Another Successful Portfolio Company Sale for ClearLight Partners

NEWPORT BEACH, CA June 12, 2014 – ClearLight Partners, LLC has sold TASI Group (“TASI”) to Berwind Group. The terms of the transaction were not disclosed.

TASI is a leading global provider of highly engineered test, measurement, inspection and automation solutions for mission-critical applications in the Americas, Europe and Asia. The Company’s solutions focus on enhancing customer productivity by reducing manufacturing cost, avoiding rework, improving quality and reliability, and shortening time to market. TASI serves a diverse customer base in a range of end markets including the transportation, industrial, life sciences, energy, food and beverage, and consumer goods industries. TASI is headquartered in Cincinnati, Ohio.

ClearLight invested in TASI in 2007, and in partnership with TASI’s management team, grew the company both organically and through four add-on acquisitions. “We recognized TASI’s unique potential and saw an opportunity to partner with a strong management team to drive growth”, said Jay Shepherd, a partner at ClearLight.

“It has been a pleasure working with ClearLight in growing TASI”, said David Huberfield, CEO of TASI. “Over the past seven years TASI has expanded its global reach, introduced successful new products and strengthened its leadership positions in its markets. Going forward, the company is well positioned to continue its strong growth as part of Berwind.”

“We are proud of our relationship with David Huberfield and the team at TASI, and of their many accomplishments,” commented Michael Kaye, Managing Partner of ClearLight. “The TASI team executed well and delivered growth through both organic initiatives and acquisitions. We think that TASI will continue to thrive under Berwind’s ownership and are pleased to deliver an attractive return to ClearLight’s investors.”

ClearLight was advised by Robert W. Baird & Co. and Latham and Watkins, LLP. Black Canyon Capital and Industrial Growth Partners were co-investors in TASI with ClearLight.

 

About ClearLight Partners

ClearLight Partners is a private equity firm located in Newport Beach, CA with $900 million of assets under management. The team at ClearLight has extensive operating and financial experience, and invests in and contributes to the expansion of established and profitable businesses. ClearLight focuses on investing in middle-market companies that are profitable market leaders in industries that include industrial technologies, specialty manufacturing, consumer products and services, business services, and health care services.

ClearLight is actively searching for investments for its third fund, ClearLight Partners III which has committed capital of $300 million.

 

About Berwind

Visit Berwind’s website at www.berwind.comBerwind is a family-owned investment management company. With its roots dating to 1886, Berwind has evolved from its beginning as a coal mining company, to a diversified portfolio of highly successful manufacturing and service companies, which are leaders in their market niche. Berwind is dedicated to investing in member companies to assist in the growth and development of existing industry platforms and building new platforms for future growth. Berwind operates under a decentralized business model, offering management significant autonomy, while providing financial, business, and operational advice and assistance. Berwind is headquartered in Philadelphia, Pennsylvania.

ClearLight Partners Acquires Leading Planet Fitness Franchisee

NEWPORT BEACH, CA October 15, 2013 – Private equity firm ClearLight Partners announced today that it has acquired a significant ownership interest in Planet Fitness franchisee, Taymax Fitness LLC, a leading health club operator in Texas and Tennessee. Planet Fitness is the fastest- growing full size health club franchise in the U.S., and provides its members with an unbeatable value and a relaxed Judgment Free® atmosphere that allows them the opportunity to pursue an active, healthy lifestyle without being judged by others. Financial terms of the transaction were not disclosed.

Kyle Nagel, CEO of Taymax, commented, “We are excited to have ClearLight Partners joining our team as we enter the next phase of our company’s growth. The partnership with ClearLight will allow us to accelerate the growth of our business as we seek to continue to aggressively develop new locations. We remain committed to the Planet Fitness vision of providing excellent customer service and the most comfortable atmosphere in the health club industry.”

Josh Mack, a Principal at ClearLight, stated, “We are thrilled to be joining the Planet Fitness team. We believe Planet Fitness offers the most compelling value proposition in the fitness industry today and Taymax is well positioned to capitalize on the growth opportunities in this industry.”

Michael S. Kaye, Managing Partner at ClearLight, added, “We are impressed with the great job that Kyle Nagel and his partner Tim Kelleher have done in bringing the Planet Fitness concept to San Antonio and Nashville. We are excited to partner with them to continue to further expand the company’s footprint.”

