering and strong manufacturing expertise, and the vertical integration with the foundry has allowed the Company to successfully navigate the challenging supply chain environment and expand market share recently. We are thrilled about this new partnership and are eager to execute on our joint strategy for growth.”

AUSTIN, TX -- Blue Sage Capital (“Blue Sage”) announced today that it closed on the sale of Timber Automation, LLC (“Timber”) to USNR, a subsidiary of Wood Technologies International. Timber is a leading manufacturer and supplier of equipment and systems for the forest products and biomass industries. The company manufactures and supplies blue-chip customers and independent sawmills with custom engineered equipment and control systems that maximize lumber yield and reduce labor costs, as well as machinery for sawmill logyards, engineered wood products plants, pulp and paper plants, chip mills, and pellet mills. Blue Sage invested in Timber in August 2015 through its partnership with the company’s founders and management team.

Blue Sage Managing Member, Jim McBride, remarked, “Timber is a great example of the Blue Sage strategy at work. We partnered with the founders of the business, helped them transition into retirement and hired an excellent team to usher Timber into its next phase of growth. Credit John Steck, President, Renee Teel, CFO, and their entire team for achieving an outstanding outcome in the face of tariffs and volatile lumber prices, a pandemic, and geopolitical unrest.”

AUSTIN, TX -- Impact Property Solutions (“Impact”), a Dallas, TX-based portfolio company of Blue Sage Capital (“Blue Sage”), is proud to announce its acquisition of Multi Floors (“Multi”), a Raleigh, NC-based provider of flooring products and installation services to multifamily properties as well as retail refinishing and restoration services. Led by Brent Rice for over 20 years, Multi covers the broader Raleigh-Durham area and other tertiary cities in eastern North Carolina.

This announcement comes on the heels of Impact’s April 2022 acquisition of Cutting Edge Carpet, which operates in Orlando and Jacksonville, Florida, and bolsters Impact’s North Carolina presence after the September 2021 acquisition of Got You Floored in the Piedmont-Triad region. Impact’s presence in the Sun Belt as a leading multifamily flooring solutions provider will continue to grow, both organically and inorganically.

“Brent, his son CB, and the Multi team represent another exciting partnership to bring into the Impact family,” said Kerry Jones, CEO of Impact Property Solutions. “Brent and team have deep roots in the Raleigh-Durham market, and Impact will bring additional resources and relationships to bear in North Carolina to maximize Multi’s strong platform in order to grow alongside this flourishing market.”

Impact Property Solutions (“Impact”), a Dallas, Texas-based portfolio company of Blue Sage Capital (“Blue Sage”) headquartered in Austin, Texas, is proud to announce its acquisition of Cutting Edge Carpet (“Cutting Edge”), a Florida-based provider of flooring products and installation services to multifamily properties and developers. Headquartered in Orlando with additional operations in Jacksonville, Gainesville, and the broader northeast corridor of Florida, Cutting Edge opened its doors in 1997 and continues to be led by founders Lance and Joan Smith, who will be staying on with Impact.

After Impact’s acquisition of Got You Floored in North Carolina in September 2021, this represents the second transaction since Impact began its partnership with Blue Sage at the end of 2020, further solidifying Impact’s presence in the Sun Belt as a leading multifamily flooring solutions provider. Impact will continue to build out its platform in Florida, the Carolinas, and across the broader Southeast both organically and inorganically.

“We are thrilled to bring Lance, Joan, and the whole Cutting Edge team into the Impact family,” said Kerry Jones, CEO of Impact Property Solutions. “The deep customer relationships, the strength of the Smiths’ leadership, and the impressive team the Smiths have cultivated are all hallmarks of what Impact seeks in a partnership. Just as we are eager to bring Impact’s resources and relationships to bear in the Florida market, we are also eager to migrate Cutting Edge’s best practices across our markets. This acquisition further demonstrates our commitment to better serve our national property management customers across the Sun Belt.”

Blue Sage Capital (“Blue Sage”) announced today that it closed on the sale of Americo Manufacturing Co. (“Americo”) to Fibrix Filtration, a provider of high loft and pleat media filtration products. Americo is a manufacturer of specialty nonwoven products across a variety of industry verticals, including floor cleaning, roofing, filtration and other OEM applications. Americo also manufactures specialty matting products sold through OEM, Janitorial/Sanitation and promotional products channels. Blue Sage invested in Americo in December 2017 through its partnership with the founding Rones family, including CEO Lenny Shutzberg and President Richard Rones.

Blue Sage Managing Member, Jim McBride, remarked, “Americo is the quintessential Blue Sage investment. We had great partners in Lenny Shutzberg and Richard Rones, and we were able to successfully grow the business through strategic investments in the company’s manufacturing capabilities, R&D function and sales channels. Americo stands apart within the high loft nonwoven industry and we look forward to the company’s continued success under Fibrix’s leadership.”

The second year of the Covid pandemic was, in many ways, more challenging for investing than year one.

Some businesses (dining, travel, entertainment and fitness) have been, perhaps irreparably, damaged. Other businesses (building products and anything related to home improvement) have experienced a renaissance. Most of the businesses we intersect with saw gradual improvement in demand and operating performance. These dynamic conditions complicate and place a premium on identifying, forecasting and underwriting a stabilized recurring free cash flow stream. Add to this the prospect of a dramatic shift in Federal Reserve monetary policy and the specter of rising long term interest rates with the corresponding impact on valuations, and we sense a need for heightened cynicism, prudence and discipline.

We believe we did just that in closing these four investments in 2021.

