NEW YORK and BOCA RATON, Fla., Sept. 16, 2024 -- On September 9th, Branford Castle Partner's Fund II completed the sale of Clean Solutions Group (CSG). This is the first exit for Fund II, a 2021 vintage fund. Proceeds received from this sale cover approximately 103% of all capital used by the Fund to date. The proceeds received and the intended return of capital would likely put Fund II in the Top Decile for these measures of all Funds from the 2021 Vintage rankings according to Cambridge Associates.
CSG is a leading provider of environmentally responsible nonwoven filtration media and cleaning products. CSG was the first investment in Branford's Fund II. During Branford's four-year ownership period, the firm assisted CSG in completing two strategic add-on acquisitions, supported the company to expand its facilities and build a new manufacturing line.
"Our partnership with CEO Keith White and the CSG management team has been remarkable," said Ceon Francis, Managing Director for Branford. "In four years, we have achieved significant growth and outperformed our optimistic expectations by more than quadrupling EBITDA. As part of this, we've helped them get into higher MERV (Minimum Efficiency Reporting Value) products that have become more highly desired in a post-COVID world."
"We're very proud of the management team we've built at CSG and the relationship we forged with Branford Castle at a critical time in our company's history", said Keith White, CEO of CSG. "Together, we have grown CSG into a premier manufacturer of 'clean solutions' for a variety of end purposes and created a brand renowned for innovation, customization, and the highest quality standards in the industry."
Piper Sandler & Co served as financial advisor, Akerman LLP served as legal counsel, and RSM served as the accounting/tax advisor to CSG. Terms of the transaction were not disclosed.
About Branford Castle Partners
Branford is a private market investor focused on lower-middle-market investments, with more than 30 years of helping to grow businesses. The firm typically makes control investments in companies with up to $15 million of EBITDA and a leadership position in a niche industry. Branford is particularly keen on the strong relationships it develops with its portfolio company managers. Branford has particular expertise in industrials/specialty manufacturing, consumer products, business services and logistics. For more information, visit: www.branfordcastle.com.
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