Gridiron Capital has sold Rough Country to TSG Consumer Partners. Both Gridiron and Rough Country’s senior management team will remain as investors in the business in partnership with TSG.
Rough Country is a direct-to-consumer provider of branded aftermarket products and accessories to the truck, Jeep and SUV enthusiast market. The company’s products include suspension lift and leveling kits, shocks and stabilizers, and other accessories including lighting, steps, winches, fender flares and cargo containers. Rough Country, led by CEO Ken Dunn, is headquartered 75 miles northeast of Memphis in Dyersburg, Tennessee.
During Gridiron’s ownership term, which began in May 2017, the company added a new distribution facility and a research and development center, expanded in-house manufacturing and accelerated new product development. In 2020, Rough Country introduced more than 100 new products.
“It has been an honor to work with Ken, Chief Financial Officer Patrick Just, and the team at Rough Country. Since Gridiron partnered with Rough Country four years ago, the company has achieved significant organic growth, launched innovative new product categories, and deepened the enthusiast consumer loyalty to the Rough Country brand across its target markets,” said Kevin Jackson, a managing partner at Gridiron. “Rough Country’s impressive results and exciting future plans have fueled our conviction and excitement to continue to support the company’s growth alongside TSG and the management team to see Rough Country achieve even greater heights.”
“TSG is thrilled to partner with Rough Country, a clear market leader working to help people pursue their passions in the outdoors,” said Pierre LeComte, a managing director at TSG. “Rough Country’s winning combination of robust direct-to-consumer distribution and quality brand enables it to deliver unrivaled value to its loyal customer base. We look forward to leveraging our digital and brand building expertise to help fuel the company’s product, distribution and category expansion in the years to come.”
“TSG is the global leader in building world-class consumer brands, and we are excited to enter our next phase of growth with their support,” said Mr. Dunn. “Over the past few years, we have experienced great success under Gridiron’s ownership. With TSG’s unrivaled auto aftermarket and digital marketing expertise, we’ll continue to expand our brand reach, digital presence and diversified customer base as we help fulfill consumers’ passions for off-road and outdoor lifestyles around the world.”
San Francisco-based TSG invests from $200 million to $800 million of equity in high-growth, branded consumer companies. Sectors of specific interest include beauty, fitness and outdoor, food and beverage, personal care, household, lifestyle, pet, restaurant, and retail. In January 2019, the firm closed its eighth fund with an oversubscribed $4 billion of limited partner capital commitments.
Gridiron invests in manufacturing, service, and specialty consumer companies with enterprise values from $75 million to $575 million and EBITDA from $8 million to $50 million. Sectors of interest include branded consumer, business-to-business and business-to-consumer services, and niche industrial. New Canaan, Connecticut-based Gridiron held a hard-cap and oversubscribed closing of its largest fund, Gridiron Capital Fund IV LP, in December 2020 with $1.35 billion of capital.
Robert W. Baird & Co. was the financial advisor to Gridiron on the sale of Rough Country and Jefferies advised TSG. The sale of Rough Country is expected to close early in the third quarter.
© 2021 Private Equity Professional | August 2, 2021
Wynnchurch Capital has acquired Trimlite, a manufacturer and distributor of residential doors and related products, from TriWest Capital Partners.
“The Trimlite management team has accomplished a tremendous amount during our five-year partnership with the company,” said Norm Rokosh, a senior managing director at TriWest. “This has included acquiring and integrating Codel, launching a new facility in Vietnam, expanding operations in Western Canada and establishing a physical presence in the US Southeast.”
“Since its founding, Trimlite’s commitment to customer service has allowed the company to successfully broaden its product offering and expand into new geographies,” said Brian Crumbaugh, a partner at Wynnchurch. “We are excited to partner with Patrick and the entire Trimlite management team to continue growing the business.”
DW Healthcare Partners has closed its investment in Bio Agri Mix, a maker of medicated feed additives used in livestock health applications and a portfolio company of Birch Hill Equity Partners since April 2006.
“We are thrilled to be partnering with Paul and Rob, and the rest of the team at Bio Agri Mix,” said Andrew Carragher, the founder and managing partner at DWHP. “They have a proven track record of growth, and we are looking forward to supporting them as the business continues to scale. Bio Agri Mix represents DWHP’s third investment in the animal health pharmaceutical space and we are excited to expand our footprint in the sector.”
“Over the years, Bio Agri Mix has developed a truly unique footprint across Canada by expanding their product portfolio and supplying the market in a consistent and methodical basis,” said Eric Moore, a principal at DWHP. “We are excited to have Bio Agri Mix continue under Paul Lake and Rob Bell’s leadership where we will continue to expand our product portfolio to provide more solutions to our customers.”
Toronto-based 
Monroe Capital has added Chris Babick to its originations team as a managing director.
Mr. Babick has undergraduate degrees in history and business administration from the University of California at Berkeley, and his MBA from the University of Virginia.