Case Studies

Company Overview
Constantine (www.constantine-carpet.com) is a leading designer and manufacturer of highly-styled carpet and related flooring products sold primarily into the high-end segment of the specified commercial market. The company’s success is a result of its innovative production techniques that create unique product designs, highly respected brand name within the architectural and design communities and talented management team.

Shareholders’ Objectives
Constantine’s shareholders were seeking a partner with the financial resources and operating insights to help management substantially grow the business, and who would not compromise the company’s culture. Additionally, Constantine’s founder and majority shareholder was seeking partial liquidity and an opportunity to create meaningful equity incentives for the company’s broader management team while retaining control of the business.

Selecting the Right Partner
The shareholders, who included the core management team, selected Lineage based on our governance model (Board control remains with the selling shareholders/management), economic model (disproportionate upside opportunity for significant value creation) and style (deep experience in partnering with owner-managed businesses). In addition, the shareholders believe that Lineage is a like-minded partner that shares the Company’s core values, including the importance of culture.

Company’s core values, including the importance of culture.
The opportunity to invest in Constantine is the result of an introduction by Bollinger, Wells, Lett & Co., the investment banker representing the Company, who believed our approach was extremely well-suited to meet the shareholders’ objectives. Debt financing was provided by Goldman Sachs Specialty Lending Group, L.P.

Lineage’s Role Post-Closing
Fundamentally, we believe value is created in businesses by setting a clear, actionable strategy and developing a team to execute the plans and utilizing systems to ensure performance against those plans. Beginning with the first handshake, we initiated a relationship based on shared values and trust which is ultimately the foundation for every successful partnership.

Company Overview
Crompco Corporation (www.crompco.com) is a leading provider of environmental services related to the monitoring, maintenance and regulatory compliance of underground storage tank systems for the petroleum industry’s retail distribution operations (gas stations). The company’s success is the product of a superior service offering, relentless dedication to customer service, centralized business model and significant geographic coverage.

Shareholders’ Objectives
The founding shareholder was looking for an experienced financial partner with operating insights to help the company realize its growth potential by effectively managing through a period of rapid expansion in a complex industry. In addition, he was seeking partial liquidity and an opportunity to create a meaningful equity opportunity for the management team while maintaining control of the company, an important message for his customers, vendors and other stakeholders. Finally, the shareholder insisted on a good cultural fit and would not compromise the Company’s core values.

Selecting the Right Partner
The shareholder, in conjunction with his management team, selected Lineage based on our governance model (Board control remains with the selling shareholders/management), economic model (disproportionate upside opportunity for significant value creation) and style (deep experience in partnering with owner-managed businesses). In addition, the shareholder believes that Lineage is a like-minded partner that shares the company’s core values, including the importance of culture. The opportunity to partner with Crompco was brought to Lineage by Chestnut Hill Partners and the company was represented by Amper Investment Banking.

Lineage’s Role Post-Closing
Fundamentally, we believe value is created in businesses by setting a clear, actionable strategy and developing a team to execute the plans. Our involvement will be to support management in the development and implementation of these plans. Beginning with the first handshake, we initiated a relationship based on shared values and trust which is ultimately the foundation for every successful partnership.

Company Overview
Eliassen Group (www.eliassen.com) is a leading provider of technology staffing and specialty consulting and training services to premiere clients throughout the United States. Eliassen’s core staffing business has a leading market position in the greater Boston area and primarily serves the financial services, healthcare, government and technology segments. Through the company’s eClinical unit, it provides data management consulting solutions for clinical trials to the bio-pharma industry. Eliassen also performs project management, training and direct hiring. The company has grown rapidly as a result of its strong leadership team, high performance culture and superior business model.

Shareholder Objectives
The primary shareholder pursued a transaction to diversify her assets, provide her core leadership team the opportunity to have an important stake in the continued growth of the business, and partner with a financial investor to support acquisitions. She was also seeking a collaborative partner who would add value, but demonstrate the judgment to not meddle with the operation of a well-managed, high-performing business. The primary shareholder retained a substantial equity stake and her core leadership team reinvested the majority of their proceeds back into the business.

