PNC Riverarch Capital has acquired TSS, a designer and manufacturer of specialty signage, fixtures, and light equipment used in the car wash industry. The senior management of TSS was a co-investor in the transaction alongside PNC Riverarch.
TSS is the nation’s largest and most comprehensive provider of signage and functional fixtures to the car wash industry. The company’s products include tunnel fixtures, menus, arches, foamers, canopies, and LED lighting. TSS has more than 2,000 customers nationwide, including many of the nation’s leading car wash equipment manufacturers, distributors, installers, and operators. TSS, led by CEO Ismael Basha, was founded in 1995 and is based near Detroit in Warren, MI (www.tsscws.com).
“TSS is the clear leader in the industry and provides an outstanding value proposition for its customers,” said Managing Director Michael Hand, who led the transaction. “We are excited to partner with such a talented and passionate management team. Our plan is to support TSS as they accelerate their growth by helping to fund investments in a new facility, additional management talent, and improved systems.” Also working on the transaction for PNC Riverarch was Director Andrew Barza, Senior Associate Ian Garland, and Associate John Yang.
PNC Riverarch invests from $10 million to $50 million in privately-held companies headquartered throughout North America. Sectors of interest include outsourced services, specialized manufacturing, and value-added distribution. PNC Riverarch is a division of PNC Capital Finance which in turn is a subsidiary of The PNC Financial Services Group (NYSE: PNC). PNC Riverarch is based in Pittsburgh (www.pncriverarch.com).
Senior debt financing for the transaction was provided by First Commonwealth Bank (www.fcbanking.com).
© 2017 Private Equity Professional | August 3, 2017
