News

09/15/2023

Dickinson Williams advises STARC Systems

Dickinson Williams & Company served as the exclusive financial advisor to STARC Systems, Inc. (“STARC” or the “Company”), a manufacturer of reusable modular wall systems designed for the containment of dust and pathogens during occupied renovations. The Company received a majority investment from North Branch Capital. STARC’s ownership group included Blue Heron Capital, the Company’s founder, and the senior management team.

STARC, headquartered in Brunswick, Maine, was founded in 2012 by Tim Hebert, CEO of Hebert Construction. Drawing on his years of experience in the construction industry, Tim recognized the shortcomings general contractors face while using traditional drywall and plastic sheeting for containment purposes during healthcare facility renovations. As such, he developed the concept of STARC’s modular containment systems as a superior solution.

STARC has grown to become a market leader in the development of innovative modular wall systems, serving regional and national contractors, including over two-thirds of the top 75 healthcare contractors, and healthcare facilities in all 50 states and several foreign countries.

Tim Hebert stated, “I feel fortunate once again to have so many great people working so hard to achieve this success. The dedication to process, ethics, and professionalism exemplified by the Dickinson Williams team has been amazing to experience.”

“The Dickinson Williams team was a real pleasure to work with from start to finish. Very professional.  Fully on top of things.  They managed the transaction process very well and leveraged their deep relationships within the private equity community to run a highly competitive process, which ultimately led to a great outcome for both STARC Systems and its selling shareholders,” said Andrew Tichenor, Managing Partner at Blue Heron Capital.

“We are deeply grateful for the opportunity to work with the STARC team, who was an ideal client for us in all respects, and we wish them all the best in their partnership with the team at North Branch,” said John Dickinson, Managing Director at Dickinson Williams.

Robinson+Cole served as legal counsel to STARC, and Baker Newman Noyes served as STARC’s tax and accounting advisor.

About STARC:

STARC Systems, Inc. manufactures reusable modular wall systems designed for the containment of dust and pathogens during occupied renovations. STARC has grown to become the leading provider of modular wall systems in the healthcare market. Additionally, STARC serves a diverse set of other end markets, including offices, airports, datacenters, and life sciences.

 About Blue Heron:

Blue Heron Capital, founded in 2006, is an early-stage growth equity firm that invests in the healthcare and enterprise technology sectors. Blue Heron targets technology- and service-based healthcare businesses with an emphasis on cost containment or supporting aging in place, as well as select enterprise technology platforms with unique and value-added technology offerings, deep customer relationships, high switching costs, and scalable business models.

About North Branch:

Founded in 2014, North Branch Capital is a private equity firm focused on providing equity capital to industrial businesses with strong growth potential.  North Branch is an active investor across the distribution, wholesale, commercial products, commercial services, and manufacturing sectors in the United States and Canada.

About Dickinson Williams & Company:

Dickinson Williams & Company is an independent investment banking firm led by industry veterans with over 80 years of combined investment banking, financing, and operating experience. The firm provides objective, experience-based advisory services to lower middle market companies with enterprise values up to $150 million. The firm provides sell-side, buy-side, private placement, recapitalization, and strategic advisory services to family and closely held businesses, corporations, and private equity groups, and has a broad cross-section of transaction and industry experience in the industrials, business services, distribution, healthcare, and consumer sectors.

John C. Dickinson
Managing Director
jdickinson@dickinsonwilliams.com
804.588.3412

James A. Gilmore
Managing Director
jgilmore@dickinsonwilliams.com
804.588.3414

Harold J. Williams III
Managing Director
hwilliams@dickinsonwilliams.com
804.588.3413