Lion Equity’s Elkhart Tri-Went Closes First Add-On
September 23, 2025|John McNulty
Elkhart Tri-Went Industrial, a portfolio company of Lion Equity Partners, has acquired Custom Tube Products.
Custom Tube Products (CTP) manufactures metal tubing assemblies and components used by OEMs and Tier 1 suppliers in the aerospace, medical, automotive, home health care, dental, energy, scientific instrument, boating, and recreational vehicle sectors.
Source: Custom Tube Products
The company’s core products include CNC bent tubing, end-formed tubing, and stainless-steel assemblies used in high-performance fluid and gas transfer applications. CTP also provides component assembly services, and stocking and shipping programs.
CTP was founded in 1987 by the husband-and-wife team of William Love and Sydney Love. Today, the company is led by their son, President David Love, and is headquartered in Edgewater, Florida.
“We’re excited to join forces with ETI. Their resources and industry reach will allow us to scale our innovations and better serve our customers nationwide,” said Mr. Love.
Elkhart Tri-Went Industrial (ETI) manufactures fabricated metal tubing components and assemblies used in OEM applications across the automotive, HVAC, water systems, and general industrial sectors. The company specializes in short-to-medium production runs of aluminum and copper extrusions and provides contract manufacturing services such as tube cutting, bending, expanding, hole drilling, flow drilling, end forming, and brazing.
Source: Elkhart Tri-Went Industrial
ETI is known for producing continuous tubular designs that eliminate the need for brazing or joints, reducing stress points and secondary operations. The company holds a patented extrusion process that uses heat and pressure to form complex, near-net shape metal parts that are produced close to their final dimensions, requiring minimal finishing. This process reduces internal porosity (tiny voids or gas pockets within the metal that can weaken mechanical properties), improves wear resistance and load-bearing performance, and reduces scrap rates by up to 30 percent compared to conventional die casting.
ETI, led by CEO Ken Robinson, operates a 120,000 sq. ft. facility at its headquarters in Geneva, Indiana. The company also has locations in Knoxville, Tennessee (40,000 sq. ft.) and near Toronto in Ajax, Ontario. Lion Equity acquired ETI from publicly traded Aalberts NV in February 2022.
“The acquisition of Custom Tube Products’ operation will expand ETI’s production footprint and add additional advanced CNC tube bending, end forming, and brazing capabilities to our portfolio,” said Mr. Robinson.
“Combining CTP with ETI creates a highly complementary partnership that broadens capabilities, expands market reach, and positions the business for long-term growth,” said Jim Levitas, co-founder and partner of Lion Equity. “We’re excited to support both teams as they build on their track records of excellence together.”
Denver-based Lion Equity makes control investments in North American corporate carve-outs and special situations, including businesses experiencing financial, operational, or industry-driven challenges. Typical targets have revenues between $30 million and $300 million and EBITDA up to $15 million. The firm invests in a wide range of sectors and is effectively industry-agnostic.
Elkhart Tri-Went Industrial, a portfolio company of Lion Equity Partners, has acquired Custom Tube Products.
“Combining CTP with ETI creates a highly complementary partnership that broadens capabilities, expands market reach, and positions the business for long-term growth,” said Jim Levitas, co-founder and partner of Lion Equity. “We’re excited to support both teams as they build on their track records of excellence together.”
Denver-based 