Blue Sage Capital (“Blue Sage”) is pleased to announce that an affiliate of All-State Industries, Inc. (“All-State”) acquired Allied Plastics, LLC­ (“Allied”), a Twin Lakes, Wisconsin-based thermoformed plastics manufacturer. Allied specializes in medium-to-heavy-gauge thermoformed plastic components for agriculture and heavy equipment OEMs, consumer products, and packaging/dunnage industries. Under the leadership of its founders, Tim Neal and Steve Wieder, Allied Plastics has grown to become one of the leading thermoformed plastics manufacturers within its markets due to its best-in-class design resources, vertically integrated extrusion capabilities, and product quality standards.

This transaction marks the second sizable acquisition All-State has completed since partnering with Blue Sage in 2019. The combined business will be one of the largest providers of nonmetallic components in its markets, with eight total manufacturing facilities in the United States and Mexico.

“We are very proud to welcome Allied into the All-State family, as they have built an exceptional business and are poised for continued growth, ”said Scott Pulver, CEO of All-State. “We are excited about the opportunity this partnership presents as it propels the All-State platform to have unmatched scale and capabilities that allow us to better service our existing customer base and pursue growth in new, untapped markets. Most importantly, we are adding an Allied organization that has great people and a very similar culture with All-State that will position us for continued success.”

Impact Floors (“Impact”), a portfolio company of Blue Sage Capital (“Blue Sage”), announced it has acquired Got You Floored, Inc. (“GYF”), a Greensboro, NC-based provider of flooring products and installation services to multifamily properties and developers. GYF also provides full spectrum flooring solutions to single family homeowners through its distinct retail center with dedicated design teams. Under the leadership of Founder Matt Ketterman, GYF has established a leadership position in the fast-growing Piedmont-Triad region of North Carolina and also serves customers in neighboring states.

This transaction marks the first acquisition Impact has completed since partnering with Blue Sage at the end of 2020 and will serve as a platform from which to expand to adjacent geographies throughout the Carolinas and across the broader Southeast.

“GYF has built an outstanding reputation for exceptional service with its longstanding customers in North Carolina, ” said Kerry Jones, CEO of Impact Floors. “We are excited about the opportunity this partnership presents to serve our national property management customers outside our home state of Texas. Moreover, our organizations share very similar values, culture and a philosophy of delivering top notch services in a timely and dependable manner.”

Blue Sage Capital is pleased to announce its recently completed investment in Cobra Legal Solutions (“Cobra”). Headquartered in Austin, Texas with an additional office in Chennai, India, Cobra is a leading provider of legal services including eDiscovery technology services, eDiscovery managed review, contracts management and legal research. Under the leadership of CEO Candice Corby, Cobra has more than tripled in size over the last three years.

Cobra’s CEO, Candice Hunter Corby, commented, “Partnering with Blue Sage will enable us to accelerate our growth. Leveraging Blue Sage’s capital resources and strategic network, will enable Cobra to expand its service offerings and provide greater capacity while continuing to deliver exceptional quality to Cobra's clients."

Eric Weiner, Partner at Blue Sage, stated, “We are excited to partner with Candice and her best-in-class team and to support Cobra in the next stage of its evolution. The Cobra platform stands out in its commitment to service, responsiveness, and flexibility in managing its customers’ eDiscovery and legal services needs. Together we will focus on organic growth and acquisitions to expand Cobra’s service offering and build a leader in the eDiscovery and legal services industry.”

Notwithstanding challenges brought on by a global pandemic, and the concurrent economic consequence, 2020 was a busy and successful year for the firm.

Blue Sage Capital made investments alongside founders in two outstanding businesses.

Lubbock, Texas based Barricades Unlimited is a leading service provider of traffic control services in 6 markets across the state of Texas. In addition to barricades the Company also does pavement marking, guardrail installation and equipment rental and sales.

Dallas, Texas based Impact Floors is a leading provider of quick turn replacement services to multi family owners and operators across the state of Texas. Impact Floors completes over 120,000 flooring replacements annually from its extensive database of approximately 335,000 floorplan scenarios.

Blue Sage Capital is pleased to announce its recently completed investment in Impact Floors (“Impact”). Headquartered in Dallas, Texas, Impact is a leading provider of quick-turn flooring and countertop replacement services to multifamily owners and operators across Texas. Under the leadership of Founder Reagan Stricklin, Impact has expanded its service offering to cover multiple aspects of the apartment make ready process, as well as its geographic footprint, which now includes five locations throughout the state of Texas.

Impact’s Founder, Reagan Stricklin, commented, “Our partnership with Blue Sage Capital represents the next step forward in our company’s history. The team at Blue Sage will help provide the capital and strategic resources to accelerate our growth as we seek to enter new markets to better serve our customers by offering high quality, consistent services throughout the Southern U.S.”

Jonathan Pearce, Partner at Blue Sage, stated, “We are thrilled to partner with Reagan, who will remain actively involved, as well as the core senior leadership team of Matt Lusk, David Hemenway, and Nick Lange to help Impact solidify its leading position in Texas and further expand its service offering and market coverage. Impact has invested in customized processes and systems, which distinguish the company from its peers and allow the business to serve as a platform that we can leverage for growth – through M&A and new market expansion. We couldn’t be more excited about this new partnership and the prospects for the business.”

