Resilience Capital Partners has completed a dividend recapitalization for its portfolio company, Thermal Product Solutions, which it acquired in March 2014.
The recapitalization was funded by FNB Capital Partners (www.fnbcp.com) and proceeds were used to refinance outstanding debt, fund a cash distribution to shareholders, and provide for additional working capital.
“On behalf of the entire Resilience organization today we recognize the skills and significant effort demonstrated within the Thermal Product Solutions organization as well as the Resilience Operations Team and the Resilience Human Resources Team for delivering on the 30-day, 100-day and 180-day plans,” said Steven Rosen, Co-CEO of Resilience Capital Partners. “This debt recapitalization achievement in partnership with FNB Capital, First National Bank, SPX Corporation and the Resilience Transaction Team allows the company to expand its line of equipment offerings, innovative energy savings initiatives and aftermarket support service locations and team. There is no question investing in talented hard working people always makes sense as evidenced yet again in Riverside, Michigan and White Deer, Pennsylvania.”
Thermal Product Solutions (TPS) designs and manufactures industrial and laboratory ovens and furnaces, and environmental temperature cycling and stability test chambers. Brands include Tenney, Blue M, Gruenberg, Lindberg, and MPH. The company is headquartered north of Harrisburg in White Deer, PA with additional facilities in Riverside, MI; and Malaysia (www.thermalproductsolutions.com).
“We are pleased with our initial phase of ownership and eager to start actively seeking follow on acquisition opportunities for TPS. We are especially interested in businesses that specialize in chambers, ovens, environmental testing, and aftermarket service,” said Ron Cozean, Operating Partner at Resilience Capital Partners and Executive Chairman of TPS.
Resilience Capital Partners specializes in investing in middle market companies with $25 million to $250 million in revenues across a range of industries. The firm’s investment strategy is to acquire companies in a variety of special situations including underperformers, corporate divestitures, turnarounds, and orphan public companies. Since its inception in 2001, Resilience has acquired 40 companies under 23 platforms with over $2 billion in revenues. The firm is based in Cleveland (www.resiliencecapital.com).
2014 PEPD • Private Equity’s Leading News Magazine • 9-5-14
