Clearlake Capital Group has acquired Team Technologies from The Riverside Company. Members of the company’s senior management team co-invested alongside Clearlake on this transaction.
Team Technologies is a contract manufacturer of consumable dental, cosmetic, and medical products sold to consumer packaged goods, retail, and private label customers. The company’s products include manual toothbrushes and power toothbrush heads; nail polish brushes; medicated eyelash applicators; disposable prophy angles and cups used for professional teeth cleanings; surgical scrub brushes and swabs; metered dosage dispensers; and disposable shoe covers. The company is headquartered in Morristown, TN (www.teamtechinc.net).
Riverside acquired Team Technologies in 2012 and during the course of its ownership the company closed multiple add-on acquisitions including Bootie Butler in 2014, a provider of disposable shoe covers and automated shoe cover dispensers for industrial and medical applications; and DoseLogix in 2018, a metered dosage dispenser manufacturer serving compound pharmacies.
“We’re pleased with the progress that we were able to achieve with the Team Technologies platform over the last six years,” said Riverside Managing Partner Suzy Kriscunas. “Through both organic initiatives and add-on acquisitions, we expanded Team’s capabilities, provided access to new end markets and added new products to the already successful portfolio.”
“In partnership with management, we accomplished many things during our hold period,” said Riverside Partner Ryan Richards. “We supported the company as it expanded its blue-chip customer base and strengthened existing partnerships, and we also made significant strategic investments in R&D, new product development and automation that will continue to drive growth in the future.”
The Riverside Company is a global private equity firm focused on investing in and acquiring growing businesses valued at up to $400 million. Since its founding in 1988, Riverside has invested in more than 530 transactions and its portfolio includes more than 80 companies. The firm is headquartered in New York with 16 additional US and international offices (www.riversidecompany.com).
The investment from Clearlake will enable TEAM Technologies to accelerate organic growth by continuing to build on its product development pipeline and sales strategy, as well as through acquisitions. Marshall White, President and CEO of TEAM Technologies, will continue to lead the company under Clearlake ownership.
“Team Technologies has long been a trusted innovation partner and a recognized supply chain leader across several highly attractive end markets,” said José Feliciano, Co-Founder and Managing Partner of Clearlake. “Our investment reflects our confidence in Marshall and his team’s ability to continue delivering the highest quality products and solutions to customers, and the unique opportunity to sponsor an attractive platform in a dynamic, but fragmented market.”
Clearlake has over $3.5 billion of assets under management and invests in the following sectors: industrials and energy; software and technology-enabled services; and consumer. In March 2018, Clearlake closed Clearlake Capital Partners V LP with over $3.6 billion in commitments. Fund V exceeded its target and was substantially oversubscribed, reaching its hard cap. At over $3.6 billion, Fund V is the largest fund that Clearlake has ever raised. The firm was co-founded by Mr. Feliciano and Behdad Eghbali in 2006 and is headquartered in Santa Monica, CA (www.clearlake.com).
William Blair & Company was the financial advisor to Team Technologies. Ares Management and Northwestern Mutual Capital, acting as lead arrangers and administrative agents, provided fully committed debt facility to finance the transaction.
© 2018 Private Equity Professional | November 16, 2018