Allegiance Capital Facilitates Acquisition of Express by The Sterling Group, L.P.
DALLAS, Aug. 2 /PRNewswire/ -- Allegiance Capital Corporation has facilitated the acquisition of a majority interest in CCCG, L.L.C. (CCCG) by The Sterling Group, L.P. The acquisition, which included CCCG's subsidiaries, Express Integrated Technologies and Express Metal Fabricators (collectively, "Express"), was financed with equity from Sterling Group Partners II, L.P. and debt financing from BNP Paribas. Terms of the deal were not disclosed.
Express, headquartered in Tulsa, Okla., is an independent manufacturer engaged in the engineering, design and fabrication of heat transfer, environmental compliance, and sound suppression equipment. The company primarily serves the power generation, refining, chemical, exploration and production, and mining industries. Its primary products include Once-Through Steam Generators, Heat Recovery Steam Generators, Simple Cycle Catalyst Systems, Fired Heaters and Waste Heat Recovery Units.
Express was founded by the Cowan family in 1979, and Express Integrated Technologies was established in 2000. Terry Cowan, CEO, and other key management, Jerry Cowan, John Hare, and Philip Childers, will continue their substantial ownership in the business going forward.
"We are very pleased to bring together The Sterling Group and Express," said David Lonsdale, President, Allegiance Capital Corporation. "We believe this to be a terrific example of our ability to truly understand the financial desires and needs of a private company and match them with the best possible financial partner." Allegiance Capital has achieved an annual compounded growth rate of 50% over the past five years.
About Allegiance Capital
Allegiance Capital Corporation is a full-service investment banking firm specializing in the middle market (companies with revenue from $20 million to $500 million), with offices in Chicago, Dallas, New York, Madrid, Minneapolis/St. Paul, Seattle, and Shanghai. Through its global network, Allegiance Capital assists companies in every aspect of selling and financing a business, including debt restructuring, mezzanine financing, executing leveraged buyouts, strategic partnering, consulting and other related services. Its Special Situations group handles financial restructuring and distressed mergers and acquisitions. For more information, refer to the company website, www.allcapcorp.com, and its Facebook page.
SOURCE Allegiance Capital Corporation