M&A Deal Summary

Resilience Capital Partners, Tecum Capital and Kian Capital Partners Acquires TPS

On March 3, 2014, private equity firms Resilience Capital Partners, Tecum Capital and Kian Capital Partners acquired manufacturing company TPS LLC from SPX Corp. for 43M USD

Acquisition Highlights
  • This is Resilience Capital Partners’ 1st, Tecum Capital’s 4th and Kian Capital Partners’ 1st transaction in the Manufacturing sector.
  • This is Resilience Capital Partners’ 1st, Tecum Capital’s 1st and Kian Capital Partners’ 1st largest (disclosed) transaction.
  • This is Resilience Capital Partners’ 23rd, Tecum Capital’s 20th and Kian Capital Partners’ 3rd transaction in the United States.
  • This is Resilience Capital Partners’ 3rd, Tecum Capital’s 12th and Kian Capital Partners’ 1st transaction in Pennsylvania.

M&A Deal Summary

Date 2014-03-03
Target TPS LLC
Sector Manufacturing
Buyer(s) Resilience Capital Partners
Tecum Capital
Kian Capital Partners
Sellers(s) SPX Corp.
Deal Type Divestiture
Deal Value 43M USD

Target

TPS LLC

White Deer, Pennsylvania, United States
website
Thermal Product Solutions, Inc. is a designer and manufacturer of industrial and laboratory ovens and furnaces, and environmental temperature cycling and stability test chambers. Thermal Product Solutions was founded in 2005 and is based in White Deer, Pennsylvania.

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Buyer(S) 3

Buyer

Resilience Capital Partners

Cleveland, Ohio, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2001
PE ASSETS 685M USD
SizeMiddle-Market
Type Sector Agnostic
DESCRIPTION

Resilience Capital Partners is a private equity firm focused on investing in lower middle-market underperforming and turnaround situations. Resilience targets non-core divisions or subsidiaries, companies with severe operational issues, businesses suffering from insufficient management focus, and privately held companies with lack of access to capital. Sectors of interest include niche manufacturing, specialty chemicals, and industrial services. Prospective companies are generally located in North America with $25 to $250 million in revenue, and EBITDA typically under $20 million. Resilience Capital Partners was formed in 2001 and is located in Cleveland, Ohio.


DEAL STATS #
Overall 23 of 41
Sector (Manufacturing) 1 of 5
Type (Divestiture) 7 of 8
State (Pennsylvania) 3 of 6
Country (United States) 23 of 40
Year (2014) 1 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-01 Affinity Specialty Apparel, Inc.

Fairborn, Ohio, United States

Affinity Specialty Apparel, Inc. specializes in the selling and distributing of occupational apparel and services, including the design, marketing, and distribution of customized and off-the-shelf apparel collections to customers through managed direct purchase uniform programs. Affinity Specialty Apparel was established in 1898 and is based in Fairborn, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-08-21 Hynes Industries, Inc.

Youngstown, Ohio, United States

Hynes Industries, Inc. is a manufacturer of custom and standard rolled formed shapes, slit coil and strip steel products, specialty wire, and flat wire shapes. Hynes Industries was established in 1925 and is based in Youngstown, Ohio.

Buy -
Buyer

Tecum Capital

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2005
PE ASSETS 750M USD
SizeMiddle-Market
Type Sector Agnostic
DESCRIPTION

Tecum Capital is a private equity firm focused on lower middle-market companies across the Eastern-US. Tecum will consider a variety of investment situations including leveraged buyouts, management buyouts, successions, strategic acquisitions, growth capital financings, and recapitalizations. Investment sizes range from $5 - $20 million. Industries of interest include manufacturing, plastics, specialty distribution, technology, healthcare services, defense, food, and business/consumer services. Tecum will not consider investments in start-ups or real estate. Tecum Capital was formed in 2005 and is based in Wexford, Pennsylvania.


DEAL STATS #
Overall 20 of 65
Sector (Manufacturing) 4 of 7
Type (Divestiture) 2 of 5
State (Pennsylvania) 12 of 20
Country (United States) 20 of 65
Year (2014) 2 of 8
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-29 Uncle Charley's Sausage Company LLC

Vandergrift, Pennsylvania, United States

Uncle Charley's Sausage Company LLC produces and distributes gourmet sausage and meat products to retail markets throughout six states, including Pennsylvania, West Virginia, Ohio, and Maryland. Uncle Charley's Sausage was established in 1988 and is based in Vandergrift, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-07 The Shamrock Companies, Inc.

Westlake, Ohio, United States

The Shamrock Companies, Inc. is a diversified business process outsourcing company that focuses on a vast array of marketing needs for its clients.

Buy -
Buyer

Kian Capital Partners

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2011
PE ASSETS 425M USD
SizeMiddle-Market
Type Sector Agnostic
DESCRIPTION

Kian Capital Partners is a private equity firm focused on providing equity and junior capital to support growth, buyouts, shareholder liquidity needs, recapitalizations, divestitures, and refinancings of profitable lower middle-market companies with up to $150 million in revenue. Kian will consider opportunities throughout the US and seeks businesses operating in the business services, distribution, healthcare services, and niche manufacturing sectors. Kian Capital Partners was formed in 2011 and is based in Charlotte, North Carolina.


DEAL STATS #
Overall 3 of 25
Sector (Manufacturing) 1 of 1
Type (Divestiture) 1 of 1
State (Pennsylvania) 1 of 2
Country (United States) 3 of 25
Year (2014) 1 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-23 American In-Home Care LLC

Atlanta, Georgia, United States

American In-Home Care LLC is a provider of referral services for independent living. Customizable and affordable In-Home care services. American In-Home Care was established in 1992 and is based in Atlanta, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-05 Worldwide Insurance Network, Inc.

Greensboro, North Carolina, United States

Worldwide Insurance Network, Inc. is an insurance distribution company with a network of more than 4,000 independent agents and 80 insurance carriers with markets in nearly 40 states. Worldwide Insurance Network was founded in 1997 and is based in Greensboro, North Carolina.

Buy $7M

Seller(S) 1

SELLER

SPX Corp.

Charlotte, North Carolina, United States

website


Category Company
Founded 1912
SectorMachinery
Employees4,500
Revenue 1.6B USD (2020)
DESCRIPTION
Entrance to SPX's corporate headquarters in Charlotte, North Carolina.
Entrance to SPX's corporate headquarters in Charlotte, North Carolina.

SPX is a global supplier of highly specialized, engineered solutions for the energy and food/beverage industries. Key products include processing systems and components for the food and beverage industry, pumps, valves and filtration equipment used in oil and gas processing, power transformers used by utility companies, and cooling systems for power generation plants and HVAC applications. SPX was formed in 1912 and is based in Charlotte, North Carolina.


DEAL STATS #
Overall 19 of 23
Sector (Manufacturing) 7 of 7
Type (Divestiture) 19 of 23
State (Pennsylvania) 1 of 1
Country (United States) 15 of 17
Year (2014) 1 of 2
Size (of disclosed) 7 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-06 Service Solutions Segment SPX

Canton, Michigan, United States

SPX's Service Solutions business develops, manufactures, and sells service equipment, repair-shop accessories, and software for the global automotive market.

Sell $1.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-21 PCX Aerostructures LLC

Newington, Connecticut, United States

PCX Aerostructures is a manufacturer of flight-critical and other essential components for rotorcraft and fixed-wing aerospace platforms serving military and commercial markets. PCX Aerostructures was founded in 1900 and is based in Newington, Connecticut.

Sell $62M