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

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