Blue Sage Capital, an Austin, Texas-based private investment firm, announced today the final closing of its oversubscribed third fund. Capital commitments totaled $300 million, well above the $250 million fund target and $150 million prior fund size. Blue Sage enjoyed exceptional demand from existing investors as well as new limited partners despite the current pandemic-driven economic turmoil. Blue Sage’s investor base is comprised of a diverse group of limited partners including university endowments, charitable foundations, pension funds, financial institutions, prominent family offices and the Blue Sage team.

Blue Sage is led by founding members, Peter Huff and Jim McBride, along with two additional partners, Jonathan Pearce and Eric Weiner. Founded in 2002, the firm has a team of ten investment professionals and three administrative professionals. Peter Huff, Co-Founder and Managing Member said that Blue Sage is “fortunate to have attracted such a strong team that has worked together to consistently produce outstanding returns for our investors over many years. We are extremely appreciative of the robust support provided to us by our limited partners during these trying times.”

Blue Sage Capital is pleased to announce its recently completed investment in Barricades Unlimited (“Barricades”). Headquartered in Lubbock, Texas, Barricades is a leading service provider of traffic control, pavement marking, guardrail installation and related equipment rentals and sales. Under the leadership of CEO Chris Boutwell and COO David Crews, Barricades has expanded its service offering and footprint, growing from a single location in Lubbock to now operating five locations throughout the state of Texas.

Barricades’ CEO, Chris Boutwell, commented, “Our partnership with Blue Sage Capital represents the next evolution in our company’s history. The team at Blue Sage will help provide the capital and strategic resources to accelerate our growth through greenfield expansion as well as through mergers and acquisitions while still enabling us to deliver the highest level of service to our customers.”

Eric Weiner, Partner at Blue Sage, stated, “We are excited to partner with Chris and David in helping Barricades become the largest provider of traffic control, pavement marking and related services in the state of Texas. Barricades has a unique set of processes and systems that make it stand out from the crowd as a platform that we can leverage to acquire businesses within a highly fragmented industry.”

Blue Sage Capital announced today that it closed on the sale of Cobalt Environmental Solutions (“Cobalt”) to Bison, an Oklahoma-based water infrastructure, logistics and solutions provider. Operating in the SCOOP and Merge plays of Oklahoma’s Anadarko Basin, Cobalt is a leading operator of oilfield wastewater disposal and hydrocarbon extraction facilities in the region. Blue Sage created Cobalt as an oilfield waste platform in 2014 and made its initial investment to finance an acquisition in April 2014. Over the next five years, Blue Sage assisted Cobalt with the subsequent development of five additional greenfield facilities and partnered with management to establish long-term commercial relationships with key producers in the region. During the period in which Blue Sage owned Cobalt, revenue grew by approximately 3x.

Blue Sage Managing Member, Peter Huff, explained, “Given our extensive experience in oilfield and environmental services, our Blue Sage deal team was able to create what we believe is a successful company from scratch during the last five years by leveraging our prior experience as well as the support of Cobalt’s Chairman John Barnidge. The Cobalt investment represents the third time that we have successfully partnered with John. We believe the company’s growth has been exceptional, and we are excited to follow the next stage of Cobalt’s evolution under Bison’s leadership.”

2018 marked the most active year in Blue Sage Capital’s 18-year history. The execution of three portfolio company exits, two new platform acquisitions, several tuck-in opportunities, and a number of personnel additions and promotions during the year positions us to continue our strong track record as patient, disciplined, top-quartile investors.

In February 2019, Blue Sage invested in All-State Industries.

Blue Sage Capital completed an investment in All-State Industries ("All-State") in February 2019. Headquartered in Des Moines, Iowa with six manufacturing facilities throughout the Midwest and Texas, All-State is a leading manufacturer of non-metallic components for OEMs across a diverse range of end markets. The company has a demonstrated history of partnering with its customers to design and manufacture solution-oriented products that are used for sealing, acoustics, thermal management, motion control, instrumental panel and impact absorption applications.

In July 2018, Blue Sage invested in Ligchine International Corporation.

Blue Sage Capital partnered with Hanover Partners in July 2018 to invest in Ligchine International Corporation ("Ligchine"). With primary manufacturing facilities in Darien, WI and an additional office in Floyds Knobs, IN, Ligchine is a globally-recognized, leading designer, manufacturer and marketer of laser-guided boom operated concrete screeds. The company produces a diverse range of models under the ScreedSaver™ banner, and Ligchine’s products provide best-in-class concrete floor flatness and levelness results for its customers.

Blue Sage Capital is pleased to announce its recently completed investment in All-State Industries, Inc. (“All-State”). Headquartered in Des Moines, Iowa with six manufacturing facilities located throughout the Midwest and Texas, All-State is a leading manufacturer of non-metallic components for OEMs across a diverse range of end markets. The Company was founded in 1974 by Bob Pulver and has a demonstrated history of partnering with its customers to design and manufacture solution-oriented products that are used for sealing, acoustics, thermal management, motion control, instrumental panel and impact absorption applications.

All-State’s CEO, Scott Pulver, commented, “We are excited about our partnership with Blue Sage and look forward to the next phase of our company’s growth. Blue Sage has an excellent track record of investing in family-owned manufacturing businesses, and we plan to leverage their strategic and financial resources in order to further expand All-State’s reach and capability set within non-metallics. We plan to invest in additional capacity, pursue targeted acquisitions and enter new end markets, while maintaining the highest level of product quality and service levels for our customers.”

Blue Sage Capital announced today that it closed on the sale of PRIMUS Sterilizer Company, LLC (“PRIMUS” or the "Company") to the Chalmers Group of Companies, a privately-owned Canadian corporation headquartered in Mississauga, Ontario. The sale represents the thirteenth and final portfolio company exit for Blue Sage’s first fund, Blue Sage Capital, L.P.

