KICTeam Buys Teknipure with Twin Brook Backing

KICTeam, a portfolio company of Inverness Graham since May 2020, has acquired Teknipure, a maker of specialty cleaning products.

Teknipure is a manufacturer and distributor of products used to prevent, control, and remove contaminants from cleanrooms and other controlled environments.

The company’s products – including wipes, swabs, gloves, face-masks, mopping systems, and adhesive entry mats – are sold to medical facilities; pharmaceutical companies; microelectronics, optical, and flat-panel manufacturers; aerospace and defense contractors; and automakers. Teknipure was founded in 2008 and is based in Mesa, Arizona.

KICTeam specializes in the manufacture of cleaning tools, technologies, and agents that are used to clean technical devices such as electronic card readers, ATMs, and point POS devices that are involved in payment, currency, image processing, and printing.

During their operation, technical devices encounter dirt and contaminants from a variety of sources, such as dust and dirt from the environment, oils and fingerprints from skin, and ink and adhesive from media. Without proper maintenance, these devices are subject to decreased performance, are more prone to breakdown, and will have a shorter lifetime.

KICTeam’s customers are active in the banking, retail, healthcare, convenience store, and gaming sectors and include OEMs, service providers, resellers, consumable suppliers, and end-users. The company is led by CEO Ian McCormick and is headquartered in Auburn, Maine.

“Technical cleaning has always been at the core of our business and Teknipure offers access to exciting new markets and products,” said Mr. McCormick. “As we look to build a portfolio of high-performing businesses within the area of contamination control, we are excited by the possibilities offered by Teknipure and look forward to working with the team to build on their recent successes.”

“Teknipure and KICTeam both offer high-quality innovative products in sectors where contamination control is critical to the performance of their customers. We are at the early stages with this platform and are committed to adding strategically complementary businesses to the platform,” said Trey Sykes, a managing principal of Inverness Graham.

According to a source familiar with this transaction, Twin Brook Capital Partners, the middle-market direct lending arm of Angelo Gordon, served as administrative agent on debt financing to support KICTeam’s buy of Teknipure.

Chicago-based Twin Brook 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.

Inverness Graham manages $500 million in capital and was formed by senior executives of the Graham Group, an industrial and investment concern with interests in plastics, packaging, recycling, building products and outsourced manufacturing. The firm is based near Philadelphia in Newtown Square, Pennsylvania.

Private Equity Professional | September 3, 2020

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