Engineered Specialty Products (ESP), a portfolio company of Tonka Bay, has acquired Weksler Glass Thermometer. Tonka Bay acquired ESP in December 2012 through its third fund.
Weksler Glass Thermometer is a provider of temperature and pressure instruments used in the HVAC market. The company’s products, sold mainly in the Eastern US, include a full line of industrial thermometers, bimetal thermometers, and thermometer accessories.
Weksler was founded by Harry Weksler in 1920 and is headquartered in Charlottesville, VA (www.wekslerglass.com).
Engineered Specialty Products (ESP) is a manufacturer of pressure and temperature instruments used in the MRO (maintenance, repair, and operations), process, and industrial sectors. The company has more than 12,000 SKUs that are sold under the brands PIC and Bourdon. ESP is headquartered in Kennesaw, GA (www.espgauges.com).
The buy of Weksler expands ESP’s product line and creates opportunities for the sale of ESP products through Weksler ‘s distribution network. “We are very excited to partner with Weksler to continue to build our collective business, diversify our customer base and expand our product reach,” said Brien Whitford, president of ESP. “The Weksler brand has a reputation for manufacturing high-quality products that presents a great opportunity to grow our platform and build momentum for 2019 and beyond.”
Tonka Bay invests in companies that have revenues of more than $10 million and EBITDA of more than $2 million. Sectors of interest include specialty food manufacturing, industrial distribution, highly engineered sensors, safety products, and specialty chemicals. The firm was founded in 1998 and is based in the Minneapolis suburb of Minnetonka (www.tonkabayequity.com).
© 2019 Private Equity Professional | October 4, 2019