ClearLight completed the transaction in partnership with Riveria investment Group, a New York City-based private equity group.

About Planet Fitness

Founded in 1992 in Dover, N.H., Planet Fitness is now the fastest-growing full size health club franchise in the United States, and has revolutionized the industry with a combination of extremely low prices and a unique, friendly, and hassle-free environment called the Judgement Free Zone®.

Planet Fitness has approximately 700 locations nationwide and has grown to more than 4.5 million members. The company prides itself on giving people an unbeatable value, top-notch facilities, and an atmosphere that focuses on the needs of occasional or first-time gym users rather than hard-core fitness fanatics. All Planet Fitness clubs feature a wide selection of brand-name cardio and strength equipment, and provide unlimited fitness instruction with all memberships.

Planet Fitness is a national brand partner of NBC’s The Biggest Loser®. For more information visit, www.planetfitness.com.

About ClearLight Partners

ClearLight Partners is a private equity firm located in Newport Beach, CA with $900 million of assets under management. ClearLight has extensive operating and financial experience, and invests in and contributes to the expansion of established and profitable businesses. ClearLight focuses on leveraged buyout investments in middle-market companies with strong management teams and significant growth potential. For more information, visit www.clearlightpartners.com

About Riveria

Riveria Investment Group, headquartered in New York, NY, is a growth focused private equity firm that acquires and invests in middle-market companies based in the United States. Riveria Investment Group’s website is: www.riveriagroup.com.

Another Successful Portfolio Company Sale for ClearLight Partners

NEWPORT BEACH, CA July 10, 2013 – ClearLight Partners, LLC has sold The Outsource Group, Inc. (“TOG”) to Parallon Business Solutions, LLC a wholly-owned subsidiary of HCA Holdings, Inc. (NYSE: HCA). Terms were not disclosed.

Headquartered in St. Louis, Missouri, TOG provides revenue cycle management services to more than 160 hospital clients and physician practices across 38 states. The company ranks as one of the nation’s largest privately-held healthcare revenue cycle firms, with annual revenues in excess of $100 million.

ClearLight initially invested in TOG in December 2004 – in partnership with Chief Executive Michael A. DiMarco – and subsequently grew the company organically and through a dozen add-on acquisitions. “We identified a trend towards hospitals outsourcing management of their revenue cycle and saw an opportunity to build TOG into a best-in-class provider”, said Patrick Haiz, a partner at ClearLight.

“It has been a pleasure working with ClearLight in growing TOG”, said Michael DiMarco. “Going forward, the company is well positioned to continue its strong growth as part of Parallon, providing excellent service to TOG’s existing clients as well as offering its revenue cycle services to HCA’s extensive network of hospitals and surgery centers.”

TOG’s revenue cycle services include full business office outsourcing, insurance billing and follow up, third party liability, primary and secondary bad debt collections, Medicaid eligibility, early out/self-pay, onsite financial counseling and physician billing and follow up.

“We are proud of our association with Michael DiMarco and the team at TOG, and of their accomplishments”, commented Michael Kaye, Managing Partner of ClearLight. “Working with talented executives to execute against a well-defined investment thesis that includes strong organic growth as well as selective fold-in acquisitions is one of our preferred ways to build value. We think that Parallon will be an excellent new home for the Company and are pleased to deliver an attractive return to ClearLight’s investors.”

ClearLight was advised by Cain Brothers & Company, LLC and Armstrong Teasdale, LLP.

About ClearLight Partners

ClearLight Partners is a private equity firm located in Newport Beach, CA with $600 million of assets under management. The team at ClearLight has extensive operating and financial experience, and invests in and contributes to the expansion of established and profitable businesses. ClearLight focuses on leveraged buyout investments in middle-market companies with strong management teams and significant growth potential.

ClearLight is on schedule to commence investing from its third fund, ClearLight Partners III with committed capital of $300 million, later this year.

For more information, visit www.clearlightpartners.com.

