NEW YORK, January 7, 2009 – Lincoln International, a global middle-market investment bank, today announced the sale of Sterling Foods, Ltd. (“Sterling” or “the Company”), a portfolio company of ICV Capital Partners, LLC (“ICV”), to TGF Management Corp. (“TGF”), through its latest fund, Southwest Opportunity Partners, L.P., and Austin Ventures (“AV”). Lincoln International acted as the exclusive financial advisor to Sterling and ICV. Terms of the transaction were not disclosed.
Founded in 1971, Sterling is a leading supplier of baked goods, as well as a provider of gourmet bakery items to the food service and retail industries. Based in San Antonio, TX, Sterling's products include a wide variety of specialty and gourmet baked products such as brownies, cakes, cookies, snack breads, soft pretzels, muffins, scones, pizza crusts and biscuits. Its products are sold in nationally recognized restaurant chains, leading supermarkets and club stores. In addition, Sterling provides products to the K - 12 educational market, weight management industry and is the largest supplier of shelf stable bakery products to the military.
Lincoln International worked closely with ICV and Sterling’s senior management team throughout the sale process, including managing the preparatory, marketing, due diligence and negotiation phases of the transaction.
“It was a pleasure working with Lincoln International during this process. Their expert advice and hands-on process management resulted in an outstanding outcome for the Company,” said John D. Likovich, Chief Executive Officer of Sterling. “The management team and I are excited to partner with TGF and AV as the Company embarks on its next phase of growth.”
Willie Woods, President of ICV, added “We were very impressed with the Lincoln team and valued their advice throughout all stages of the transaction. During a time of great economic uncertainty, Lincoln was able to achieve a favorable result for the Company and its shareholders in this transaction.”
About ICV Capital Partners, LLC
ICV Capital Partners is a private investment firm with over $440 million in committed capital from well known institutional investors. ICV is investing from its $313 million second fund, ICV II. ICV pursues a value-oriented investment strategy to invest in strong companies with market leading positions in partnership with management. ICV is managed by four senior investment professionals who have extensive experience in sponsoring management teams and building businesses. In addition, ICV has two co-sponsors, the Initiative for a Competitive Inner City (founded by Harvard Business School Professor Michael E. Porter) and American Securities Capital Partners, L.P. (a $4.5 billion New York-based private equity firm). Additional information is available at www.icvcapital.com.
About TGF Management Corp.
Austin, Texas-based, TGF Management Corp. is one of the oldest and most active private equity firms in the Southwest, focusing on partnering with management teams and operational executives in the acquisition of middle market companies. Since 1992, TGF has invested in over 40 companies with combined revenue in excess of $3.5 billion. TGF currently manages in excess of $700 million on behalf of the Texas Growth Fund, and its latest private equity fund, Southwest Opportunity Partners, L.P. Additional information is available at www.tgfmanagement.com.
About Austin Ventures
Austin Ventures has worked with talented entrepreneurs and executives to build valuable companies for nearly 25 years. With $3.9 billion under management, AV is the most active venture capital and growth equity firm in Texas and one of the most established in the nation. With a focus on business services, information services, integrated media, computer and communications hardware, enterprise software and special situations, AV invests at all stages of company development, from $100,000 "planned experiments" in early stage ideas to $100+ million investments in expansion rounds, minority recapitalizations, and buyouts of middle-market growth companies. Additional information is available at www.austinventures.com.
About Lincoln International
Lincoln International specializes in merger and acquisition services, debt advisory services, UK pension advisory services and providing fairness opinions and valuations for leading organizations involved in mid-market transactions. With offices in Chicago, Frankfurt, London, Los Angeles, Madrid, New York, Paris, Tokyo and Vienna, and strategic partnerships with firms in China and India, Lincoln International has strong local knowledge and contacts in the key global economies. The organization provides clients with senior-level attention, in-depth industry expertise and integrated resources. By being focused and independent, Lincoln International serves its clients without conflicts of interest. More information about Lincoln International can be obtained at www.lincolninternational.com.
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