The Sterling Group Finalizes Acquisition of Frontline Road Safety by Bain Capital

On March 5, 2025, The Sterling Group, a distinguished private equity firm, announced the successful sale of Frontline Road Safety to Bain Capital. This strategic move marks a significant milestone in the evolution of Frontline, which has established itself as the leading provider of pavement marking and ancillary services throughout the United States. Though financial terms remain undisclosed, the transaction underscores the growing emphasis on roadway safety and infrastructure maintenance in the context of U.S. economic growth.

About Frontline Road Safety

Based in Denver and operating more than 50 locations nationwide, Frontline specializes in delivering critical road safety services—including essential pavement marking. During its establishment by Sterling in 2020, Frontline completed an impressive series of acquisitions, quickly becoming the largest entity in its field. Notably, the firm focuses on providing non-discretionary services that are vital for maintaining safe and operational infrastructure across the nation.

The firm’s success can be attributed to its strategic approach in combining regional businesses with national resources, thus creating a robust operational backbone that supports superior service delivery. As a complement to this structure, Frontline boasts decades of industry experience and technical expertise among its leadership and workforce.

Launching the Frontline Platform

The launch of Frontline was a pivotal initiative for The Sterling Group as it sought to capitalize on the existing demand for enhanced roadway services. By acquiring three founder-led regional companies and recruiting Mitch Williams as the CEO, Sterling demonstrated its commitment to growth and talent development. Williams' leadership has proven instrumental for Frontline's trajectory, particularly as it secured various acquisitions within its first few years, including 17 from family or entrepreneur-owned businesses, thereby prioritizing both heritage and local insights.

Nate Reeve, a member of the Sterling investment team, took on a decisive role by relocating to Denver for a year. His mandate focused on establishing necessary corporate functions and infrastructure to support Frontline’s expansion. The firm's success story benefits from Sterling's experienced partnership with family sellers and shared economic growth principles, reinforcing Frontline’s community-oriented model.

The Future Ahead

In marking this transition, Brad Staller, a partner at Sterling, acknowledged the significant growth Frontline has achieved. “Since launching the platform in 2020, we have been privileged to support the Company’s exceptional expansion. Kudos to Mitch, our field leaders, and the entire Frontline team for their dedication,” he stated. The focus on enhancing service delivery and further geographic expansion is a salient feature of Frontline’s business strategy moving forward.

Financial advisory services for this deal were provided by Harris Williams LLC and Guggenheim Securities, while legal representation included Latham & Watkins LLP for Frontline. On the Bain Capital side, Stifel and UBS Investment Bank served as financial advisors, and Kirkland & Ellis LLP provided legal counsel. This collaborative effort exemplifies the industry's complexity and the importance of expert guidance throughout the transaction.

About The Sterling Group

Founded in 1982, The Sterling Group specializes in private equity and private credit investments, concentrating on essential manufacturing, distribution, and industrial service companies. It has sponsored the buyout of 73 platform companies, including numerous add-ons, with a total transaction value exceeding $25 billion, and currently manages around $9.2 billion in assets. Sterling's commitment to long-term, sustainable growth strategies positions it as a leader in the investment landscape.

Conclusion

As we reflect on the sale of Frontline Road Safety, it is clear that strategic acquisitions and partnerships, like that of Sterling and Bain Capital, play a vital role in shaping industries. With a focus on infrastructure and safety, the future looks bright not only for Frontline but for the multitude of services that enhance our daily lives on the road.