Triad Technologies, a portfolio company of Shorehill Capital, has acquired Tech-Syn Corporation.
Tech-Syn is a distributor of O-rings; industrial and hydraulics hoses and seals; and gaskets, fittings and couplings to an array of industrial customers. The company also provides several value-added services including engineering support, kitting and custom packaging, and inventory management programs.
Tech-Syn was founded in 1959 and, prior to its sale to Triad, was led by Gary Manning, its president and owner. The company is headquartered near Chicago in Bloomingdale, Illinois, with additional locations in Rockford, Illinois, and Milwaukee, Wisconsin.
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 the Tech-Syn team to the Triad family,” said Mr. Wissman. “The strategic fit between Tech-Syn and Triad is very strong. Tech-Syn has expertise in highly engineered seals and O-Rings whereas Triad offers a broad array of complementary products across hydraulics, pneumatics, industrial automation and industrial hose. This compelling strategic alignment will allow the combined company to provide comprehensive solutions to our shared customer base, while strengthening our presence in the Illinois and Wisconsin markets.”
Shorehill acquired Triad from Svoboda Capital Partners in October 2019. The acquisition of Tech-Syn, which closed in March 2023 but was only announced this week, is Triad’s third add-on acquisition under Shorehill ownership and follows the add-on buy, also in October 2019, of Goshen, Indiana-based Day Fluid Power, and the December 2022 buy of Lyons, Illinois-based Industrial Service Products.
“Triad’s acquisition of Tech-Syn greatly enhances Triad’s ability to provide complex sealing solutions to its customers. It also strengthens Triad’s footprint throughout the Midwestern United States. Looking ahead, Triad continues to seek acquisitions that expand its product breadth and geographic reach to better serve its customers,” said Charlie Denison, a managing director at Shorehill.
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.
According to Shorehill, Triad is actively seeking additional acquisitions of distributors of fluid power, industrial automation, and fluid conveyance products.
© 2023 Private Equity Professional | September 28, 2023
