January 23, 2023
Sterling Investment Partners Closes Fund IV Above Target
WESTPORT, Conn., Jan. 23, 2023 /PRNewswire/ - Sterling Investment Partners (“Sterling”), a leading middle market private equity firm investing in distribution and business services companies, is pleased to announce the final close of Sterling Investment Partners IV, L.P. (“SIP IV”) with $934 million in capital commitments, which exceeded the firm’s $900 million fundraising target and includes a significant commitment from Sterling partners.
To date, Sterling has led the investment of approximately $568 million of equity, including $250 million from SIP IV, into three SIP IV portfolio companies: Anser Advisory, Camp Facility Services, and Kendall Vegetation Services & Xylem Tree Experts.
“We appreciate the strong support of numerous existing investors and are excited to partner with a number of new investors in SIP IV,” commented Charles Santoro, Managing Partner and Co-Founder.
Since its inception over 30 years ago, Sterling has overseen the investment of over $2.6 billion of equity across 39 platform investments and 130 add-on acquisitions and numerous greenfield expansions.
“SIP IV continues Sterling’s strategy of partnering with dynamic middle market distribution and business services companies with the objective of building industry-leading platforms,” observed James Soldano, Partner.
“We have continued to grow by investing in our people and adding talented professionals, and plan to continue to do so with the successful closing of SIP IV,” stated Bill Macey, Managing Partner and Co-Founder.
Sterling’s six partners, which include Michael Barr, Joseph Gault and Doug Newhouse, are supported by nine investment professionals, including a dedicated deal origination team. In January 2023, Sterling added an experienced Chief Financial Officer to its team to oversee the financial, operational, and accounting functions of the firm, and to assist with compliance matters.
Simpson Thacher & Bartlett, LLP was counsel to SIP IV. Eaton Partners acted as global placement agent.
About Sterling Investment Partners
Sterling Investment Partners is a private equity firm that has been investing in and building middle-market companies for over 30 years with a highly-experienced, cohesive team of senior investment professionals. Based in Westport, Connecticut, Sterling focuses on value-added distribution and business services, acquiring businesses that the firm believes have strong, sustainable competitive advantages and significant opportunities for value creation. Over its history, Sterling has completed over 210 transactions, representing more than $25 billion in aggregate value. www.sterlinglp.com.