Platte River Sells PRV Metals to Tinicum

Platte River Equity has sold PRV Metals, a maker of titanium and steel products, to Tinicum. Platte River acquired PRV Metals in November 2011.

PRV Metals manufactures and supplies forged and rolled titanium, stainless steel, and other specialty alloys for the commercial aerospace, defense, medical, energy and industrial sectors. The company operates through two subsidiaries – Sierra Alloys (located in Irwindale, CA) and TSI Titanium (located in Derry, PA) – and specializes in flat and round bar, and plate products, as well as hot rolling, forging, conditioning, heat-treating and machining.

The company, led by CEO Craig Culaciati, has a total of 205,000 square feet of manufacturing space and is headquartered in Irwindale, CA (www.sierraalloys.com) (www.tsititanium.com).

“Working closely with PRV Metals and its talented management team to build the company into a leading provider of titanium, stainless steel and other specialty metals demonstrates the value of our partnership approach to investing,” said Greg Sissel, a managing director at Platte River. “The capital and operating investments that we have made over the past more than seven years have driven PRV Metals’ transformational growth and helped build the company into an industry leader.”

Denver-based Platte River makes equity investments of $20 million to $100 million in lower middle-market companies with enterprise values between $40 million and $250 million. Sectors of interest include aerospace and transportation; energy products and services; industrial products and services; and agriculture and chemicals.

“Platte River has been an excellent partner for PRV Metals, having supported our business from day one and having invested in initiatives to drive the company’s long-term growth,” said Mr. Culaciati. “We thank the Platte River team for its support and partnership over the years.  We now look forward to the next chapter of growth with Tinicum.”

Tinicum is a family office founded to manage the holdings of the Ruttenberg family and began managing outside capital in 1998. The firm makes control and minority equity investments of $30 million to $150 million in public and privately held companies in a wide range of industries. Tinicum has offices in New York and San Francisco.

Lincoln International was the financial advisor to PRV Metals on this transaction.

© 2019 Private Equity Professional | August 28, 2019

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