Shur-Co, a manufacturer of cargo covering and cargo control systems and a portfolio company of Behrman Capital, has acquired US Tarp from Brighton Partners.
US Tarp manufactures and distributes automated and manual truck and trailer tarping systems used on commercial medium-duty trucks, heavy-duty tractor-trailers, dump trucks and roll-off container handling equipment across the construction, landscaping, agriculture, recycling, and refuse transportation sectors. US Tarp’s products are sold through distributors and OEM installation channels.
US Tarp, led by CEO Thomas Bronz, was founded in 2003 and is headquartered in the western Michigan city of South Haven with a sales and distribution facility in Salt Lake City, Utah. US Tarp was acquired by Brighton Partners in May 2018.
“At US Tarp, we are most proud of our customer service culture and history of customer-oriented product development,” said Mr. Bronz. “We are excited to join forces with Shur-Co as we continue to build out our product lines and bring our service-oriented business to new customers and geographies.”
Shur-Co specializes in the manufacturing and distribution of tarping and containment systems for trucks, trailers, and agricultural equipment. The company’s products are designed to protect and secure loads in the agriculture, construction, waste, flatbed, and rail industries and include the Shur-Lok roll tarping system, and the Sidewinder and ProTarp electric tarp systems. In addition to tarping systems, Shur-Co provides numerous support accessories like tie-downs, ratchets, and repair kits.
Shur-Co, led by CEO Chad Heminover, was founded in 1954 and is headquartered in Yankton, South Dakota (115,000 sq. ft.) with additional facilities in Fremont, Nebraska (92,000 sq. ft.), Fort Dodge, Iowa (30,000 sq. ft.), Burlington, Ontario (40,000 sq. ft.), and Brisbane, Australia.
“US Tarp brings highly complementary product lines, supplementing our own cargo covering offerings, and is a natural growth opportunity for our business,” said Mr. Heminover. “With overlapping markets and similar customer bases, this is a great opportunity to continue expanding, backed not only by US Tarp’s current offerings, but also the strength of their innovative engineering and development teams.”
The acquisition of US Tarp is Shur-Co’s second add-on acquisition since being acquired by Behrman Capital in July 2021. The first add-on was AB Airbags, a California-based manufacturer of inflatable dunnage air bags – sold under the TUFFY brand – that are used by shippers to protect products from damage during transport.
“As part of Shur-Co, US Tarp is well-positioned for continued growth, led by its experienced management team,” said Grant Behrman, the managing partner of Behrman Capital. “We are pleased to support Shur-Co’s expansion as they continue to build out their product portfolio with highly complementary and innovative partners.”
Behrman Capital invests in management buyouts, leveraged buildups, and recapitalizations of established growth businesses that are active in defense and aerospace, healthcare, and specialty industrial sectors. New York City and San Francisco-based Behrman Capital has raised more than $4 billion since its founding in 1991 and is currently investing out of its seventh fund.
Brighton Partners makes control investments in distribution, manufacturing and service companies with $10 million to $50 million of revenue and less than $5 million of EBITDA. The firm is currently investing out of Brighton Micro-Cap Fund II LP, a $30 million fund raised in 2023. Brighton operated as an independent sponsor until 2017 when it raised its first fund, Brighton Micro-Cap Fund LP, with $21 million in capital commitments.
© 2024 Private Equity Professional | August 21, 2024
