“We are proud of our relationship with David Huberfield and the team at TASI, and of their many accomplishments,” said Michael Kaye, Managing Partner of ClearLight. “The TASI team executed well and delivered growth through both organic initiatives and acquisitions. We think that TASI will continue to thrive under Berwind’s ownership and are pleased to deliver an attractive return to ClearLight’s investors.”
TASI is a provider of test, measurement, inspection and automation services for mission-critical applications in the Americas, Europe and Asia. The company’s services focus on enhancing customer productivity by reducing manufacturing cost, avoiding rework, improving quality and reliability, and shortening time to market. TASI serves a diverse customer base in a range of end markets including the transportation, industrial, life sciences, energy, food and beverage and consumer goods industries. TASI is headquartered in Cincinnati, OH (www.tasigroup.com).
ClearLight invested in TASI in 2007, and in partnership with TASI’s management team, grew the company both organically and through four add-on acquisitions. “We recognized TASI’s unique potential and saw an opportunity to partner with a strong management team to drive growth,” said Jay Shepherd, a partner at ClearLight.
“It has been a pleasure working with ClearLight in growing TASI,” said David Huberfield, CEO of TASI. “Over the past seven years TASI has expanded its global reach, introduced successful new products and strengthened its leadership positions in its markets. Going forward, the company is well positioned to continue its strong growth as part of Berwind.”
ClearLight Partners invests from $10 million to $50 million in US or Canadian based middle market companies with revenues from $20 million to $250 million and EBITDAs from $5 million to $25 million. Sectors of interest include specialty manufacturing and distribution; business services; and consumer products and services. The firm has $600 million of assets under management and is based in Newport Beach, CA (www.clearlightpartners.com).
ClearLight is actively searching for investments for its third fund, ClearLight Partners III which has committed capital of $300 million.
ClearLight was advised by Robert W. Baird & Co. and Latham and Watkins. Black Canyon Capital and Industrial Growth Partners were co-investors in TASI with ClearLight.
The buyer of Tasi, Berwind Corporation, is a family-owned investment management company. Berwind targets middle market companies with transaction values of $75 million to $700 million, and focuses on manufacturing businesses in a range of industries including pharmaceutical, specialty chemical, office and craft, automotive, consumer and natural resources. . The company is based in Philadelphia, PA (www.berwind.com).
2014 PEPD • Private Equity’s Leading News Magazine • 6-20-14