Wynnchurch Capital has sold Wolverine Advanced Materials to publicly-traded ITT Corporation for approximately $300 million. Wynnchurch – which acquired the company in December 2010 from EaglePicher – generated a return of 4 times its invested capital.
Wolverine Advanced Materials is a manufacturer of rubber-coated materials for use in industrial, electronics, and automotive applications including braking systems and harsh environment seals and gaskets. The company is based in Dearborn, MI (www.wamglobal.com).
“Wolverine represented an opportunity to reinvigorate a company with great DNA, differentiated products and leading market share,” said Terry Theodore, a Partner at Wynnchurch. “By recruiting fresh leadership and working with the management team to drive operational improvement, bolster the sales and go-to-market strategy, invest in engineering and product development and execute a strategic add-on acquisition, Wynnchurch and the management team were able to significantly grow Wolverine’s earnings and accelerate its topline growth.”
Wynnchurch Capital makes investments of $10 million to $90 million in middle-market companies that have revenues of $5 million to $500 million. Sectors of interest include niche manufacturing, business and industrial services, energy and power services, logistics, transportation and value-added distribution. The firm was founded in 1999 and is located in the Chicago suburb of Rosemont with additional offices in Detroit and Toronto (www.wynnchurch.com).
“Wolverine is a great business and we are proud of the growth and accomplishments that the management team, in close collaboration with Wynnchurch, were able to achieve during our ownership period,” said Brian Crumbaugh, a Managing Director at Wynnchurch.
Wynnchurch was advised by UBS Investment Bank (www.ubs.com) and Foley & Lardner (www.foley.com) served as the firm’s legal advisor.
© 2015 PEPD • Private Equity’s Leading News Magazine • 10-19-15