Based in Omaha, Nebraska, PRIMUS is the leading independent manufacturer of steam sterilizers in the United States. The Company’s sterilizers can be found in premier research laboratories, hospitals and pharmaceutical companies throughout the world.

PRIMUS and Blue Sage were represented in the transaction by Livingstone Partners LLC and Queen Saenz + Schutz PLLC.

About Blue Sage

Blue Sage is an Austin, Texas-based private equity firm specializing in growth, recapitalization and buyout financings of small middle market companies. With over fifteen years as a team and over $200 million in assets under management, Blue Sage has extensive experience transitioning founder-run businesses and seeks companies with leadership positions in their niche markets. Most of Blue Sage’s investments are in established, profitable companies with $20 million to $100 million of revenue and $4 million to $12 million of cash flow. Blue Sage invests in a variety of industries, with each initial investment typically ranging from $10 million to $40 million.

Blue Sage Capital, an Austin, Texas-based private investment firm, is pleased to announce the additions of David Berry and Blake Jones to the investment team. David and Blake join Blue Sage as Associates. In their roles, they will assist with evaluating, structuring, due diligence, and financial monitoring of investment opportunities.

Blue Sage Capital and Hanover Partners are pleased to announce their recently completed investment in Ligchine International Corporation ("Ligchine"). With primary manufacturing facilities in Darien, WI and an additional office in Floyds Knobs, IN, Ligchine is a globally-recognized, leading designer, manufacturer and marketer of laser-guided boom operated concrete screeds. The Company produces a diverse range of models under the ScreedSaver™ banner, and Ligchine’s products provide best-in-class concrete floor flatness and levelness results for its customers.

Ligchine’s co-founders, Gary and Peter Ligman, commented, “We are excited to partner with Blue Sage and Hanover to accelerate our Company’s growth trajectory. Both Blue Sage and Hanover have a strong track record leveraging their strategic and financial resources to help founder-owned businesses reach their full potential. We believe the investment will enable us to reach more customers while elevating our already top service levels.” Ligchine’s sales and distribution reach all corners of the world.

Eric Weiner, Partner at Blue Sage, stated, "Ligchine is the prototypical Blue Sage investment. Ligchine is a family business with significant market leadership and multiple avenues for growth.” John Palmer, Principal at Hanover, added, “Ligchine continues Hanover’s nearly 25-year tradition of investing in engineered product manufacturers serving niche markets. We look forward to supporting the Company’s impressive growth and scaling its sales worldwide.”

Blue Sage Capital announced today that it closed on the sale of Marine Accessories Corporation (“MAC”) to Patrick Industries, Inc. Based in Maryville, Tennessee, MAC is a manufacturer, distributor and aftermarket supplier of custom tower and canvas products and other related accessories to OEMs, dealers, retailers and distributors, as well as direct to consumers within the marine market. Blue Sage made its initial investment in MAC in July 2015, and during its ownership, assisted MAC with multiple tuck-in acquisitions.

Blue Sage Co-Founder, Jim McBride, explained, “We were honored and privileged to partner with MAC’s proven and motivated leadership team to accelerate the business’s growth trajectory in a rebounding market. MAC is now a larger and stronger organization, and we are excited to follow the next stage of the company’s evolution under Patrick Industries’ leadership.”

MAC and Blue Sage were represented in the transaction by Raymond James & Associates, Inc. and Queen Saenz + Schutz PLLC.

Blue Sage Capital announced today that it closed on the sale of C&M Conveyor, Inc. to CapitalWorks, LLC, a Cleveland-based private equity firm.

Based in Bloomington, Indiana, C&M Conveyor designs, engineers, manufactures and services turnkey automated material handling and conveying systems, serving as a value-added and critical partner to its industrial and commercial customers, particularly in the corrugated box industry. Blue Sage made its initial investment in C&M Conveyor in July 2006.

Blue Sage and other stakeholders were represented in the transaction by BB&T Capital Markets.

About Blue Sage

Blue Sage is an Austin, Texas-based private equity firm specializing in growth, recapitalization and buyout financings of small middle market companies. With over fifteen years as a team and over $200 million in assets under management, we have extensive experience transitioning founder-run businesses and seek companies with leadership in their niche. Most of Blue Sage’s investments are in established, profitable companies with $20 million to $100 million of revenue and $3 million to $12 million of cash flow. Blue Sage invests in a variety of industries, with each initial investment typically ranging from $10 million to $20 million.

Blue Sage Capital, an Austin, Texas-based private equity firm focused on investing in small middle-market companies, is pleased to announce the promotions of Jonathan Pearce and Eric Weiner to Partner, Erica Holland to Vice President, and Davis Miller to Senior Associate.

We begin each year with the goal of identifying two or three opportunities to partner with business owners to build and grow interesting, profitable, small/middle-market companies. To find these two or three "gems," we evaluate over 300 opportunities. Our patience and discipline were rewarded again this year.

AUSTIN, Texas — Blue Sage Capital is pleased to announce its recently completed investment in Americo Manufacturing Company ("Americo"). Headquartered in Acworth, GA, with additional facilities in Cartersville, GA and Los Angeles, CA, Americo is a globally-recognized, leading manufacturer of floor maintenance pads and a top manufacturer of commercial and retail floor matting products in the USA. The Company produces a diverse range of high-loft, nonwoven products, which include floor maintenance pads as well as specialty fabrics which are utilized in a variety of industries. Aside from nonwovens, Americo also designs and manufactures a complete line of vinyl-backed, walk-off floor mats for use in industrial, promotional, retail, custom and specialty market applications.

