The Recreational Group - Case Study

Company Overview

Manufacturer, and installer of recreational surfacing products, with a focus on artificial turf. Founded by Steve White and Ron Bennett

Investment Thesis

• Differentiated manufacturer with a growing end market in turf and other recreational surfacing materials Tailwinds from environmental and regulatory pressures that are accelerating a shift to alternative surfaces

Eagle Value Creation

• Recruited and hired CFO immediately post-closing
• Completed seven add-on acquisitions including new products and expanded manufacturing capacity
• Implemented national distribution strategy with regional DCs and local installation

Results

• Vertically integrated manufacturing resulting in $10 million incremental manufacturing EBITDA 
• Executed seven add-on acquisitions
• Overall EBITDA increased by over 330%
• Grew founder’s rollover equity by over 7x