Sentinel Capital Partners, a private equity firm that invests in promising companies in the lower middle market, on Monday announced the sale of PlayCore, the leading North American designer, manufacturer, and marketer of a broad range of play, park, and recreation products. Terms of the deal were not disclosed.
“We are very pleased with the excellent results PlayCore has achieved,” said Eric Bommer, a Sentinel partner.
“PlayCore has successfully executed a broad range of organic growth and add-on acquisition initiatives. PlayCore’s talented management team has incorporated new brands seamlessly and accelerated growth by cross-selling, accessing new market opportunities, and capturing cost efficiencies. During our ownership, PlayCore has not missed a beat, which is a tremendous credit to its outstanding management team, and we leave the company well-positioned for future success as the industry leader.”
Since Sentinel’s 2014 investment, PlayCore has successfully pursued its mission of building communities through play and recreation. PlayCore has completed 14 add-on acquisitions, and today owns 27 complementary brands and serves more than 8,000 customers.
PlayCore’s President and CEO, Roger Posacki, commented, “Sentinel has been a strong and supportive partner during a highly successful period in PlayCore’s history. Sentinel has played a very important role in our acquisition strategy and we look forward to continuing this success with our new private equity owners.”
Headquartered in Chattanooga, PlayCore designs and builds a wide spectrum of commercial playground, park, recreation, performance, and specialty equipment ranging from basic modular play structures to complex, theme-based play environments that require significant creative and engineering competencies. PlayCore also provides a broad array of site amenities, surfacing, seating, performance, and fitness solutions, including picnic tables, benches, bleachers, bike racks, and outdoor fitness stations. Widely recognized as the industry thought leader, PlayCore also offers highly-differentiated, value-added services such as designing curriculum-based education programs for playgrounds and parks, and helps customers access funding sources. PlayCore is the market leader in play and recreation and has built the industry’s most expansive distribution network.
The past 12 months have been highly productive for Sentinel, officials said. Besides exiting PlayCore, Sentinel sold WellSpring Consumer Healthcare, a portfolio of high-performing OTC healthcare brands; Checkers & Rally’s Restaurants, an iconic and innovative drive-thru restaurant chain;National Spine & Pain Centers, a leader in interventional pain management; and Power Products, a leading global provider of branded electrical products and systems. During this same period, Sentinel made three new platform investments, including Altima Dental, the largest dental services organization in Canada; Cabi, a leading direct marketer of women’s fashion apparel; and SONNY’S Enterprises, the worldwide leader in conveyorized car wash systems.