Americo’s CEO, Lenny Shutzberg, commented, “We are delighted to be partnering with Blue Sage as we continue to grow our business from the solid foundation established nearly 50 years ago. Blue Sage’s expertise of investing in family-owned businesses, along with their vast strategic and financial resources, will provide us the ability to significantly increase the growth trajectory for our company.” Americo’s products are currently sold in all 50 states and in over 70 countries around the world.

AUSTIN, Texas – Blue Sage Capital, an Austin, Texas-based private investment firm, is pleased to announce the additions of Jonathan Kaskow and Alan Mire to its team.

AUSTIN, Texas – Lower middle-market private equity firm Blue Sage Capital is pleased to announce its partnership with John Gustafson and Trailcreek Capital Group in the formation of Frontier Waste Holdings. Headquartered in Dallas, Texas, Frontier is a provider of municipal solid waste services to the municipal, residential, commercial and industrial markets. The initial Frontier platform includes the acquisitions of Access Disposal Services, serving Hillsboro, Texas and the market area between Waco and Ft. Worth, Texas and K2 Waste Solutions, servicing the areas around Corpus Christi and Liberty County, Texas markets. As part of those acquisitions, Tim Henderson (Access) and Bill Killian (K2) have joined the Frontier leadership team. Leading Frontier is CEO John Gustafson, a veteran in the waste industry with prior experience in senior management roles at Progressive Waste Solutions and IESI.

Jake Friemel has also joined the company as Chief Financial Officer. Previously, Friemel worked at Comerica as a Vice President in the bank’s Environmental Services Department. As Frontier’s CFO, Friemel brings deep industry knowledge and an extensive network within the solid waste industry.

AUSTIN, Texas - Despite an unpredictable political climate in 2016, Blue Sage enjoyed an active and productive year. We trained our focus on identifying compelling investment opportunities, building value alongside our operating partners, and evolving our team to generate top quartile risk-adjusted returns for our investors.

AUSTIN, Texas – Blue Sage Capital (“Blue Sage”) is pleased to announce the recently completed acquisition of Broken Arrow Communications, Inc. (“BACOM”). Headquartered in Albuquerque, NM with 13 locations throughout the Western U.S., BACOM is a leading provider of services for the installation, modification, construction, and maintenance of wireless communication facilities and related infrastructure. As a result of BACOM’s deep service offering and reputation for high-quality work, the company is poised to take advantage of strong tailwinds in the wireless industry including the expected rollout of 5G wireless networks and continued adoption of the Internet of Things technology. Blue Sage partnered with Private Equity Capital Corporation (“PECC”), a Rancho Santa Fe, CA-based private investment firm on the transaction.

President of BACOM, Ryan Calhoun, remarked “the BACOM management team is excited to work with Blue Sage and PECC in the company’s next phase of growth. Through this partnership, we have increased conviction that BACOM is in a position to benefit from the wave of impending work related to consumers’ insatiable demand for wireless network bandwidth.”

Jim McBride, Co-Founder and Managing Member of Blue Sage, stated, “the BACOM management team has built a business with impressive scale and track record. We are thrilled to partner with Ryan Calhoun and his team during an exciting period of growth in the wireless communications industry.”

AUSTIN, Texas - Lower middle-market private equity firm Blue Sage Capital (“Blue Sage”) is pleased to announce the recently completed acquisition of Magnum Systems, Inc. (“Magnum”). Headquartered in Kansas City with an additional manufacturing facility in Parsons, Kansas, Magnum, through its Taylor Products and Smoot brands, is a leading designer and manufacturer of branded packaging and material handling solutions serving a diverse set of end markets, applications, and customers. The Company’s highly engineered products are designed to handle free-flowing materials that are difficult to package or convey in all types of manufacturing environments. Magnum’s products are recognized throughout the industry for their superior quality, performance, reliability and ease of use.

President and CEO of Magnum, Travis Wallace, remarked, “The Magnum management team is thrilled to partner with Blue Sage as we seek to lead the company into its next stage of growth. The Magnum brand is highly respected in the industry and with the resources and skill set Blue Sage can bring to bear, we believe the company is well-positioned for the future.”

Peter Huff, Co-Founder and Managing Member of Blue Sage, stated, “Magnum management and shareholders have built a solid business with a long track record of market leadership in the pneumatic material handling and packaging industries. We are delighted to partner with Travis Wallace and his team as we work together to accelerate the growth initiatives at the company.”

Blue Sage Capital rounded out a productive and rewarding year.

Blue Sage Capital II

In July, we completed the purchase of Marine Accessories Corporation (“MAC”). Located in Knoxville, TN, MAC is the leading designer and manufacturer of wakeboard towers, bimini tops, custom boat covers and related accessories sold to OEMs, dealers and direct to consumers.

In August, we partnered with management to complete the recapitalization of this Hot Springs, AR manufacturer of timber automation equipment. Owned and operated by a team that has worked together for over three decades, Baxley-LogPro manufactures equipment that facilitates the efficient flow of timber in sawmills: scanners, sorters, stackers, edgers, and trimmers, as well as log cranes and de-barkers that are used in the woodyards of saw, paper, and pellet mills.

