Mangrove Announces Investment in Steam Turbine Alternative Resources, Inc. “STAR”

 

Steam Turbine Alternative Resources, Inc is a Marion, Ohio-based business engaged in high-precision manufacturing and field installation of replacement parts for high-capacity steam and gas turbines. STAR specializes in manufacturing and installing custom turbine seals known as “packing rings,” which are critical wear parts that have a significant impact on the performance and efficiency of turbines.

Mangrove backed the highly experienced incumbent management team in a management buyout of the business from its founders. Clayton Newman, Donna Rambin, and Brad Miller bring with them decades of industry experience. Alongside Mangrove’s four-man internal operating team, STAR’s management will work to further penetrate the growing natural gas and combined cycle markets by leveraging its existing customer relationships, manufacturing capabilities and building on recent sales and marketing success.

Mangrove is an uncommonly good fit for STAR’s management and employees due:

  • Mangrove’s ability to help STAR develop complementary product offerings and enhance outbound sales efforts
  • Mangrove’s experience supporting strong, motivated management teams in driving organizational improvements and building commercially-focused cultures
  • Mangrove’s relevant industry experience, derived from prior success in mission-critical industrial manufacturing and service businesses

Mangrove and STAR signed the LOI on July 1st, during an intense COVID-19 time, and remained committed to the process all the way through closing. Despite COVID-19 driven challenges to the business, Mangrove worked with the sellers and STAR’s team to find reasonable solutions and get the deal done.

Mangrove Equity Partners: More Than the Commodity of Capital.

The Mangrove team works hard to be your go-to private equity fund in the lower middle market by leveraging our extensive experience to create solutions and get deals done.

We roll up our sleeves and work with intermediaries to do what is necessary to move good deals forward, even in the face of company or deal complexity. Mangrove’s four-man internal operating team allows us to work through complexity and help owner/operators build enduring value.

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