Center Rock Capital Partners has acquired TAG Manufacturing, a designer and manufacturer of attachments used in construction and earth-moving applications.
TAG Manufacturing’s products – sold to OEMs, dealers and heavy equipment rental companies – range from light-weight wheel loader buckets to severe-duty excavator attachments and are used in the material handling, construction, agriculture and municipal markets.
TAG was founded in 2005 by brothers Gary and Terry Wilt who are partnering with Center Rock on this transaction.
“TAG has changed how the industry thinks of attachment suppliers,” said Terry Theodore, a partner at Center Rock. “From the beginning, TAG has been dedicated to supporting its customers with speed, flexibility and unmatched customer service. We are thrilled to partner with Gary, Terry and the rest of the TAG team to support their future growth plans.”
TAG operates from two facilities in Chattanooga, Tennessee with a combined 400,000 square feet of space.
“Center Rock understands the nuances of our business and brings a depth of experience to help us grow and expand the company,” said Terry Wilt. “Equally as important as the opportunity for growth, is the fact that Center Rock shares our focus on genuine partnerships and culture.”
Center Rock makes control and non-control equity investments in North American-based industrial manufacturing, industrial services and industrial distribution companies that have revenues of $25 million to $500 million and EBITDA of up to $50 million (including negative EBITDA). TAG is Center Rock’s fifth platform investment out of its first fund, Center Rock Capital Partners Fund I LP, which closed in 2018 with an oversubscribed $580 million of limited partner capital.
“TAG is a superb brand with a reputation for exceptional service, product quality and leadership – all attributes we look for in our investments,” said David Matthews, a principal at Center Rock. “In a short period of time, Gary and Terry have created an incredible and durable business with great momentum that we are excited to build upon.”
Center Rock was founded in August 2017 and has offices in Chicago and in the Detroit suburb of Bloomfield Hills.
© 2020 Private Equity Professional | February 18, 2020