AUSTIN, Texas – The Baxley-LogPro Holdings, Inc. (“Baxley-LogPro”) management team and Blue Sage Capital (“Blue Sage”) are pleased to announce that Blue Sage recently completed a majority investment in Baxley-LogPro. Located in Hot Springs, AR, with an additional manufacturing facility in Baxley, GA, Baxley-LogPro is a leading manufacturer and supplier of equipment and systems for the forest products and biomass industries. Baxley-LogPro represents the combined entity of Baxley Equipment Company (“Baxley”) and Price LogPro, LLC (“LogPro”). Baxley manufactures and supplies blue chip customers and independent sawmills with custom engineered equipment and control systems that maximize lumber yield and reduce labor costs. LogPro manufactures machinery for sawmill logyards, engineered wood products plants, pulp and paper plants, chip mills, and pellet mills.

President Russell Kennedy allowed, “We are excited to partner with Blue Sage as we work to take Baxley-LogPro into its next stage of growth and development, and believe that the combined skills and resources will allow us to better serve our customers.”

Jim McBride, Co-Founder and Managing Member of Blue Sage, stated, “Baxley-LogPro and the team are representative of what we like to do in growing and building small/middle market businesses; partner with capable teams who have staked out strong defensible positions of leadership in their unique industry vertical. We look forward to working with Russell Kennedy, Chris Raybon, Pat Conry, Jim Krauss, Josh Krauss, and the rest of the team in continuing Baxley-LogPro’s growth trajectory.”

AUSTIN, Texas – The Marine Accessories Corporation (“MAC”) management team and Blue Sage Capital (“Blue Sage”) are pleased to announce that Blue Sage recently completed a purchase of MAC. Located in Maryville, TN, MAC is the leading designer and manufacturer of wakeboard towers and accessories and a leading producer of custom-patterned cockpit covers, bimini tops, and boat covers. Through its industry-leading brands and products, MAC serves a broad base of leading boat builders, dealers, retailers, e-commerce sites, distributors, and consumers directly.

Jim McBride, Co-Founder and Managing Member of Blue Sage, said, “MAC is poised to take advantage of both the recovery in the boating market and the proliferation in towers across all boat types. MAC is the clear leader in this space, and we are excited to provide capital to help the business accelerate its growth trajectory. We are honored and privileged to partner with such a proven and motivated team.”

Rick Reyenger, CEO of MAC said, “Blue Sage’s investment is well timed with the rebound in the boating industry. We have a number of opportunities in front of us, and we are excited to partner with Blue Sage to help us move forward.”

Austin, TX – Blue Sage Capital announced today that it has completed the sale of Parker School Uniforms, LLC to an investment group led by Argosy Investment Partners, Plexus Capital and Salem Investment Partners. Houston-based Parker is the leading provider of premium school uniforms to private and charter schools across the Sunbelt region of the United States including Texas, California, Oklahoma, Kansas, Alabama, Mississippi, Georgia, Tennessee, and Kentucky. Blue Sage made its initial investment in a recapitalization transaction, partnering with owner Mac Shuford, in August 2008. During its ownership, Blue Sage assisted Parker with multiple tuck-in acquisitions and a CEO transition.

Blue Sage Co-Founder, Peter Huff, explained, “We were excited to partner with Mac and help him transform the company, including the acquisition of four companies that helped build Parker’s business substantially. Parker is now a larger and stronger organization, and we are excited for current CEO, Troy Pike, in the next stage of the company’s evolution. Our investment in Parker also produced solid returns for Blue Sage’s investors.”

Parker and Blue Sage were represented in the transaction by MHT MidSpan, LP and Graves Dougherty Hearon and Moody.

Austin, TX – Blue Sage Capital, an Austin, Texas-based private investment firm, is pleased to announce the addition of Davis Miller to its team.

Davis Miller joins Blue Sage as an Associate. In his role with Blue Sage, Davis assists with evaluating, structuring, due diligence, and financial modeling of investment opportunities.

Previously, Davis worked as an analyst in the Natural Resources Investment Banking Group at Barclays in Houston, where he advised on mergers and acquisitions, capital markets activities, financings, and other strategic transactions in the oil and gas sector.

Davis graduated with Highest Honors from the University of Texas with a Bachelor of Business Administration degree in Finance from the Business Honors Program and a minor in Accounting.

About Blue Sage Capital

Blue Sage Capital is an Austin, Texas-based private equity firm specializing in growth, recapitalization and buyout financings of smaller middle market companies. Most of Blue Sage’s investments are in established, profitable companies with $25 million to $100 million of revenue and $5 million to $10 million of cash flow at the time of investment. Blue Sage invests in a variety of industries, with each initial investment typically ranging from $10 million to $15 million.

Austin, TX – Blue Sage Capital is pleased to announce the promotion of Jonathan Pearce and Eric Weiner to Vice President. In this role, Jonathan and Eric will be responsible for sourcing, evaluating, negotiating structuring, managing due diligence, and closing investment opportunities and subsequent portfolio company monitoring.

Jonathan joined the team in May 2013 after spending four years with Avista Capital Partners, a generalist middle-market private equity firm with $5 billion under management. While at Avista, Jonathan focused on the evaluation and execution of investments primarily in the energy sector. Jonathan is a Certified Public Accountant and a graduate of The University of Texas at Austin, where he earned a Masters in Professional Accounting and a Bachelor of Business Administration with a Minor in Finance.

Austin, TX – Blue Sage Capital announced today that it closed on the sale of its interest in Hoak Media, LLC to Gray Television, Inc. Pending regulatory approval, the deal was first announced in November 2013 as part of a series of transactions through which Gray Television and Excalibur Broadcasting, LLC agreed to acquire from Hoak Media and Parker Broadcasting, Inc. a total of 15 network-affiliated television stations in seven markets for $335 million in cash and a working capital adjustment. Blue Sage made its initial investment in Hoak Media as a minority investor in January 2007.

