Bertram Buys Family-Owned NEFCO

Bertram Buys Family-Owned NEFCO

Chicago-headquartered Twin Brook was the joint lead arranger on the debt financing to support Bertram’s acquisition of NEFCO

NEFCO’s products include struts, rod and pipe hangers, anchors and fasteners, power tools, abrasives and safety supplies


Bertram Capital has acquired NEFCO, a supplier of specialty construction products to professional contractors. The buy of NEFCO is the ninth investment closed by Bertram’s fourth fund.

NEFCO’s products include struts, rod and pipe hangers, abrasives, anchors and fasteners, power tools, safety supplies, and other construction-related products. The company also provides light fabrication and assembly services.

[Source: NEFCO]
Family-owned and operated NEFCO, headquartered in East Hartford, Connecticut, was founded in 1981 and has 19 locations along the East Coast and in the Midwest. The senior team of NEFCO includes founder and executive chairman David Gelles, CEO Matt Gelles, COO Ron Cipriano, and CFO David Putt.

“The Bertram team differentiated itself in the sale process through their clear understanding of our business model and services, shared vision in the value creation strategy, and their Bertram Labs technology enablement resource,” said Matt Gelles. “We look forward to leveraging Bertram’s operating capabilities, including the Bertram Labs team, to further accelerate our growth initiatives.”

Bertram Labs refers to the firm’s internal team of engineers, software developers, social media/digital marketing specialists, website designers and graphic artists that provide strategies and technologies to Bertram’s portfolio companies.

“NEFCO has established itself as a leader in the SHARP (Strut, Hardware, Anchors, Rod and Pipe Hangers) product category. They are a valued partner to customers and suppliers providing expert level service, deep product knowledge, breadth of offering, and unique delivery capabilities,” said Kevin Yamashita, a partner at Bertram. “The company’s continued success and growth across multiple decades is a testament to the capabilities of the team and their position in the industry. To be trusted as NEFCO’s first institutional partner is an honor.”

In June 2022, NEFCO acquired family-owned Jiffy Fastening Systems, a Lexington, Kentucky-headquartered provider of products to mechanical, electrical, plumbing and HVAC contractors throughout Kentucky, Ohio, and Indiana. The buy of Jiffy was NEFCO’s 6th acquisition since 2017.

“We are excited to partner with and have the support of Bertram as we continue to grow our business, both organically and through acquisitions,” added David Gelles. “We prioritized finding a partner to help us continue to build NEFCO into an industry leader. We believe we found that partner in Bertram.”

Bertram invests in middle-market business services, consumer, industrial, and manufacturing companies that have revenues from $25 million to $250 million and EBITDA of $5 million to $30 million. Bertram is headquartered south of San Francisco in San Mateo, California.

Twin Brook was the joint lead arranger on debt financing to support Bertram’s acquisition of  NEFCO. Chicago-based Twin Brook focuses on loans to private equity-owned companies with EBITDA between $3 million and $50 million, with an emphasis on companies with $25 million of EBITDA and below. The firm targets senior financing opportunities up to $200 million, with hold sizes across the platform ranging from $25 million up to $150 million. Twin Brook’s products include opportunistic investments in second lien, mezzanine, and equity co-investments.

Raymond James was the financial advisor to NEFCO on this transaction with Carl Gatenio and Gareth Hughes leading the firm’s transaction team.

© 2022 Private Equity Professional | August 16, 2022

To search in site, type your keyword and hit enter