About Parallon

Headquartered in Franklin, Tenn., Parallon is a leading provider of healthcare business and operational services. Parallon partners with hospitals, healthcare systems and non-acute care providers to improve their business performance through the company’s deep industry knowledge and proven practices in revenue cycle; technology; workforce solutions; consulting; group purchasing and supply chain. Visit Parallon’s website atwww.parallon.net

ClearLight Partners II, LLC Acquires Consumer Safety Technology

NEWPORT BEACH, CA June 25, 2012 – Private equity firm ClearLight Partners announced today that it has acquired a significant ownership interest in Consumer Safety Technology, LLC, manufacturer of the state-of-the-art Intoxalock® breath alcohol monitoring devices. Commonly used by DUI offenders in order to retain driving privileges, Consumer Safety Technology’s core ignition interlock products prevent an engine from starting when alcohol is present on the driver’s breath. CST will use the investment from ClearLight to fund a range of attractive growth initiatives. Financial terms of the transaction were not disclosed.

David Arringdale, CEO of Consumer Safety Technology, commented “We are excited to be partnering with ClearLight Partners as we enter the next phase of our company’s growth and development. ClearLight shares our vision of reducing drunk driving and other alcohol-related crimes, while providing excellent and compassionate service to our customers.”

Josh Mack, a Principal at ClearLight, stated “Consumer Safety Technology has developed industry-leading technology and has displayed a strong and consistent track record of impressive growth. We look forward to providing the capital to support the company’s continued expansion, enabling Consumer Safety Technology to capitalize on the increased use of interlock devices to combat drunk driving.”

Michael S. Kaye, Managing Partner at ClearLight, added “We are impressed with the great job that CST’s co-founders, Kevin Doyle and Scot Lewton, have done and with David Arringdale’s leadership in building on the platform they established. We are excited to partner with David and his management team to continue to build on the company’s legacy of innovation and growth.”

About ClearLight Partners

ClearLight Partners is a private equity firm located in Newport Beach, CA with $600 million of assets under management. The team at ClearLight has extensive operating and financial experience, and invests in and contributes to the expansion of established and profitable businesses. ClearLight focuses on leveraged buyout investments in middle-market companies with strong management teams and significant growth potential.

For more information, visit www.clearlightpartners.com

About Consumer Safety Technology

Founded in 1992, Consumer Safety Technology designs and develops breath alcohol monitoring devices under the Intoxalock® brand. Its technology is used in breath alcohol ignition interlock devices (BAIID or IID) and home alcohol monitoring devices. The company’s core interlock products are installed into customer vehicles via a network of more than 1,000 conveniently-located installation centers throughout the U.S. Consumer Safety Technology is headquartered in Des Moines, Iowa.

For more information, visit www.intoxalock.com.

ClearLight Partners, LLC Announces Sale of Switchcraft to HEICO

NEWPORT BEACH, CA December, 2011 – ClearLight Partners, LLC recently completed the sale of Switchcraft, a designer and manufacturer of high-performance electronic connectors, to HEICO Corporation, a public-traded company with headquarters in Florida that is focused on the aviation, defense, space, medical, telecommunication and electronic industries. ClearLight originally invested in Switchcraft in March 2005, and enjoyed a successful partnership growing the business with senior management.

ClearLight continues to actively seek companies in the following industry sectors:

  • High value-added manufacturing businesses like Switchcraft that have significant engineering content and strong competitive positions
  • Consumer products / food
  • Business services
  • Education & training

About Switchcraft

Founded in 1946, Switchcraft is a premier designer and manufacturer of high-performance electronic connectors, cable assemblies, and other value-added products and systems used in diverse applications in the global electronics industry. Headquartered in Chicago, Illinois, the Company operates state-of-the-art manufacturing facilities in Chicago, Illinois, Villa Park, Illinois, and Inchon, Republic of South Korea. For more information, visit www.switchcraft.com.

ClearLight Partners II, LLC Acquires Evriholder

NEWPORT BEACH, CA September 12, 2011 – Private equity firm ClearLight Partners announced today that it has acquired an ownership interest in Evriholder Products, LLC, the leading provider of “impulse” purchase housewares. Evriholder’s extensive product portfolio spans the Storage & Organization, Cleaning, Bath & Personal Care, Barware, and Kitchen categories. Evriholder will use the investment from ClearLight to fund a range of growth initiatives, including new product and program development and acquisitions.

Gary Seehoff, CEO of Evriholder, commented “Working with Michael Kaye and Jay Shepherd of ClearLight Partners over the last few months has been wonderful. We are extremely impressed and grateful for the support and confidence they are showing in us; their resources are tremendous and we look forward to growing the Company strategically with their guidance.”

