Court Square Capital Partners – a leading U.S. middle market private equity firm – announced the closing of a single-asset continuation fund to continue its partnership with PlayCore Group (a market-leading provider of multi-brand playground equipment and recreation products).
The deal offered existing investors the option to generate full or partial liquidity at an attractive return and roll their existing interests. And PlayCore’s management team will remain a significant investor in the Company. Sage is capitalized primarily by funds managed by Leonard Green & Partners, L.P. (LGP) and its co-investors.
Court Square acquired a controlling interest in PlayCore in 2017 and will continue as the control investor in PlayCore subsequent to the continuation fund closing.
Based in Chattanooga, Tennessee, PlayCore specializes in the design, manufacturing and marketing of commercial playground, park, recreation, performance and specialty equipment. And the company helps build stronger communities by advancing play through research, education, and partnerships and infuses this learning into its complete family of brands.
Sage Equity Investors acted as the Sole Lead Investor and provided incremental capital commitments to support PlayCore’s future organic growth initiatives and M&A. And Evercore Group served as lead financial advisor alongside Goldman Sachs and Kirkland & Ellis served as legal advisor to Court Square on the transaction. Ropes & Gray served as legal advisor to LGP on the transaction.
KEY QUOTES:
“We are thrilled to deepen our collaboration with the PlayCore management team as they continue to execute their growth initiatives. With the additional follow-on capital raised through this transaction, PlayCore is poised to continue its trajectory of success through organic expansion and key acquisitions. We are pleased to deliver valuable liquidity options for our investors.”
— Joe Silvestri, Co-Founder and Managing Partner at Court Square
“We are excited to partner with Court Square and PlayCore’s management team to support the continued success of PlayCore. This transaction aligns with our strategic focus of investing alongside top performing sponsors in high quality, market-leading companies that are poised for long-term growth.”
– Garrett Hall and David Fox, Co-Heads of LGP’s Sage strategy – which seeks to invest in ‘crown jewel’ middle-market single asset continuation funds
