Hidden Harbor Capital Partners has acquired KT-Grant, a provider of refractory tear-out and other maintenance services to industrial customers.
KT-Grant provides specialized removal of refractory lining, slag and scale build-up in furnaces, ladles, kilns, process vessels, tanks, and stacks. In addition, the company also offers dismantlement and demolition services. KT-Grant has expertise in wireless and tethered remote-controlled equipment which allows personnel to work from a secure location, reducing their exposure to heat and chemicals.
KT-Grant has a service fleet of over 375 pieces of equipment, designed by KT-Grant engineers and purpose-built in its Export, PA manufacturing and headquarters facility. The company also operates from seven branch locations in Baltimore, MD; Glen Head, NY; Dearborn, MI; Monroe, OH; Hammond, IN; Blytheville, AR; and Dolomite, AL. The company’s equipment and operators are utilized in a variety of industries and applications, from civil demolition to cement and lime kilns to ferrous and non-ferrous metal production facilities.
“We are thrilled to partner with Hidden Harbor and know that their deep operational resources and expertise will help us execute against our significant growth opportunities while continuing to deliver exceptional service to our existing customers,” said John Wargofchik, president of KT-Grant. “We also remain committed to increasing productivity while reducing costs and continuing to provide innovative solutions to the industries that are critical to our success.”
KT-Grant was founded in 1952 as the Louis A. Grant Company and acquired competitor Keibler-Thompson in 2000. The company was renamed KT-Grant in 2007.
“Since its founding, KT-Grant has continued to innovate and is the industry leader in providing fully operated maintenance solutions, as well as new equipment and spare parts sales, to all refractory consuming industries,” said John Caple, managing partner at Hidden Harbor. “Through its long history, the company has successfully designed and manufactured equipment for and operated it in the most difficult environments.”
Boca Raton-based Hidden Harbor was formed in May 2016 by John Caple, a former partner of Comvest Partners; David Block, the former CEO of Swiss Watch International and a former operating partner at H.I.G. Capital; and Christopher Paldino, a former managing director at H.I.G. Capital. In January 2019 Hidden Harbor closed its debut fund, Hidden Harbor Capital Partners I LP, at an above-target $265 million.
Hidden Harbor makes investments in North American-based companies with revenues between $50 million and $500 million and EBITDA up to $25 million. The firm will also consider investing in unprofitable businesses. Sectors of interest include industrials; business services; transportation and logistics; distribution; consumer; chemicals and materials; food and beverage; plastics; paper and packaging; automotive; and infrastructure and building products.
Configure Partners served as the financing advisor to Hidden Harbor on this transaction and Czech Asset Management provided the financing.
KPMG Corporate Finance was the financial advisor to KT-Grant.
© 2019 Private Equity Professional | October 29, 2019
