NEW YORK–(BUSINESS WIRE)–Court Square Capital Partners, a leading U.S. middle market private equity firm, today announced the closing of a single-asset continuation fund to continue its partnership with PlayCore Group, Inc., a market leading provider of multi-brand playground equipment and recreation products.
Sage Equity Investors, L.P. (“Sage”) acted as the Sole Lead Investor and provided incremental capital commitments to support PlayCore’s future organic growth initiatives and M&A. The transaction offered existing investors the option to generate full or partial liquidity at an attractive return as well as the ability to roll their existing interests. 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 a group of its co-investors.
“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,” said Joe Silvestri, Co-Founder and Managing Partner at Court Square. 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.
Headquartered in Chattanooga, Tennessee, PlayCore specializes in the design, manufacturing and marketing of commercial playground, park, recreation, performance and specialty equipment. The Company helps build stronger communities by advancing play through research, education, and partnerships and infuses this learning into its complete family of brands.
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, said, “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.”
Evercore Group LLC served as lead financial advisor alongside Goldman Sachs and Kirkland & Ellis LLP served as legal advisor to Court Square on the transaction. Ropes & Gray LLP served as legal advisor to LGP on the transaction.
About Court Square Capital Partners
Court Square is a middle market private equity firm with over 40 years’ experience in the industry. Since 1979, Court Square has completed over 245 platform investments and is focused on helping Founders, Families, and Manager-owners to develop their companies into leaders in their respective markets. Court Square invests in companies that have compelling growth potential in the industrial, business services, healthcare, and tech and telecom sectors. As of June 2024, Court Square has $8.9 billion in assets under management and is based in New York, N.Y. For more information on Court Square, please visit www.courtsquare.com.
About LGP
LGP is a leading private equity investment firm founded in 1989 and based in Los Angeles, California with over $70 billion of assets under management. The firm partners with experienced management teams and often with founders to invest in market-leading companies. Since inception, LGP has completed over 150 investments in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. The firm primarily focuses on companies providing services, including consumer, healthcare and business services, as well as distribution and industrials. For more information, please visit www.leonardgreen.com.
About PlayCore
PlayCore is a purpose driven Company committed to building healthy communities through play, recreation and enhancing outdoor spaces. The company infuses scholarly learning, through its Center for Outreach, Research, and Education, into its comprehensive family of brands. PlayCore combines best-in-class educational programming with the most comprehensive portfolio of play and recreation products and services to create tailored environments that match the unique needs of each community served. Learn more at www.playcore.com.
