Shorehill Acquires Triad Technologies

Shorehill Capital has acquired Triad Technologies in partnership with the company’s management team and the Wissman family.

Triad Technologies is a stocking distributor of industrial fluid power and automation products used in hydraulic, pneumatic, electromechanical, filtration, and automation applications. The company has more than 7,000 customers and twenty-one locations across Ohio, Kentucky, Michigan and Indiana including the Triad ParkerStores retail outlets (hose repair and fluid connector products) in Ohio and Southern Michigan. Triad is headquartered near Dayton in Vandalia, Ohio.

Triad was founded in 1981 by Lee and Rita Wissman. Their son, Doug Wissman, joined the company in 1984 and became chief executive officer in 2001. Since that time, Mr. Wissman has led the company through a period of growth, including five add-on acquisitions and numerous branch location openings.

“We are absolutely thrilled to have identified a partner who is deeply experienced in both fluid power and family-owned and operated businesses. We genuinely look forward to a long and successful relationship with the Shorehill team,” said Mr. Wissman.

In conjunction with Shorehill’s recapitalization, the Wissman family has retained a significant ownership position in the company and Doug Wissman will join the company’s board of directors.

“Shorehill is excited to partner with the Wissman family and the Triad management team to build upon the company’s 38-year history of collaboration with vendors to provide high-quality products and support services to its growing customer base,” said Charlie Denison, a principal at Shorehill Capital.

Chicago-based Shorehill Capital makes control investments in North American-based middle market companies that have from $3 million to $15 million in EBITDA and enterprise values up to $150 million. Sectors of interest include engineered industrial products, industrial services, and value-added distribution. The firm was founded in 2013 by its managing partners Brian Simmons and Dave Hawkins, both former senior executives of CHS Capital.

Twin Brook Capital Partners and Maranon Capital provided financing to support the buy of Triad by Shorehill.

Chicago-based Twin Brook, the middle-market direct lending arm of Angelo Gordon, focuses on loans to private equity-owned companies with EBITDA between $3 million and $50 million, with an emphasis on companies with $25 million of EBITDA and below. The firm targets senior financing opportunities up to $200 million, with hold sizes across the platform ranging from $25 million up to $150 million. Twin Brook’s products include opportunistic investments in second lien, mezzanine, and equity co-investments.

Chicago-based Maranon Capital provides senior debt, mezzanine debt, and equity co-investments to middle-market companies operating in a wide range of industries. The firm is owned by its management team and Greenwich, CT-based Eldridge Industries.

© 2019 Private Equity Professional | November 12, 2019

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