Blackford Capital, a lower middle market private equity firm based in Grand Rapids, today announced the acquisition of Artificial Turf Supply (ATS), a manufacturer, distributor, and internet-based supplier of high-quality synthetic and artificial turf products with applications across residential, commercial playground, pet, and athletics in both business-to-business and business-to-consumer segments in the U.S.
Terms of the transaction were not disclosed.
The second addition to Blackford’s patio consolidation portfolio in less than 30 days, Carlsbad, Calif.-based Artificial Turf Supply was founded in 2005 by David Barbera, who currently serves as president, founder, and managing member.
In addition to continuing in his role as president of ATS, Barbera will also assume a position as operating partner with Blackford Capital following the close of transaction. In addition to Barbera, all other long-standing members of Artificial Turf Supply’s dynamic leadership team will also retain their positions to optimize business continuity and synergies with the recently welcomed Starfire Direct and future platform companies.
“David and his team have built a strong and resilient business. It’s an honor to welcome him to the Blackford family as president of ATS and as the newest addition to our experienced team of Operating Partners,” says Martin Stein, founder and managing director of Blackford Capital. “With the addition of ATS to our family of backyard companies we are well positioned to accelerate the entire platform’s reach by optimizing ATS’ already impressive marketing prowess and distribution network. Very exciting times ahead.”
According to a March 2022 report from Business Market Insights, the artificial turf market in North America is expected to grow to $862 million by 2028. The integration of ATS into the patio portfolio enhances the platform’s ability to accelerate growth and gain market share against competitors in every business segment by taking full advantage of new processes, new talent, and new sales channels.
“We are excited to work with Martin and the Blackford leadership team to further expand our reach within the growing artificial turf market,” says Barbera. “We share the same vision and passion for driving growth. Our partnership, supported by increased resources and an impressive and inspiring leadership team, will position us well to not only accelerate our growth, but also better serve our customers and, in turn, offer more attractive opportunities and benefits for our employees.”
Blackford Capital’s patio consolidation platform is envisioned to be an asset-light, multi-product, omni channel platform offering products within the home outdoor space. The addition of ATS to this platform is a continuation of Blackford’s multi-phase plan to consolidate several participants in this space and create a business that will deliver growth and create a competitive advantage over time.
ATS joins Starfire Direct, acquired by Blackford in early November 2022, as foundational companies in this platform.
Generational Equity served as exclusive financial advisor and Koley Jessen served as legal advisor to Artificial Turf Supply. Varnum served as legal advisor and Plante Moran served as the financial and tax advisor to Blackford. Mercantile Bank of Michigan provided debt financing and Rush Street Capital provided financing advisory services in support of the transaction.
