Spell Capital Partners has acquired Jet Edge, a manufacturer of ultra-high pressure waterjet systems. Spell acquired Jet Edge as a carve-out from TC/American Monorail.
Jet Edge is a manufacturer of waterjet and abrasive waterjet cutting machines, intensifier pumps and accessories for precision water jet cutting, mobile waterjet cutting, surface preparation and coatings removal. The company’s waterjet systems can cut any material, from food products to hardened tool steel to titanium, and are used around the world in a range of industries including airlines, automotive, aerospace, and industrial manufacturing. Jet Edge has sales offices throughout the United States and in Shanghai, China, as well as distributors in Canada, Mexico, Europe, Asia/Pacific, South America and the Middle East/Africa. The company is headquartered in a 100,000 square-foot manufacturing facility in the Minneapolis suburb of St. Michael (www.jetedge.com).
Spell Capital Partners makes control investments of $3 million to $15 million in industrial manufacturing companies with revenues of at least $5 million and EBITDAs of at least $1 million. The firm, through Spell Capital Mezzanine, will also make subordinated debt investments of $3 million to $10 million in companies with EBITDAs of at least $2 million. The firm is based in Minneapolis (www.spellcapital.com).
In October 2016, Spell closed on its oversubscribed fifth fund, Spell Capital Partners Fund V, LP, with $68 million of capital commitments. The investment in Jet Edge is Spell’s fifth platform investment for Fund V.
TC/American Monorail, the seller of Jet Edge, manufactures overhead material handling equipment that includes: underrunning, interlocking and stacker cranes, monorail systems, and other specialized equipment. The company is headquartered in the Minneapolis suburb of Elk River (www.tcamerican.com).
© 2017 Private Equity Professional | July 12, 2017
