Blue Wolf Capital Partners has acquired TGW, a manufacturer of industrial knives. The investment was made through the firm’s fourth fund which closed in October 2017 with $540 million of capital commitments.
TGW’s knives are made from a variety of materials including carbon steel, stainless steel, powdered metal, tungsten carbide, and ceramics, and are used in wide range of applications in the packaging, processing, printing and converting industries. Most of the company’s knives are available in stock and can be available for same-day shipping.
TGW was founded in Sheffield, England in 1908 by Thomas Gilbert Wolstenholme, a descendent of George Wolstenholme who began a small business manufacturing cutlery in 1745. In 1993, the company established TGW International to expand its business to the North American market and in 2011 it opened a manufacturing facility in India. Today, TGW employs 160 people globally and has offices and facilities in Sheffield, UK; Wilder, KT; Chicago, IL and Indore, India (www.tgwglobal.com).
With the transaction now closed, CEO and Chairman Richard Wolstenholme and President Jeff Litmer will transition oversight of the business to TGW’s existing management team led by Steve Corbett in the UK and Tim White in the United States. “TGW is excited to embark on this next chapter in our long, storied history and think Blue Wolf will be a great partner in this,” said Mr. Corbett. “We are fortunate enough to have many growth opportunities in our future, and Blue Wolf shares our vision of continuing to grow and evolve as a company.”
“Few companies have accomplished more and created a stronger brand within the industrial knives manufacturing space than TGW,” said Michael Ranson, a Partner at Blue Wolf. “We are thrilled to welcome TGW into the Blue Wolf family and look forward to working with the team to build on the company’s legacy and continue to grow the business.”
Blue Wolf invests in companies in which management of relationships with complex constituencies – such as government and labor – can change organizations and create value. The firm’s investment criteria are minimum revenues of $25 million; minimum transaction size of $20 million; and a minimum investment size of $10 million. Blue Wolf is headquartered in New York (www.blue-wolf.com).
Blue Wolf’s acquisition of TGW is the third platform investment for Blue Wolf Capital Fund IV. In February 2018, Blue Wolf acquired Abilene, TX-based Petrosmith, a provider of production equipment and oilfield tubular goods to the domestic oil and gas industry; and in April 2018 it acquired Mississauga, ON-based The State Group, a multi-trade contractor providing maintenance and repair services to the power generation, automotive, oil and gas, communications, and metals industries.
© 2018 Private Equity Professional | May 17, 2018