“Trico represents an excellent strategic fit for Crowne due to its balanced mix of business between aftermarket and OEM, potential for manufacturing and distribution synergies, a great infrastructure and management team,” said Stephen Graham, Chief Financial Officer of Crowne.
Trico Products, acquired by Kohlberg in 2007, is a manufacturer, marketer and distributor of windshield wiper blades, systems and components. Trico was founded in 1917 and is headquartered in the Detroit suburb of Rochester, MI and employs approximately 2,450 people throughout the United States, Mexico, Asia, Europe, Australia and South America (www.tricoproducts.com).
Crowne is a manufacturer and distributor of both aftermarket and OEM component parts for the automotive and other industrial equipment markets. Crowne’s portfolio of products includes carbon and stainless steel tube components and fabricated products for exhaust systems, gas springs, fuel system components and injection molded plastic parts. Customers include mass retailers, distributors, OEM and Tier I manufacturers. The company is headquartered in Cleveland (www.crownegroupllc.com).
Kohlberg & Company invests in companies in the industrial manufacturing; consumer products; business services; healthcare services; and financial services sectors. The firm concentrates on transactions with EBITDAs between $20 million and $100 million where it can invest between $50 million and $200 million of equity. Kohlberg & Company is currently investing its seventh private equity fund, Kohlberg Investors VII. The firm was founded in 1987 and is based in Mt. Kisco, NY (www.kohlberg.com).
“We are pleased with the outcome of our investment in Trico and believe that the company has a bright future,” said Evan Wildstein, Partner at Kohlberg & Company. “We are confident that the company will continue on its trajectory of success under Crowne Group’s ownership.”
Sawaya Segalas acted as financial advisor to Trico and Ropes & Gray acted as its legal counsel. 3S Advisors acted as financial advisor to Crowne and Jones Day served as its legal counsel.
2014 PEPD • Private Equity’s Leading News Magazine • 8-1-14