Blue Sage Capital recently closed its second fund, Blue Sage Capital II, L.P. http://www.bluesage.com/blue-sage-exits-hoak-media/ http://www.bluesage.com/blue-sage-exits-hoak-media/Blue Sage invests in profitable, growing, lower middle-market industrial, manufacturing, service and distribution companies with revenue of $20 to $100 million and EBITDA of $5 to $10 million. Of particular interest are opportunities to partner with founders as the first round of institutional capital in a recapitalization transaction and companies that enjoy leadership positions in niche industries.

For questions or inquiries, please contact Jim McBride at 512-536-1900 or email Jim.McBride@bluesage.com.

Austin, TX – Blue Sage Capital announced today that it sold its interest in MultiCam, Inc. to Rosewood Private Investments. Dallas-based MultiCam is one of the leading manufacturers of CNC cutting equipment. Its product line includes routers, digital finishing, lasers, water jets, and plasmas that are sold worldwide through a unique global distribution network. Blue Sage made its initial investment in a recapitalization transaction, partnering with founder Ken Koelling, in April 2008.

“Blue Sage was an invaluable resource in growing our company. Their strategic input and guidance allowed us to fundamentally transform what we do by systematically undertaking new product development, recruiting and creating aligned interests with a top-flight management team, and generally inculcating a performance-oriented, metrics-driven culture. They were outstanding partners.”

Blue Sage co-founding partner, Jim McBride, allowed, “We appreciate the trust Ken placed in us and were privileged to steward MultiCam over this exciting phase of the Company’s evolution. Our operating partner and president, Kris Hanchette, led the charge, leveraging his 17 years of experience with MultiCam to drive revenue and profit to new levels.”

Blue Sage Capital is pleased to announce that it is the recipient of two prestigious awards. The U.S. Small Business Administration named Blue Sage Capital the 2013 Small Business Investment Company (SBIC) of the Year. Blue Sage, since its inception in 2003, has consistently proven to be a leading participant in the SBIC program.

Additionally, Mergers & Acquisitions named Blue Sage its Seller of the Year for its original investment in Controlled Recovery, Inc. (CRI) and subsequent investment in R360 Environmental Solutions. Blue Sage, during its six year hold, had a return of over 63 times the capital it originally invested in CRI, and sold R360 to Waste Connections (NYSE: WCN) for over $1.3 billion in October 2012. Click here for more information.

Palm Beach, FL – The Small Business Investor Alliance (SBIA), the leading association for lower middle market private equity funds and investors, today announced that Ashbrook Simon-Hartley (Ashbrook), a portfolio company of SBIA member firm Blue Sage Capital and a leading provider of water and wastewater treatment solutions, won its Portfolio Company of the Year Award. The SBIA honored Ashbrook and Blue Sage Capital with the award today at its annual National Summit for Middle Market Funds, the premier private equity conference for the lower middle market, in Palm Beach, Florida.

The SBIA Portfolio Company of the Year Award demonstrates the effectiveness of private equity financing and the benefits of the partnership between private equity investors and small businesses. Based in Houston, Texas, Ashbrook was selected from among a group of successful private equity-backed companies throughout the country. Ashbrook is based in an economically disadvantaged area of Houston, where it hires local employees. Ashbrook has additional offices and service hubs in the United States, the United Kingdom and Chile. From the time of Blue Sage’s investment in Ashbrook in 2005, to its exit in 2012, the company grew its workforce by 48%, from 160 to 237 employees.

AUSTIN, Texas – Blue Sage Capital is pleased to announce today the addition of two hires to its team: Eric Weiner as a Senior Associate and Erica Holland as an Associate. Blue Sage closed its second fund of $150 million earlier this year and is actively seeking investment opportunities.

Eric Weiner joins Blue Sage as a Senior Associate. In his role with Blue Sage, Eric assists with evaluating, structuring, due diligence, and financial modeling of investment opportunities and maintains portfolio company monitoring responsibility. Eric joins Blue Sage following the completion of his MBA from the Stanford Graduate School of Business, where he was an Arjay Miller Scholar.

Peter Huff, Blue Sage Co-Founder and Managing Member, said, “We are thrilled to have Eric join our team. He brings with him extensive portfolio company and sourcing experience that will benefit Blue Sage as we seek to invest our second fund.”

Prior to business school, Eric worked for Berkshire Partners, a middle-market private equity firm with over $11 billion under management, specializing in investments primarily in consumer, retail, business services and industrial companies. Eric also worked as a senior associate consultant at Bain & Company in the Dallas and Melbourne office. Eric graduated from The University of Texas with a BBA degree in Finance from the Business Honors Program and a BA in Government, both with Highest Honors.

AUSTIN, Texas – Blue Sage Capital, an Austin, Texas-based private investment firm, announced today the first and final closing of its oversubscribed second fund, Blue Sage Capital II, L.P. Capital commitments totaled $150 million, above the $100 million target size. Blue Sage received strong support from existing investors as well as new limited partners. Blue Sage’s investors include a diverse group of limited partners such as large financial institutions, private equity fund of funds, prominent family offices, endowed trusts, government entities, and the partners of Blue Sage, who represent the largest commitment to the fund.

Blue Sage is led by founding members, Peter Huff and Jim McBride, and has a team of five investment professionals including Adam Norris, Chris Petrini, and Ali Williford. Eric Weiner, a former Berkshire Partners professional in Boston, is slated to join the team this summer after he completes his MBA at Stanford. The firm anticipates adding one or two additional investment professionals early next year.

