Divestiture • Manufacturing

Madison Industries Acquires Tricon

On December 1, 2015, private equity firm Madison Industries acquired manufacturer Tricon from Kennametal

Acquisition Context
  • This is Madison Industries’ 3rd transaction in the Manufacturing sector.
  • This is Madison Industries’ 21st transaction in the United States.
  • This is Madison Industries’ 1st transaction in Alabama.
Investment Fate
  • Tricon was sold to a strategic buyer in 2023.

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M&A Deal Summary

Date December 1, 2015
Target Tricon
Sector Manufacturing
Buyer(s) Madison Industries
Sellers(s) Kennametal
Deal Type Divestiture

Target Company

Tricon

Irondale, Alabama, United States
Tricon is a provider of abrasion-resistant steel products and expertise to the power, mining, quarrying, construction, timber, paper, and allied industries. Tricon was formed in 1968 and is based in Irondale, Alabama.
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Buyer Overview 1

Buyer

Madison Industries

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1994
Size Large
Type Sector Focused
DESCRIPTION

Madison Industries is a privately held investment holding firm that targets growth investments in and acquisitions of industrial manufacturing companies. Madison prefers businesses with a defensible market niche, established technology, and significant cash-flow growth potential. Madison will also consider turnaround situations. Target opportunities generally have sales between $50 million and $2 billion. Madison Industries is based in Chicago, Illinois.


Deal Context for Buyer #
Overall 25 of 50
Sector: Manufacturing 3 of 13
Type: Divestiture 12 of 17
State: Alabama 1 of 1
Country: United States 21 of 41
Year: 2015 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-01 Landis

Waynesboro, Pennsylvania, United States

Landis manufactures high speed steel tooling for threading of bar stock, tubing, castings and forgings for the construction, oil & gas, automotive, machine and cutting tools markets. Landis was founded in 1903 and is based in Waynesboro, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-01 Hydra-Stop

Burr Ridge, Illinois, United States

Hydra-Stop manufactures specialty valves, fittings, and installation equipment serving water utility service providers and municipalities. Its products prevent water service shutdowns for municipalities and critical facilities by allowing only the affected section of a water pipe to be repaired, versus shutting down vast sections of a water system. Hydra-Stop was founded in 1980 and is based in Burr Ridge, Illinois.

Buy -

Seller Profile 1

SELLER

Kennametal

Pittsburgh, Pennsylvania, United States

Category Company
Founded 1938
Sector Machinery
Employees8,700
Revenue 2.0B USD (2024)
DESCRIPTION
Kennametal trade show display booth at the 2014 IMTS show in Chicago.
Kennametal trade show display booth at the 2014 IMTS show in Chicago.

Kennametal is a provider of innovative resistant products, application engineering and services backed by advanced material science, serving customers in 60 countries across diverse sectors of aerospace, earthworks, energy, industrial production, transportation and infrastructure. Kennametal was founded in 1938 and is based in Pittsburgh, Pennsylvania.


Deal Context for Seller #
Overall 7 of 8
Sector: Manufacturing 1 of 1
Type: Divestiture 7 of 8
State: Alabama 1 of 1
Country: United States 6 of 7
Year: 2015 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-01 Landis

Waynesboro, Pennsylvania, United States

Landis manufactures high speed steel tooling for threading of bar stock, tubing, castings and forgings for the construction, oil & gas, automotive, machine and cutting tools markets. Landis was founded in 1903 and is based in Waynesboro, Pennsylvania.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-09 International Specialty Alloys

New Castle, Pennsylvania, United States

International Specialty Alloys, Inc. is a producer of specialty alloys and elemental materials for the aerospace, superalloy and computer industries. International Specialty Alloys is based in New Castle, Pennsylvania.

Sell -