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Investments

32 ownership transitions.

$347 million of value.

Three decades of experience.

Provider of paint line coating removal services

Coating line fixtures, material handling and coating removal services


Buyout | July, 2006 & Exit | October, 2014


Bel Air Growth Partners Recapitalizes Mixer Systems 032023

Business Description

Founded in Chilton, WI, American Finishing Resources (“AFR”) provides paint and powder coating removal services as well as fixture fabrication to a broad array of Midwest based manufacturers. After 23 years, the two founding owner-manager siblings were seeking liquidity on their AFR ownership as a means to address strategic differences. AFR characteristics included: (i) high market share in an environmentally sensitive niche industry segment; (ii) strong recurring revenues with route based operation; (iii) flat to declining revenue trends; (iv) idled five year old Shelbyville, IN plant; (v) scaled back management team; and (vi) several identified acquisition opportunities.


Transaction Overview

Bel Air principals were part of a private equity team that sponsored the buyout of AFR in an all cash transaction that provided liquidity to ownership and investment opportunities for management. Post-closing accomplishments included: (i) recruiting a strong CEO who also purchased equity; (ii) reopened the idled Indiana facility; (iii) acquired a small competitor; (iv) developed an interchangeable material handling cart which solved a problem of limited use carts in manufacturing settings; (v) expanded employment and revitalized sales efforts; and (vi) significantly expanded the customer base and rebuilt reputation with former customers. After an 8 year ownership and having achieved the initial strategic goals, ownership exited AFR through a sale to DuBois Chemicals in October 2014. The transaction provided significant liquidity to management and ongoing managerial roles.



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