Wind Point Adds to ClockSpring|NRI

ClockSpring|NRI, a portfolio company of Wind Point Partners, has acquired Milliken Infrastructure Solutions from Milliken & Company.

Milliken Infrastructure manufactures repair and rehabilitation products that are used to maintain, rehabilitate, and construct infrastructure. The company’s products include concrete-impregnated fabric, geopolymer mortars, fiberglass and resin pipe wraps, and epoxy impregnated wraps used to strengthen structural parts of commercial buildings and facilities.

In January 2019, Wind Point formed ClockSpring|NRI through the acquisitions of Houston, TX-based Clock Spring Company, a portfolio company of Spindrift Equities, and Riviera Beach, FL-based Neptune Research (NRI), a portfolio company of Palm Beach Capital. Both Clock Spring and NRI are manufacturers of composite materials, insertion valves, and gaskets that are used to maintain, rehabilitate, and construct pipelines, natural gas distribution lines, industrial pipe works, electrical grids, and civil structures. ClockSpring|NRI is led by CEO Matthew Boucher and is headquartered in Houston (www.cs-nri.com) (www.clockspring.com) and (www.neptuneresearch.com).

The buy of Milliken Infrastructure is ClockSpring|NRI’s first add-on acquisition under Wind Point ownership. “This transaction enhances the breadth of ClockSpring|NRI’s comprehensive portfolio and highlights the capabilities we bring to help portfolio companies scale. In cooperation with management, Wind Point will seek to continue growing the platform through a combination of organic growth and accretive acquisitions,” said Alex Washington, a managing director at Wind Point.

Wind Point invests from $50 million to $100 million in companies with EBITDAs of at least $10 million. Industries of interest include business services, consumer products and industrial products. In June 2017, Wind Point held a final closing of its eighth fund, Wind Point Partners VIII LP, with $985 million of capital commitments. The fund exceeded its initial hard cap of $750 million and is the largest fund closing in Wind Point’s history. The firm was founded in 1984 and is based in Chicago (www.wppartners.com).

Milliken & Company is a diversified industrial manufacturer with interests in specialty chemicals, floor coverings, performance and protective textile materials, and healthcare. The company, owned by the Milliken family, was founded in 1865 and is based in Spartanburg, SC with manufacturing facilities worldwide (www.milliken.com).

Antares, Hartford Investment Management Company, Solar Capital, Northwestern Mutual Capital and Nuveen Private Markets provided debt financing to support this add-on acquisition.

© 2019 Private Equity Professional | June 26, 2019

Print Friendly, PDF & Email

Related Articles

Nautic Buys Spartech From Arsenal Nautic Partners has acquired Spartech, a manufacturer of acrylics and extruded plastics, from Arsenal Capital Partners. Spartech’s acrylic products...
One Equity Closes Carve-Out One Equity Partners has completed the carve-out of ORS MEDCO, a distributor of maintenance and repair products to the industrial and automotive afterm...
Sole Source Sells IFS to Kelso Kelso & Company has acquired a majority equity interest in Individual FoodService, a distributor of foodservice disposables, and janitorial and sa...
GHK Buys Dura Supreme Cabinetry GHK Capital Partners has acquired Dura Supreme Cabinetry from the company’s second-generation founding family. Dura Supreme is a vertically integra...
SFW Exits DaySmart Software SFW Capital Partners has sold DaySmart Software to LLR Partners and Parthenon Capital. DaySmart is a provider of business management software, incl...
Platinum Acquires TruckPro Platinum Equity has acquired TruckPro Holding Corporation from Harvest Partners. TruckPro is a distributor of heavy-duty truck and trailer products...