Graycliff Partners has acquired Gold Tech Industries, a provider of metal finishing and plating services.
Gold Tech has metal capabilities in gold, silver, copper, chrome and nickel and its customers are active in the aerospace, electronics, communications and defense industries.
Gold plating is a key feature of metal components used in the manufacture of semiconductor equipment and one of Gold Tech’s fastest growing divisions specializes in military and commercial plating applications for aerospace and telecommunications applications.
Tempe, Arizona-based Gold Tech was founded in 1984 and is led by CEO Dan Skinner who has owned the company since 1990.
“This is an exciting step in our company’s history,” said Mr. Skinner. “Graycliff has been a reasonable and reliable counterpart throughout this process, and we are confident they will be a trusted partner for our employees and customers as the company enters its next chapter. Graycliff’s prior experience and success in the semiconductor and aerospace industries will allow the company to accelerate growth.”
“Having spent my entire career in the semi-cap industry, Gold Tech’s knowledge of metal-plating and ability to execute on time with high quality is unparalleled in the space,” said Dan Rubin, a Graycliff operating advisor. Mr. Rubin joined Graycliff in September 2020 after a 30-year career in the semiconductor, display, energy and biotech equipment manufacturing sectors.
“This is the first institutional capital for Gold Tech and will allow it to accelerate its growth with current and new customers alike,” said Duke Punhong, a managing partner at Graycliff. “We have significant experience in the semiconductor equipment industry and expect Gold Tech to be the first of a number of acquisitions within the space for our current fund.”
The acquisition of Gold Tech is the third investment for Graycliff’s fourth private equity fund, Graycliff Private Equity Partners IV LP which closed at its $350 million hard cap in December 2019.
Graycliff’s two earlier buys were Pennsylvania-based Ballymore, a manufacturer of electric lifts, ladders, work platforms, and portable loading docks, in February 2021; and Gerard Daniel Worldwide, a Pennsylvania-based manufacturer of wire mesh products used in filtration, sound suppression, and heat dispersion applications, in August 2020.
New York City-based Graycliff invests from $10 million to $50 million of control equity in companies with revenues of $10 million to $200 million and EBITDA of $4 million to $20 million. Sectors of interest include niche manufacturing, business services, and value-added distribution. The firm was formed in December 2011 by the former investment team of HSBC Capital.
© 2021 Private Equity Professional | July 13, 2021
L2 Capital Partners has acquired Ecotone, a provider of eco-related design, engineering, and construction services.
“L2 has significant experience in the environmental services sector and is very excited to partner with Scott and the entire Ecotone team,” said Connor McMahan, a partner at L2 Capital. “The company’s capabilities solve some of our society’s most sensitive ecological problems, and the company’s core values strongly align with those of L2.”
“Ecotone is well-positioned to continue its evolution as a leading environmental restoration services provider,” said Lorin Wolfe, a partner and the chief operating officer of L2 Capital. “L2 Capital’s depth of experience in the sector, its passion for environmental, social, and governance and positive purpose businesses, and its partnership-based approach will help the company achieve outsized levels of growth. I’m delighted to have the opportunity to work closely with the entire Ecotone team to advance their mission of being the most trusted brand in the space.”
CID Capital has sold Classic Accessories, a designer and distributor of outdoor product covers, to Twin Star Home, a portfolio company of Z Capital.
“CID really enjoyed the partnership with Classic Accessories. Management’s talent and capabilities guided the business through a period of strong multi-channel growth resulting in the category leadership and ecommerce excellence the business enjoys today,” said Steve Cobb, the managing partner of CID. “Utilizing our decades-long experience building consumer products companies alongside talented management teams, we’re proud to have helped contribute to the growth of Classic Accessories over the last five years. From day one, we had a great appreciation for the team’s vision and their pursuit to develop Classic Accessories into the premier outdoor products provider it is today.”
Crown Bakeries, a portfolio company of Arbor Investments, has acquired Bagel Boy, the largest manufacturer of premium, New York-style bagels in New England.
“The Bagel Boy transaction marks the fourth add-on to the Crown portfolio in the last 15 months, giving the organization over 1,000 employees, serving customers across all channels – in retail, as a co-manufacturing partner for brands, as well as in foodservice,” said Chris Tuffin, a partner at Arbor. “We are thrilled not only to have grown our team and further expanded our product offering but now boast eight facilities with presence up-and-down the Eastern seaboard, establishing Crown as the preeminent baking partner for customers in North America.”
Arbor invests from $100 million to $250 million of equity per transaction in food, beverage, and related companies. Since its founding in 1999, the firm has acquired or invested in over 80 North America-based companies with a multiple on invested capital of 5.1x and an internal rate of return of 37%. Arbor is headquartered in Chicago and opened an office in New York City in 2016.
Tecum Capital has made an investment in DelGrosso Foods, one of the oldest family-owned producers of pasta sauce in the United States.
“DelGrosso represents another opportunity to partner with a passionate and proven management team alongside an experienced senior lending syndicate right in our back yard,” said Stephen Gurgovits, Jr., the managing partner of Tecum. “Further, we are very bullish on the co-manufacturing industry within durable food product categories around the country and we believe DelGrosso to be a world-class food co-manufacturer. In addition to supporting the management team, we could not be happier to have the ability to support regional job growth, as it is a core part of Tecum’s investment strategy.”
Headquartered near Pittsburgh in Wexford, Pennsylvania, 
Blackstone has agreed to acquire Sphera, a provider of environmental, social and governance (ESG) software, data, and consulting services, from Genstar Capital.
“Sphera has built world-class technology and is exceptionally well-positioned in the fast-growing ESG sector,” said Martin Brand, the head of North American private equity at Blackstone and its global co-head of technology investing. “We are looking forward to helping Paul and his team accelerate Sphera’s further expansion.”
New York City-based 
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Crest Rock Partners has acquired CloudNine, a provider of e-discovery software used by corporations, law firms, governments, and legal service professionals.
“The litigation environment is becoming increasingly complex with the growth and proliferation of electronic data,” said Steve Johnson, co-founder and a partner at Crest Rock. “CloudNine is well-positioned to address its customers’ needs with its long-established expertise and differentiated software suite. We are excited to partner with CloudNine as they continue to help a growing list of legal professionals navigate their eDiscovery needs.”
EQT Private Equity has agreed to sell Aldevron, a producer of nucleic acids and proteins, to Danaher Corporation for $9.6 billion. EQT acquired a majority stake in Aldevron in July 2019 from TA Associates.
“Aldevron is integral to the development and supply of new types of therapies that address previously uncurable medical conditions,” said Eric Liu, a partner and co-head of healthcare at EQT. “We are proud to have supported Aldevron and its mission to deliver the highest quality products that help improve patient lives across the world.”
Integrated Polymer Solutions (IPS), a portfolio company of Arcline Investment Management, has acquired Swift Textile Metalizing. Arcline acquired IPS from Industrial Growth Partners in July 2019.
“Since we first met Steve and were introduced to Swift, we have continued to be impressed by not only the quality of his company, but also the experience, depth, and dedication of his team,” said Mr. McManus. “It is truly an exceptional organization, and we take the responsibility of partnering with Steve and his team for Swift’s next chapter very seriously and with great humility. Together we are excited to continue building a world-class materials science business.”
