Renovus Capital Partners has sold sister companies TPC Training and Jade Learning to Frontenac.
TPC Training is a provider of maintenance, repair, and operator skills training. The company has more than 300 industrial skills and safety course titles to choose from and more than 2,000 instructor-led seminars. Using online, classroom, virtual, and on-the-job methods the company has assisted more than 40,000 clients to train over 3.5 million skilled workers.
Companies utilize TPC’s programs to train industrial workers to maintain and operate complex machinery, observe proper safety precautions and comply with government regulations. TPC is headquartered near Chicago in Buffalo Grove, IL (www.tpctraining.com).
Jade Learning is a provider of electrical code, electrical safety, and security alarm continuing education services. The company’s services allow electricians to renew their operating licenses online and it also provides an online product that is used by journeyman and master electricians to prepare for certification tests. The company was founded in 1996 and is headquartered in Raleigh, NC (www.jadelearning.com).
In July 2014, Renovus acquired Telemedia, a Chicago-based provider of technical skills training content and programs for large industrial companies and immediately added-on to this platform with the buy of American Trainco, a Denver-based provider of industrial worker training seminars. In September 2015 the company was rebranded as TPC Trainco. In 2016 Renovus furthered its investment in the technical training sector through the acquisition of Jade Learning.
“When we brought a strategic acquisition idea to TPC in 2013, we were not yet an investor in the company. They liked that we showed up with a view and value-add immediately. Since then, we have enjoyed working with the TPC and Jade teams to build an outstanding company,” said Jesse Serventi, Founding Partner of Renovus Capital.
Renovus Capital invests from $10 million to $30 million in education-related companies that have $2 million to $10 million of EBITDA. The firm is currently investing its second fund, a $300 million SBIC fund focusing on small and mid-sized businesses within the education and training sector. Renovus was founded in 2010 and is based in the Philadelphia suburb of Wayne, PA (www.renovuscapital.com).
“Since founding TPC more than forty years ago, we were always a strong business that delivered best in class training to the maintenance staffs of the largest companies in the world. When Renovus came along, they helped drive us to the next level of scale and sophistication,” said John Zenko, TPC’s Chairman. During its nearly 4-year hold period, Renovus added new members to the boards and management teams of both TPC and Jade. The team enhancements and their strong execution on new product rollouts, customer acquisition strategies, geographic expansion and sales execution enabled significant organic growth in both TPC and Jade.
“I am proud of what we have achieved to date and am confident that, with the team and resources that have been put in place over the last few years, we are well positioned for continued growth. Renovus has been a valuable and trusted partner, and I have truly enjoyed working with them,” said Derek Dunaway, CEO of TPC and Jade.
Frontenac, the buyer of TPC and Jade, invests in lower middle-market businesses that operate primarily in the food, industrial, and services industries. The firm was founded in 1971 and is headquartered in Chicago (www.frontenac.com).
© 2018 Private Equity Professional | April 2, 2018
