Yukon Partners supported this acquisition with a mezzanine debt and equity co-investment in Tex Tech. “We are very excited to partner with Yukon on Tex Tech. They brought relevant end market expertise and were very responsive throughout the closing process,” said Thomas D’Ovidio, Partner at ShoreView.
Tex Tech develops and manufactures over 1,500 engineered, high performance materials and products for niche applications. The company’s products include ballistic materials for soft body armor; fire blocking, thermal, and insulation used in aircraft; high temperature filtration applications used in the power plant, cement, and asphalt industries; and tennis felt used in tennis balls. The company serves a base of over 400 customers across a number of markets including aerospace, law enforcement and military, filtration, sporting goods, and industrial. Tex Tech was founded in 1904 and is headquartered in Portland, ME (www.textechindustries.com).
Yukon Partners is a mezzanine finance firm dedicated to serving middle market private equity sponsored business transactions with a typical investment range of $10 to $40 million. The transactions in which Yukon invests include buyouts, growth and platform strategies, recapitalizations, mergers/acquisitions, public to private buyouts, and refinancings. The firm is based in Minneapolis (www.yukonpartners.com).
“Tex Tech has unique manufacturing capabilities and we believe the company is well positioned to make further inroads in the diverse end markets it already serves, said William Dietz, Managing Partner at Yukon. “ShoreView’s value-added operating expertise coupled with management’s experience will provide a foundation for continued success. We are excited to have this opportunity to partner with ShoreView.”
ShoreView Industries invests in US based middle market companies across a range of industries with revenues ranging between $20 million and $300 million. The firm currently has $600 million of capital under management and is based in Minneapolis (www.shoreviewindustries.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 11-30-12