Ivan Stein, President of Evriholder, added “We could not be happier to partner with ClearLight. I believe they will add a new level of sophistication and professionalism to our company. We will also now have ample resources to continue developing a comprehensive range of market leading, proprietary ‘impulse’ products. This new investment by ClearLight should add a lot of fuel to our growth over the next few years.”

Jay F. Shepherd, the lead partner on the transaction, stated “Evriholder’s strong track record of developing unique, innovative products is very impressive. The Company has truly established itself as the premier provider of ‘impulse’ purchase housewares”.

Michael S. Kaye, Managing Partner at ClearLight, stated “We’ve been very impressed with Gary Seehoff, Ivan Stein, and the rest of Evriholder’s management team. We’re excited about working with them to continue their record of innovation, growth, and happy customers.”

Houlihan Lokey acted as financial advisor to Evriholder in the transaction.

About Evriholder

Founded in 1995, Evriholder Products designs, develops and manufactures products for the Storage & Organization, Cleaning, Bath & Personal Care, Barware, and Kitchen categories. Headquartered in Anaheim, CA, Evriholder continues to introduce truly innovative, useful products – the kind consumers see and say “Why didn’t I think of that?” For more information, visitwww.evriholder.com.

The Outsource Group CEO, Michael A. DiMarco, Named Ernst & Young Entrepreneur Of The Year® 2011 Central Midwest Award Winner Award Recognizes Entrepreneurial Excellence in Health Care Services Category

ST. LOUIS – The Outsource Group, a leading health care revenue cycle management firm, today announced that Michael A. DiMarco, CEO, received the Ernst & Young Entrepreneur Of The Year® 2011 Central Midwest Award in the Health Care Services category. According to Ernst & Young LLP, the award recognizes outstanding entrepreneurs who demonstrate excellence and extraordinary success in such areas as innovation, financial performance and personal commitment to their businesses and communities. DiMarco was selected by an independent panel of judges, and the award was presented at a gala event at the Sheraton in Overland Park, Kansas June 7.

“Our cause is to assist hospitals recapture revenue for services they’ve provided, so they can continue with their core mission, which is to provide healthcare to the communities they serve,” said DiMarco. “The Outsource Group streamlines the process for them and offers an integrated, end-to-end solution.”

The Ernst & Young Entrepreneur Of The Year Awards Program celebrates its 25th anniversary this year. Past award winners have included Howard Schultz of Starbucks Coffee Company, Arthur M. Blank of AMB Group, LLC (Home Depot, Atlanta Falcons), Pierre Omidyar of eBay, Inc., Ruth Fertel of Ruth’s Chris Steak House, Inc., Maxine Clark of Build-a-Bear Workshop, Tom Adams of Rosetta Stone Inc., Matt Szulik of Red Hat, Inc., and last year’s national winner, Howard Lutnick, Chairman and CEO of Cantor Fitzgerald and BGC Capital Partners, Inc.

As a Central Midwest award winner, DiMarco is now eligible for consideration for the Ernst & Young Entrepreneur Of The Year 2011 National Award. Award winners in several national categories, as well as the overall Ernst & Young Entrepreneur Of The Year National Award winner, will be announced at the annual awards gala in Palm Springs, California, on November 12, 2011. The awards are the culminating event of the Ernst & Young Strategic Growth Forum®, the nation’s most prestigious gathering of high-growth, market-leading companies, which will be held November 9–13, 2011.

Founded and produced by Ernst & Young LLP, the Entrepreneur Of The Year Awards are pleased to have the Ewing Marion Kauffman Foundation as a national sponsor.

In the Central Midwest, sponsors include Smart Business magazine and Enterprise Bank & Trust. Locally, the program is sponsored by Lockton Companies, Inc., Faegre & Benson LLP, Stinson Morrison Hecker LLP, Armstrong Teasdale LLP and Common Ground Public Relations.

About The Outsource Group
The Outsource Group is a healthcare revenue cycle management company headquartered in St. Louis, Missouri. The company specializes in hospital business office outsourcing, insurance resolution, third-party liability, early out self pay and bad debt collections, Medicaid eligibility and physician billing and collections. With more than 30 years’ experience in the healthcare industry, The Outsource Group works with clients ranging from large health systems, stand alone hospitals, private physician practices, and hospital-based physician practices across the country. The Outsource Group’s operations centers offer clients state-of-the-art technology and analytic processes to ensure the highest rate of account resolution and rapid revenue recapture. The Outsource Group provides cost-effective, value-added revenue cycle solutions from a single source.

