GenNx360 Capital Partners has agreed to sell its portfolio company, Truck Bodies and Equipment International, to Federal Signal Corporation for $270 million.
Truck Bodies & Equipment International (TBEI) manufactures dump bodies, landscape bodies, grain bodies, platforms, hoists, and truck and trailer equipment and accessories. TBEI operates six major brands – Travis Trailer & Body, Crysteel, Ox Bodies, Rugby Manufacturing, DuraClass, and J-Craft -through four manufacturing and installation facilities in Minnesota, Alabama, Mississippi, and North Dakota. The company sells its products through more than 800 distributors and dealers across North America and through a national network of third party warehouses. TBEI employs approximately 850 people and is headquartered near Birmingham in Hoover, AL (www.tbei.com).
GenNx360 acquired TBEI in September 2015. In September 2016, the firm completed the add-on acquisition of Houston-based Travis Body and Trailer, a manufacturer of aluminum end dumps, bottom dumps and transfer trailers used in the construction, waste and recycling, rendering and agriculture end markets. The buy of Travis expanded the company’s aluminum dump trailers and dump bodies product line, expanded the TBEI’s footprint into the Southwest, and expanded its dealer network.
During the twelve months ended March 2017, TBEI generated revenues of $206 million and EBITDA of $37 million resulting in a purchase price multiple of just under 7.3x.
“The success of our investment in TBEI demonstrates GenNx360’s ability to execute on our investment strategy to substantially increase the company’s revenue and profitability through synergistic acquisitions, operational efficiencies, and an unyielding commitment to serve customers better,” said Ron Blaylock, a Founder and Managing Partner of GenNx360. “We backed a strong management team headed by Robert Fines, TBEI’s President and Chief Executive Officer. We are excited that this exit positions TBEI for continued success, while also generating highly attractive returns for GenNx360’s limited partners.”
Federal Signal (NYSE: FSS) is a designer, manufacturer and supplier of products that are used in municipal, governmental, industrial and commercial applications. The company is headquartered in Oak Brook, IL (www.federalsignal.com).
GenNx360 is a private equity firm focused on investing in industrial business-to-business companies in the middle market. Sectors of interest include industrial machinery and components, logistics and supply chain solutions, industrial and environmental services, food and agricultural, infrastructure equipment and services, specialty chemicals, packaging, and aerospace and defense. GenNx360 was founded in 2006 and is headquartered in New York (www.gennx360.com).
© 2017 Private Equity Professional | May 9, 2017
