Publicly traded Trinity Industries has agreed to sell its highway products business for $375 million in cash to Monomoy Capital Partners.
Trinity’s highway products business (THP) is a manufacturer and lessor of highway safety products, including crash cushions, end terminals, guardrails and truck-mounted attenuators (a device that attaches to the back of a work truck to help protect work crews).
Under Monomoy ownership, THP will be led by Nick Verska as CEO – he is currently the president of Trinity Industries – and will be headquartered in Dallas.
“As we embark on a new chapter with the support of Monomoy, I am confident that we will continue to manufacture high-quality products that support our customers and realize significant growth opportunities for the business going forward,” said Mr. Verska. “I look forward to working with Monomoy to build upon our historical success in the highway products market and leverage Monomoy’s operational toolkit to help us improve and continue to grow our business.”
“Trinity Industries has done a terrific job growing THP into an industry leader,” said Mel Bartoul, a director at Monomoy. “We are excited to partner with the THP team and continue to grow the business on a standalone basis. THP’s long-standing customer relationships, product innovation and scale should position the company to benefit from long-term infrastructure spending.”
Trinity Industries (NYSE: TRN) is a provider of rail transportation products and services including railcar leasing and management services, railcar manufacturing, and railcar maintenance and modification. The company, first known as Trinity Steel, was founded in 1933, went public in 1958, and in 2018 it separated into two stand-alone public companies – Trinity Industries (rail-related businesses, the highway products business, and a logistics business) and Arcosa (aggregates and other construction products) – through a tax-free spin-off to Trinity shareholders. Trinity is led by CEO Jean Savage and is headquartered in Dallas.
New York City-based Monomoy makes control investments of debt and equity in companies with at least $150 million in sales, $15 million of EBITDA, and enterprise values of up to $500 million. Sectors of interest include manufacturing, distribution and consumer products.
The sale of THP to Monomoy is expected to close in the fourth quarter of 2021. Upon closing, THP will become the second platform investment for Monomoy’s fourth fund, Monomoy Capital Partners IV LP. To view a PDF copy of the THP purchase agreement, click HERE.
Goldman Sachs Asset Management provided financing to support the buy of THP.
J.P. Morgan Securities is the financial advisor to Trinity on this transaction.
© 2021 Private Equity Professional | November 9, 2021
SRP Companies, a portfolio company of Aurora Capital Partners, has acquired Aerial Bouquets. Aurora acquired SRP in September 2016.
According to 
Vitesse Systems, a platform investment of Trive Capital that provides components used in communication, radar and electronic warfare systems, has acquired Sterling Precision.
The company’s furnace brazing capabilities include active metal brazing of ceramics, refractory and reactive metals, including copper. Vacuum brazing is a high-end joining technology because it results in parts with extremely strong joints and with no residual corrosive flux. It is a process in which two base metals, such as aluminum plates, are joined together using a filler metal that has a melting point below that of the base metal.
“We launched the Vitesse Systems platform based on the proliferation of electronic weapons and communication systems and the resultant increase in demand for efficient thermal management and data transmission solutions,” said David Stinnett, a partner at Trive. “Over the past three years, we have seen the government accelerate investment in electronic warfare and the ‘connected battlefield’. In response, we have doubled manufacturing and engineering capacity at California Brazing. The addition of Sterling Precision will enable Vitesse to support a broader range of applications and will build upon Vitesse’s thermal management and precision waveguide manufacturing capability.”