Colfax Creek Capital has partnered with Charter Growth Capital Fund (CGCF) to acquire Traverse City Products.
Traverse City Products (TCP) is a maker of roll-formed and stamped metal products from cold rolled and hot rolled carbon steel, stainless steel, aluminum, copper and brass. The company’s capabilities include electrically-applied paint coating (E-coating), zinc plating, powder coating, black oxide coating, washing and sealing.
TCP has specific expertise in manufacturing glass hardware components, including window sashes, lift plates, sunroof reinforcements and decorative trim. TCP, founded in 1982 as a metal supplier to the automotive and office furniture industries, is headquartered in Traverse City, Michigan.
Colfax Creek and CGCF acquired TCP on March 10th from Herman Thomas and Martin Cotanche who have now exited the business. The existing management team will continue to lead the company.
“TCP is recognized as an industry leader in its field and has developed solid, long-lasting relationships with its customers,” said Jason Duzan, a partner at Colfax Creek. “The company’s robust material processing capabilities present substantial opportunities for diversification and growth. We’re excited to partner with the TCP management team, in conjunction with CGCF, to accelerate the company’s momentum.”
Colfax Creek makes control investments in consumer product, service, and industrial companies with $2 million to $7 million of EBITDA that are located in the Great Lakes region. The firm was founded in 2017 and is headquartered in the Detroit suburb of Birmingham, Michigan
CGCF, managed by the principals of investment bank Charter Capital Partners, invests up to $5 million of mezzanine debt and equity in lower middle-market companies located in the Great Lakes region. “The Charter Growth Capital Fund team is delighted to partner with Colfax Creek on this investment to help propel the company forward,” said John Kerschen, the president and managing partner of Charter Capital Partners. “With a long-standing history as a trusted supplier, TCP has significant growth potential and is a welcome addition to our portfolio.”
© 2020 Private Equity Professional | March 19, 2020