Triad Technologies, a portfolio company of Shorehill Capital, has acquired Industrial Service Products.
Industrial Service Products (ISP) is a distributor of custom-fabricated hoses, valves, and fittings that are used to transfer liquid and dry goods in a range of industrial sectors. ISP, led by President Steve Parker, was founded in 1972 and is headquartered near Chicago in Lyons, Illinois.
Shorehill acquired Triad from Svoboda Capital Partners in October 2019. The acquisition of ISP is the company’s second add-on acquisition under Shorehill ownership and follows the add-on buy, also in October 2019, of Goshen, Indiana-based Day Fluid Power.
Triad Technologies is a stocking distributor of industrial fluid power and automation products used in hydraulic, pneumatic, electromechanical, filtration, and automation applications. Triad also provides value-added services including technical support and field services, system design, hose assembly, and repair services.
Triad has more than 7,000 customers and 28 locations across Ohio, Indiana, Illinois, Michigan, and Kentucky including the Triad ParkerStores retail outlets (hose repair and fluid connector products) in Ohio and Southern Michigan. Triad, led by CEO Greg Wissman, was founded in 1981 by Lee and Rita Wissman and is headquartered near Dayton in Vandalia, Ohio.
“We are pleased to welcome Steve Parker and the ISP team into the Triad family,” said Mr. Wissman. “ISP’s broad offering of hoses, fittings, valves, loading and safety equipment aligns nicely with Triad’s base of industrial customers and will complement our current offering of premium motion control and hydraulic products.”
“ISP enhances Triad’s fluid conveyance and industrial hose capabilities, and it strengthens our footprint in Illinois and Indiana,” said Charlie Denison, a managing director at Shorehill. “Looking forward, Triad continues to seek acquisitions that expand its product breadth and geographic reach to better serve its customers.”
Chicago-based Shorehill makes control investments in North American-based middle market companies that have from $3 million to $15 million in EBITDA. Sectors of interest include engineered industrial products, industrial services, and value-added distribution. The firm was founded in 2013 by its managing partners Brian Simmons and Dave Hawkins, both former senior executives of CHS Capital.
Twin Brook Capital Partners, as administrative agent, led the debt financing to support Triad’s buy of ISP. 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.
According to Shorehill, Triad is actively seeking additional acquisitions of distributors of fluid power, industrial automation, and fluid conveyance products.
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