Trive Builds Metals Services Platform

Valence Surface Technologies, a portfolio company of Trive Capital, has acquired Triumph Processing Inc., a provider of metal finishing services to the aerospace and defense industries, from Triumph Group.

Valence Surface Technologies provides specialized metal processing and finishing services to the commercial aerospace, defense, and space & satellite markets.  Valence offers a range of wet and dry processing capabilities for aluminum, titanium, and steel structures and processes more than 16 million parts per year. The company operates 11 facilities with more than 650,000 sq. ft. of total manufacturing space. Valence’s customers include Airbus, Boeing, Lockheed Martin, SpaceX and others. The company is led by CEO Tracy Glende and is headquartered near Houston in The Woodlands (www.valencesurfacetech.com).

At closing, Triumph Processing – which is based near Los Angeles in Lynwood, CA – was renamed Valence Lynwood. The new unit complements Valence’s current service offering by expanding its capabilities to provide surface finishing on aluminum and titanium parts up to 110 feet in length and 14 feet in width/depth.

“The addition of Triumph Processing to the Valence family allows us to better serve the large part needs of our key customers throughout the global supply chain,” said Mr. Glende. “The Lynwood facility provides Valence with a fully integrated offering to its customers ranging from small, high volume parts up to large, 110-foot fracture-critical structures that no other product finishing company can match.”

“We believe this acquisition further develops the core investment thesis of Valence, which is to build a differentiated, supply chain solution to the aerospace industry for surface treatment technologies,” said David Stinnett, a Partner at Trive Capital. “As aircraft build rate increases continue to put pressure on the market, the company seeks to reduce cycle times, minimize supply chain complexity and provide a single point of accountability across regions and approval requirements in partnership with OEM’s and machine shop customers for mission-critical parts.”

Trive formed Valence in March 2014 to acquire Los Angeles-based Coast Plating and Wichita-based Chrome Plus International, two metal processing companies with a focus on flight critical parts for the aerospace and defense sectors.

Trive invests from $10 million to $150 million of debt or equity in North America-headquartered companies with revenues of $40 million to $1 billion. The firm is industry-agnostic but has specific experience in the following sectors: aerospace and defense, automotive, building products, business services, chemicals, construction and infrastructure, consumer goods, energy services, food and beverage, healthcare, plastics and packaging, and transportation and logistics.

In September 2017, Trive Capital held a final closing of Trive Capital Fund III LP with $1 billion of capital commitments. The new fund reached its hard-cap in just over three months and was oversubscribed from its initial $750 million target.

Trive Capital was founded in 2012 by Conner Searcy and Chris Zugaro and is based in Dallas (www.trivecapital.com).

© 2018 Private Equity Professional | September 7, 2018

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