Lion Equity Partners has acquired Elkhart Tri-Went Industrial from publicly traded Aalberts NV.
Elkhart Tri-Went Industrial (ETI) is a manufacturer of extruded aluminum components and fabricated copper tube products that are sold to OEM customers in the automotive, air conditioning, refrigeration, water systems, and industrial markets.
ETI, led by President Joe Headdy, is headquartered south of Ft. Wayne in Geneva, Indiana with additional manufacturing facilities in Knoxville, Tennessee, and near Toronto in Ajax, Ontario.
“What an amazing time for Elkhart Tri-Went Industrial, our partners, employees, and communities,” said Mr. Headdy. “This investment by Lion Equity is validation that our workforce, technical capabilities and product offerings are truly valued in the OEM market. We look forward to better serving our customers, employees, and stakeholders through targeted investments in capital equipment, growing the workforce, and positioning ETI to thrive in the markets we serve.”
“Through its exceptional customer service, high-quality products and talented employee base, ETI has distinguished itself as a trusted partner to bring complex, industrial solutions to the OEM market,” said Ari Silverman, a co-founder and a partner at Lion Equity. “ETI’s design expertise and FormCast proprietary manufacturing capabilities are key differentiators and provide a strong foundation for future growth, both organically and through strategic add-on acquisitions.”
Denver-based Lion Equity makes control investments in North American-based corporate carve-outs and special situations including businesses experiencing financial, operational or industry-driven challenges. Typical targets will have revenues between $30 million and $300 million and EBITDA up to $15 million. Lion Equity invests across a wide range of sectors and is effectively industry agnostic.
Publicly traded Aalberts (Euronext: AALB), the seller of ETI, operates from four groups – piping systems; surface technologies; hydronic flow control; and advanced mechatronics and fluid control. Netherlands-headquartered Aalberts was founded in 1975 by Jan Aalberts and went public in 1987. The company has more than 16,000 employees and operations in over 50 countries.
© 2022 Private Equity Professional | February 8, 2022