Selecting the Right Partner
Lineage was selected during the process because 1) our governance and economic model were well-suited to the objectives of the owner and leadership team and 2) we had a strong cultural fit with the leadership team. The primary shareholder and managers believed that Lineage could act as a strategic sounding board, leverage our relationships to facilitate growth, and support the acquisition-related aspects of the company’s growth plans. In addition, consistent with Lineage’s differentiated approach to governance, we allowed the primary shareholder and leadership team to continue to control the board of directors. The opportunity to invest in Eliassen was brought to Lineage by Mirus Capital Advisors.

Lineage’s Role Post-Closing
We believe that value is created in businesses by focusing on a few strategic priorities and helping make sure that management teams and organizations have the resources necessary to achieve them. Our involvement will be to provide feedback on strategy, utilize our network of relationships, and support the company’s efforts to identify and execute appropriate acquisition targets. From the first handshake, our partnership model is based on trust and mutual accountability.

Company Overview
Hubbardton Forge (www.vtforge.com) is a Vermont based designer and manufacturer of innovative, high quality wrought-iron lighting products for both residential and commercial applications. The company’s success is the product of a strategy that provides industry leading product design, selection and quality while delivering exceptional customer service. Driving this strategy is a unique, highly inclusive culture resulting in company-wide pride of workmanship.

Shareholders’ Objectives
The founding shareholders were looking for an experienced financial partner with operating insights to help the company realize its growth potential in an industry increasingly dominated by imports. They were seeking partial liquidity, a meaningful equity opportunity for the management team and continued Board control. In addition, the shareholders insisted on a good cultural fit and would not compromise their core values.

Selecting the Right Partner
The shareholders, in conjunction with their core leadership team, selected Lineage based on our governance model (Board control remains with the selling shareholders/management), economic model (disproportionate upside opportunity for significant value creation) and style (deep experience in partnering with owner-managed businesses – supported by strong references). In addition, the company believes that Lineage is a likeminded partner that shares their core values, including the importance of culture.

Lineage’s Role Post-Closing
Fundamentally, we believe value is created in businesses by setting a clear, actionable strategy, assembling and developing a team to execute those plans and utilizing systems to ensure performance against those plans. Through our contacts and external resources, we have already identified several candidates as well as a top recruiter for the open senior operations management position. Essentially, however, our role began at the first handshake, at which point we began developing a relationship based on shared values and trust which is ultimately the foundation for every successful partnership.

Company Overview
Veeco (www.veeco1.com) is a leading third-party logistics provider, offering warehousing and distribution solutions for goods arriving at the port, air and rail terminals of New York and New Jersey. With deep knowledge of the retail supply chain, Veeco is focused principally on serving consumer goods companies in the fashion, footwear, apparel and hard goods industries. The company has grown rapidly as a result of its superior customer service and 40 year reputation in the industry.

Shareholders’ Objectives
Veeco’s shareholder was seeking a financial partner to enable him to diversify his net worth, execute an acquisition strategy, and assist in the organizational development of the company. To maintain the performance-oriented culture of the business and participate in future upside, the shareholder was interested in a significant reinvestment and continuing his leadership of the company.

Selecting the Right Partner
The shareholder ultimately pursued the Lineage structure due to our governance model (Board control remains with the selling shareholders/management), economic model (disproportionate upside opportunity for significant value creation), style (deep experience in partnering with owner-managed businesses) and industry knowledge (prior experience in both the logistics and footwear sectors). In addition, the shareholder believes that Lineage is a like-minded partner that shares the company’s core values, including integrity, loyalty and a dedication to high service quality. The opportunity to invest in Veeco was brought to Lineage by BG Strategic Advisors and Sun Mergers and Acquisitions. Debt financing was provided by TD Banknorth, N.A.

Lineage’s Role Post-Closing
We believe value is created in businesses by focusing the organization on a few key strategic priorities, developing a team to implement them, and utilizing systems and a sense of urgency to ensure successful execution. From the first handshake, our partnership model is based on trust and mutual accountability.