Charlesbank Capital Partners has sold its portfolio company Tecomet, a manufacturer of components for the medical device and aerospace & defense markets, to Genstar Capital.
Tecomet is a contract manufacturing, engineering, and technology company specializing in net shape forging, precision machining, photochemical etching, surface texturing, vacuum brazing, laser and electron beam welding, and rapid prototyping. The company’s components and assemblies are used in the medical (with a special emphasis on orthopedic, trauma and spinal implants), aerospace & defense, commercial and industrial markets. Tecomet is headquartered in Wilmington, MA and has additional facilities in Woburn, MA; Kenosha, WI; and Azusa, CA (www.tecomet.com).
Charlesbank Capital Partners invests in management-led buyouts and growth capital financings, typically investing from $50 million to $150 million per transaction in companies with enterprise values of $100 million to $750 million. The firm has $2 billion of capital under management and has offices in Boston and New York (www.charlesbank.com).
Harris Williams & Co. (www.harriswilliams.com) was the lead advisor to Charlesbank Capital Partners on this transaction. The transaction was led by James Clark, Geoff Smith, Whit Knier and Turner Bredrup from Harris Williams & Co.’s Healthcare & Life Sciences Group; Jon Nemo from the firm’s Aerospace, Defense & Government Services Group; and Bill Roman and Trey Packard from the firm’s Industrials Group.
In 2008, Harris Williams & Co. advised Cardinal Health on the sale of its subsidiary, Tecomet, to Charlesbank. “We are extremely proud to work once more with Tecomet and management to deliver a successful outcome,” said Turner Bredrup, a managing director in Harris Williams & Co.’s HCLS Group. “The greatest compliment our clients can give us is the opportunity to work with them again.”
Genstar Capital invests from $50 million to $400 million in middle-market companies that have enterprise values from $50 million to $1 billion and EBITDAs greater than $15 million. Sectors of interest include life sciences, healthcare services, software & software services, financial services, and industrial technology. The firm was founded in 1988 and is based in San Francisco (www.gencap.com).
“Tecomet is led by an outstanding management team that we are excited to partner with. Bill Dow, John Connolly and the rest of Tecomet’s employees have built the company into one of the premier precision manufacturers for the medical device and aerospace & defense industries, driving growth both organically and through the sourcing and integration of strategic acquisitions,” said Rob Rutledge, Principal at Genstar Capital. “Genstar is eager to partner with the Tecomet management team to expand the company’s capabilities, product offering and geographic reach while continuing to provide excellent quality and service to its customers.”
© 2013 PEPD • Private Equity’s Leading News Magazine • 12-20-13