The Recreational Group - Case Study

The Recreational Group
  • Investment period: 2018 - 2021
  • Headquarters: Dalton, GA
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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


  • 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