Trive Capital has agreed to sell NxEdge to publicly traded EnPro Industries for $850 million in cash.
NxEdge is a provider of subsystems and components used by integrated device manufacturers (IDMs) and original equipment manufacturers (OEMs) in the semiconductor equipment industry. The company’s material capabilities include aluminum, high-performance plastics and composites, stainless steel, titanium, bronze, copper, and high-nickel alloys.
NxEdge specializes in the application of thermal spray coatings to its products that improve resistance to corrosive chemicals and allows for high-temperature operation.
The Boise, Idaho-headquartered company, led by its founder and CEO Jackson Chao, also provides refurbishment and recoating services of components used within IDM semiconductor fabrication and foundry facilities.
At closing, which is expected by year-end, NxEdge will become part of EnPro’s Advanced Surface Technologies (AST) segment. According to EnPro, NxEdge is expected to generate sales and adjusted EBITDA in 2021 of $190 million and $70 million, respectively. Based on the $850 million purchase price this equates to a purchase price multiple of 12.1x. To view a PDF of EnPro’s review of NxEdge click HERE.
Trive acquired NxEdge in September 2016. “Over the past few years, we have focused on delivering technically differentiated, vertically integrated product solutions to our semiconductor IDM and OEM customers,” said Mr. Chao. “Our partnership with Trive was critical as we developed and executed an ambitious growth plan by making significant infrastructure and capacity investments that position us to support secular growth trends within our industry.”
“Over the past five years, NxEdge has solved supply chain complexities by transforming into a vertically integrated surface technology company focused on delivering full lifecycle support,” said David Stinnett, a partner at Trive. “NxEdge’s highly differentiated capabilities, talented management team, and significant investments (both organic and inorganic) will allow the company to continue supporting its customers in delivering next-generation semiconductor technology. Trive has greatly appreciated the partnership with management and is excited to see the growth of the business under EnPro’s stewardship.”
Trive invests from $10 million to $150 million of debt or equity in North America-headquartered companies with revenues of $40 million to $1.5 billion. The firm is industry-agnostic but has specific experience across a range of sectors including aerospace and defense, automotive, building products, business services, chemicals, and consumer goods. The Dallas-headquartered firm was founded in 2012 by Conner Searcy and Chris Zugaro.
Charlotte-headquartered EnPro (NYSE: NPO) designs and manufactures a range of industrial products used in the aerospace, power generation, heavy-duty trucking, mining, and chemical sectors. In 2019 the company had revenues of more than $1.2 billion. EnPro was founded in 2002 through the spin-out of the engineered industrial products business segment of the Goodrich Corporation.
Evercore is the financial advisor to Trive Capital on the sale of NxEdge and Kirkland & Ellis is providing legal services. GCA Advisors is the financial advisor to EnPro.
© 2021 Private Equity Professional | November 11, 2021
Summit Park has acquired Ledge Lounger, a provider of in-pool furniture and accessories. Co-investing in this transaction alongside Summit Park is Digital Fuel Capital (“Digital Fuel”) and senior members of the Ledge Lounger management team.
“We are excited to partner with Chris, COO Dylan Schrader, and other members of the Ledge team to build upon the impressive growth they have achieved thus far,” said Andrew Gilbert, a principal at Summit Park. “We believe that Ledge is uniquely positioned as the leading provider of in-pool furniture through the D2C and B2B channels, and we share the company’s vision of growing through continuous product innovation to meet the needs of our customers.”
Charlotte-headquartered 
“We believe that Ledge has significant opportunity to expand its digital marketing activities, and we look forward to working with the company and Summit Park to enhance that capability and capitalize on their leading market position, differentiated products and significant runway in the outdoor consumer products category,” said Carson Biederman, the founder of Digital Fuel.
Incline Equity Partners has sold BFG Supply, a distributor of horticulture and lawn & garden products, to Pamplona Capital Management.
“We are proud to have worked closely with the management team to drive significant growth at BFG,” said Tom Ritchie, a partner at Incline. “During our ownership, we completed three highly strategic acquisitions and drove significant organic revenue growth. The acquisitions extended BFG’s geographic footprint and added meaningful service offerings like greenhouse design and manufacturing.”
Pittsburgh-based 
Beringer Capital has held a final close of Beringer Capital Fund IV LP (Fund IV) with US$307 million of capital commitments. The firm’s new fund, operating as the Digital Transformation Opportunity Fund, is the largest it has ever raised.
“We’re committed to investing in firms where we know we can add significant value,” said Perry Miele, the chairman and a managing partner of Beringer. “With the support of Fund IV, we are excited to form new partnerships and assist founder-led companies in navigating the digital transformation era.”