About Ernst & Young Entrepreneur Of The Year®
Ernst & Young Entrepreneur Of The Year® is the world’s most prestigious business award for entrepreneurs. The unique award makes a difference through the way it encourages entrepreneurial activity among those with potential, and recognizes the contribution of people who inspire others with their vision, leadership and achievement. As the first and only truly global award of its kind, Entrepreneur Of The Year celebrates those who are building and leading successful, growing and dynamic businesses, recognizing them through regional, national and global awards programs in more than 140 cities in more than 50 countries.

About Ernst & Young
Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 141,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.

Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young LLP is a client-serving member firm of Ernst & Young Global Limited operating in the US. For more information about our organization, please visit www.ey.com.

The Outsource Group Expands Its Medicaid Eligibility Services Through Acquisition of Medstandard, Inc.

ST. LOUIS, MO September 9, 2009 — The Outsource Group, the nation’s leading healthcare receivables management firm, announced today the expansion of its Medicaid eligibility and patient financial counseling services through the acquisition of Medstandard, Inc.

Medstandard is a prominent provider of patient screening and Medicaid eligibility services based in Houston, Texas. Medstandard’s on-site screening services at hospital emergency departments and their case management protocol result in exceptional revenue recovery for hospital clients.

“As the number of uninsured and underinsured patients continues to grow to an estimated 56 million by 2013, hospitals are increasingly challenged to find ways to generate revenue to cover services provided. By combining Medstandard’s skills and services with our own, we can play a vital role for hospitals,” says Michael A. DiMarco, The Outsource Group CEO.

The Outsource Group has experienced staggering growth in the past five years through the acquisition of best-in-class companies and through strong organic growth. Nationally headquartered in St. Louis, Missouri, The Outsource Group has offices and operations centers from coast to coast, providing clients with the resources of a large company plus the individualized services and flexibility of a smaller firm.

“A key differentiator for us is that when we acquire a company, the owners of that company join The Outsource Group’s leadership team as shareholders and operators, bringing expertise and years of experience to the company and clients alike,” says DiMarco.

Medstandard’s founders, Howard Zorn and Donny Zamora, along with several other co-owners, will remain actively involved with The Outsource Group, providing ongoing support and leadership for the Medicaid eligibility service line.

“This is a great opportunity for us, but also for our clients,” says Zorn, “because we can now provide a broader range of revenue cycle management services to our current client base through the various Centers of Excellence of The Outsource Group.”

“Our employees will benefit as well,” adds Zamora, “because The Outsource Group has operations centers in Alabama, California, Louisiana, Massachusetts, Missouri, New York, North Carolina and Texas, giving them vast career opportunities — not only geographically, but also within different aspects of the industry.”

The Outsource Group continues to seek strategically aligned, best-in-class companies to further expand its services and local presence in markets across the country. Fueling this expansion, The Outsource Group recently completed a round of bank financing, while continuing a strong relationship with its capital partner, ClearLight Partners, LLC, a Newport, California-based private equity firm with $600 million under management.

Providing advisory and professional services for the Medstandard deal were Marion Financial, a leading M&A firm serving the financial services industry, for merger and acquisition advice and representation; Armstrong Teasdale for legal counsel; A. J. Gallagher for benefits; and BKD for accounting.

“This acquisition in a difficult economic environment was made possible through the assistance of our professional advisors and financial partners,” says DiMarco. “We are excited to move forward with an expanded Medicaid eligibility service offering, especially at a time when hospitals need it most.”

ClearLight Partners, LLC Announces Award for Sale of U.S. Education

NEWPORT BEACH, CA – ClearLight Partners is proud to announce that the Orange County chapter of the Association for Corporate Growth (ACG) presented its annual Spotlight Award to U. S. Education, a former ClearLight portfolio company. The award was given in recognition of ClearLight’s successful sale of U. S. Education to DeVry in a $290 million transaction that closed in September 2008.

About U.S. Education

U.S. Education is an operator of for-profit, post-secondary schools. Through a combination of acquisitions and organic growth, U.S. Education grew from a four-campus school in Northern California to a leading career education company with seventeen campuses across the Western U.S. and a dominant position in allied healthcare training.