Tooling Technology Group, a portfolio company of GenNx360 Capital Partners since July 2014, has acquired CTG Holdings, the owner of both Century Tool & Die and Bel-Kur, from ZJM Equity, Broadgate Capital, and First Capital Partners.
Century Tool & Die, based near Flint in Fenton, MI, is a manufacturer of medium to large compression molds for composite materials used in the automotive, heavy truck, aerospace and personal watercraft industries. Century’s molds are used in the production of exterior (Class A) and structural parts such as headliners, door panels, package trays, acoustical components, trunk, trim applications and exterior body panels.
At a second location near Toledo in Temperance, MI, Bel-Kur provides automated assembly equipment and fixtures ranging from simple manually operated machines to fully automated work-cells (www.centurytool.com).
Tooling Technology Group (TTG) is a supplier of tooling used in a variety of material forming processes primarily for the automotive industry. The company’s products are used to produce a range of vehicle components including powertrain components, valve bodies, hood components, dashboard components, roof components, trunk components, and wheel liners. Non-automotive uses for the company’s tooling products include manufacturing refrigeration panels, kayaks, gas cans, water tanks, and small engines for lawn & garden equipment. The company’s customer base includes automotive OEMs, Tier I and II automotive suppliers, as well as consumer and industrial products companies. TTG was founded in 1982 and is headquartered north of Dayton in Fort Loramie, OH (www.toolingtechonline.com).
“Both Century and Bel-Kur are highly strategic add-on acquisitions that will add Class A exterior tooling capabilities, address secondary tooling and automation growth opportunities, expand machining capabilities and capacity, broaden our customer base, and introduce new selling opportunities,” said Tony Seger, Chief Executive Officer of TTG.
Since being acquired by GenNx360 in July 2014, TTG has now completed three add-on acquisitions. The two earlier add-ons were the October 2015 buy of St. Louis-based G.H. Tool & Mold, a designer and maker of tooling for die casters in the automotive, outdoor products and aerospace industries; and the May 2015 buy of Detroit-based Majestic Industries, a manufacturer of progressive and transfer dies used for stamping automotive parts.
“TTG continues to demonstrate strong growth since our acquisition in 2014,” said Matt Guenther, the GenNx360 Managing Partner who led the transaction. “Following the acquisition of Majestic Industries and G.H. Tool in 2015, the addition of Century and Bel-Kur represents another successful step in executing TTG’s strategy to expand its market reach and overall growth potential and further position it as one of the largest privately-held fully integrated tooling solutions providers in the United States.”
GenNx360 invests equity of $25 million to $75 million in companies that have revenues from $75 million to $250 million and EBITDA from $8 million to $25 million. Typical transaction sizes range from $50 million to $200 million. Target industries include industrial machinery and components, logistics, industrial and environmental services, food and agricultural products and services, 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).
ZJM Equity, Broadgate Capital, and First Capital Partners acquired Century Tool in March 2012. ZJM Equity is a Denver-based private equity firm that invests in businesses with minimum EBITDAs of $2 million. Sectors of interest include manufacturing, distribution, and business services (www.zjmequity.com). Broadgate Capital invests in companies that have revenues of at least $5 million and EBITDA of at least $1 million. Sectors of interest include manufacturing, distribution, and healthcare. The firm is headquartered in Dallas (www.broadgatecap.com). First Capital Partners invests from $2 million to $8 million in lower middle-market companies that have annual revenues from $10 million to $100 million and EBITDA from $2 million to $10 million. Sectors of interest include manufacturing, business services and value-added distribution. The firm is based in Omaha (www.firstcapitalpartners.com).
Angle Advisors was the financial advisor to Century on this transaction. The firm has offices near Detroit in Birmingham, MI; Houston, TX; Frankfurt, Germany; and Shanghai, China (www.angleadvisors.com).
© 2018 Private Equity Professional | April 26, 2018