Wells Fargo’s Tim Rafalovich, a senior member of the bank’s private equity fund investment team, stated that “Blue Sage is a respected fund in the private equity industry. We appreciate their partnership and congratulate them on their recent successes.”

AUSTIN, Texas – Blue Sage Capital is pleased to announce it has completed the sale of one of its portfolio companies, Visual Merchandising, Inc., to Noa Visual Group, S.L.

Visual Merchandising, Inc. (“VMI”), headquartered in Broomfield, Colorado, is a state-of-the-art designer, manufacturer, and distributor of custom mannequins, forms, and other visual merchandising products to the global retail industry. With a number one market share position in the U.S., VMI markets its products under the brands of Fusion Specialties, Inc. and Goldsmith, Inc. VMI’s customers include Nike, J. Crew, Kate Spade, The North Face, and J.C. Penney.

Jim McBride, Co-Founder and Managing Member of Blue Sage, served on the VMI Board of Directors and was integrally involved with the VMI management team, “VMI presented a unique opportunity to invest in a leading company in a truly niche industry.”

Blue Sage initially invested in VMI in 2007 and completed the acquisition of Goldsmith, Inc. in 2009 during the downturn to strategically expand VMI’s product offering. Over its hold, Blue Sage partnered with management to initiate new product development, migrate to more cost efficient production facilities, and improve international distribution. McBride added, “It was a pleasure to work with Derek Johnson and the VMI team. We wish VMI continued success through this merger with Noa Visual Group.”

AUSTIN, Texas – Blue Sage Capital announced today that it has completed the sale of one of its portfolio companies, R360 Environmental Solutions, to Waste Connections, Inc. (NYSE: WCN).

R360, headquartered in Houston, Texas, is a leading provider of non-hazardous oilfield waste treatment, recovery and disposal services in several of the most active natural resource producing areas in the United States, including the Permian, Bakken, and Eagle Ford Basins. R360 operates 26 facilities across Louisiana, New Mexico, North Dakota, Oklahoma, Texas, and Wyoming.

Blue Sage has had a longstanding commitment to the oilfield waste treatment sector. The firm previously owned Controlled Recovery, Inc. (CRI), which was acquired by R360 in 2010. Peter Huff, Co-Founder and Managing Member of Blue Sage, served on the R360 Board of Directors and helped steer R360, utilizing his significant experience from CRI. Peter said, “We have been active owners in this market since 2006. Our businesses have steadily grown during this time. This transaction will deliver exceptional returns to our investors.”

Blue Sage does not disclose its returns; however, publicly available information puts the sale price at more than $1.3 billion. Blue Sage typically invests approximately $10 million in each portfolio company.

AUSTIN, Texas – Blue Sage Capital is pleased to announce it has completed the sale of Ashbrook Simon-Hartley to Swedish corporate buyer Alfa Laval. Blue Sage was the majority controlling shareholder of Ashbrook.

Headquartered in Houston, Texas, Ashbrook is an industry leader in liquid and solid separation technologies for the wastewater industry. The company provides highly efficient and cost effective solutions for dewatering and process system requirements for large customers. Ashbrook has a global presence with offices in the United States, the United Kingdom, Chile, and Brazil.

Blue Sage Capital invested in Ashbrook in 2005 and completed two follow-on acquisitions that materially expanded the company’s product offering. The private equity firm partnered with Ashbrook’s management team to achieve continued growth and increased profitability throughout Blue Sage's ownership. Bob Williams, President of Ashbrook, said “We were able to partner with an outstanding team at Blue Sage. Blue Sage provided active operational expertise, and we grew the business together. We are enthusiastic about the future with Alfa Laval.”

“This transaction is exciting for all parties and delivers strong returns to our investors,” said Peter Huff, Co-Founder and Managing Member at Blue Sage Capital. “We wish Ashbrook continued success with the Alfa Laval team.”

AUSTIN, Texas — Blue Sage Capital is pleased to announce that it has successfully exited its investment in Controlled Recovery, better known as CRI. Blue Sage was the majority controlling shareholder of CRI. CRI owns and operates the largest facility for non-hazardous oil and gas waste in the United States. Peter Huff, a Founding Board Member of CRI and leader of the deal team, said that “the sale of CRI to R360 Treatment not only provides the company with an opportunity to continue its rapid expansion, but also provides Blue Sage with a very strong return on its invested capital.” John Barnidge, CEO of CRI, said that “Peter Huff and his team at Blue Sage Capital did an incredible job negotiating and closing the sale of CRI to R360 Treatment. I think this represents a great outcome for all parties. Blue Sage was also extremely active providing frontline operational expertise to my team as we jointly built this company.” Wayne Patterson, Founder of Atreides Capital, a co-investor in CRI, said that his firm “enjoyed working with the CRI management team and Blue Sage and was pleased with the outcome of our investment.”

Blue Sage is an Austin, Texas-based private equity firm founded by Peter Huff and Jim McBride. Blue Sage specializes in growth, recapitalization and buyout financings of smaller middle-market companies based in Texas and the Southwest. Most of Blue Sage’s investments are in established, profitable companies with $5-100 million of revenue and $2-8 million of cash flow at the time of investment. Blue Sage invests in a variety of industries, with each initial investment in a company ranging from $5-15 million. The partnership also reserves additional capital for follow-on investments in companies that are already in its portfolio so that these companies can continue to finance their growth via internal expansion as well as strategic acquisitions.