Bennington Marine**

Leading maker of middle-to-high-end pontoons, primarily serving the North American market. The brand is best known for fit and finish, comfort and aesthetic appeal. Bennington has won or been runner-up for the J.D. Power award in pontoon boats every year it has been offered.


Sales had declined precipitously due to the recession of 2008. EBITDA was zero. The lenders and private equity owner was fatigued. GE provided floor planning for the Company and wanted to see a new owner step in to provide liquidity. Based upon our historical relationship with GE bankers, GE suggested we take control of the company.


An affiliate of Balmoral purchased the Company in an Article IX sale, along with management. Balmoral invested $10.0 million in December 2009. After a 3 year turnaround (including the purchase of a competitor), Bennington was sold to Polaris for $805 million in July 2018.

Global Options**

Investigating worker’s compensation fraud for large companies, insurers and third-party administrators (TPAs)


As a division of a failed rollup strategy, Global Options was poised to grow its business with access to capital and freed of the debt burden of its parent company.

While 2010 was the most profitable year in the division’s history, Global Options was unable to achieve the scale anticipated at the time of the purchase.


Balmoral invested $4.1 million in July 2010. Balmoral sold to a private equity group and management in 2015 for $3.9 million.

Interstate Southwest**

Interstate Southwest (ISW) is a custom forger of large complex steel parts for energy, aerospace, and industrial markets.


The turnaround for the company included dropping unprofitable business, raising prices on existing business, adding customers and high margin products and preventive maintenance program and upgrading the physical appearance of the plant. Debt was paid down by more than 60% from operations within the first year. ISW had an appraised liquidation value that exceeded the purchase price.


Balmoral purchased ISW from Citation Corporation in January 2007 for $4.4m of equity (plus debt of approximately $7 million.

In September 2008, Balmoral sold ISW to The Ellwood Group, a strategic investor, for $32.5 million.

Tara Technologies**

Designer, tester and manufacturer of precision components and systems used in critical applications for leading global manufacturers in semiconductor, aerospace, military, energy and medical markets for 50+ years. Core competencies include precision welding, machining and assembly.


Tara was owned by Perkin Elmer and operated as a division. As a division of Perkin Elmer, Tara received no support or growth capital. The opportunity was to separate from its former parent, brand itself, and diversify its revenue into oil and gas and aerospace with focused management and strategic oversight.


In July 2006, Balmoral invested $4.0 million for shared control with another private equity firm. In July 2011, Balmoral sold Tara to EnPro Industries, a strategic buyer, for $35 million.

**Balmoral was co-founded by Messrs. Belinsky and Ludwig. Messrs. Belinsky and Ludwig were Managing Directors and served on the investment committee of Balmoral Fund 1 from inception until 2011. Messrs. Belinsky and Ludwig no longer have any affiliation with Balmoral or any its funds.