Cogenuity’s First Fund Closes Second Platform Acquisition

Cogenuity Partners has acquired Tech Tube, Inc. and Tube Methods, Inc., marking the second platform investment for the firm’s inaugural fund.

Tech Tube and Tube Methods (together Tech Tube) are manufacturers of small-diameter metallic tubing—made of stainless steel, titanium, and high-nickel alloy—used in aerospace and defense, medical devices, power generation, and industrial applications.

Customers of Tech Tube include OEMs and Tier I suppliers. Both companies were founded in 1941 and are headquartered in King of Prussia, Pennsylvania (Tech Tube), and Bridgeport, Pennsylvania (Tube Methods). Tech Tube is led by Kevin and Brian Johnson, whose family acquired the company in 1985. Both executives will maintain an ownership stake in the business in partnership with Cogenuity, and they remain actively involved in operations.

“We are incredibly proud of what we have built at Tech Tube and Tube Methods since our father purchased the business in 1985, and we are energized to partner with Cogenuity,” said Kevin and Brian Johnson in a released statement. “With Cogenuity’s experience building world-class businesses, we are poised to accelerate our growth journey while continuing to serve our customers and creating meaningful opportunities for our employees.”

“Tech Tube and Tube Methods have a rich legacy that Brian and Kevin have solidified during their ownership and operation of the business,” said Dan Delaney, the managing partner and founder of Cogenuity. “We look forward to working with them and their team to unlock the next phase of growth. We believe that our strategic investment and operational support will empower Tech Tube and Tube Methods to accelerate new initiatives and advance strategic objectives.”

Tech Tube operates within the industrial metal tubing sector, notably in ultra-precise small-diameter tubing used across aerospace and medical technologies. Recent research from Verified Market Research indicates that the global small diameter stainless steel tubing market was valued at approximately $4.2 billion in 2023 and is projected to grow at a compound annual rate of 5.5 percent through 2031. Reinforcing this trend, a Coherent Market Insights analysis predicts that the medical metal tubing segment alone will reach $1.3 billion by 2032 with a 7.4 percent CAGR driven by the increasing use of minimally invasive surgical devices.

Financing for the acquisition of Tech Tube was provided by TPG Twin Brook. Chicago-based TPG 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 to $150 million. TPG Twin Brook’s products include opportunistic investments in second lien, mezzanine, and equity co-investments.

Cogenuity invests from $20 million to $200 million in North America-headquartered companies with up to $250 million in revenue and from $5 million to $35 million in EBITDA. Sectors of interest include advanced manufacturing, infrastructure services, industrial technology, and industrial services.

Cogenuity closed its inaugural fund, Cogenuity Fund I LP, with $425 million in capital commitments. The firm’s first investment for its first fund was the October 2024 buy of United Safety & Survivability Corporation (USSC) from Dubin Clark. USSC is a Pennsylvania-headquartered maker of safety and survivability products for niche markets including bus, subway, light rail, transit, military, marine and first responder vehicles.

Cogenuity was founded in 2023 and is headquartered in San Francisco.

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