Before we dive into this week’s topic,
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State of Play
At RTC, we love finding “day-to-day things that we don’t think about that are owned by PE.” This week, we’re covering The Recreational Group (“TRG”) which is a manufacturer and installer of surfacing products (i.e., turfs and tiles) for all sorts of sports, including playgrounds, basketball, golf, gyms, and tennis/pickleball.
For twenty years, TRG stayed founder-owned in the quiet town of Dalton, GA. Then, in 2018, Eagle Merchant Partners wrote the company's first outside check. Over the subsequent three and a half years, TRG ran 7 add-on acquisitions, grew EBITDA by 330%, changed hands to a second sponsor, and merged with a competitor.
Let's dive in.