Taglich Private Equity and Ironwood Capital have acquired Hobbs Bonded Fibers from its founder Carey Hobbs.
Hobbs Bonded Fibers is a manufacturer of specialty nonwoven products that are used in industrial and consumer applications, with a specific focus on the automotive and quilt batting markets. Quilt batting is used in sewing and quilting projects as a layer of insulation between fabrics. In automotive applications, quilt batting is used as sound-muffling insulation in dashboards, trunks and headliners. Hobbs’ automotive customers include Volkswagen, Mercedes-Benz, Tesla and Ford. Hobbs is headquartered in Waco, TX and operates seven manufacturing lines producing over 32 million pounds of synthetic and natural fiber annually (www.hobbsbondedfibers.com).
Taglich Private Equity makes equity investments of $3 million to $15 million in companies with revenues of $15 million to $150 million and EBITDAs of $5 million to $15 million. Sectors of interest include manufacturing, consumer products and business services. The group is the alternative investment arm of Taglich Brothers, a provider of services to microcap companies seeking to raise capital through private placements including secured notes, mezzanine financing, and preferred and common equity. Taglich Private Equity is based in New York (www.taglichpe.com).
“Hobbs is an attractive investment for us,” said Dickson Suit, managing director at Ironwood Capital. “Its diversified product line and partnerships with industry-leading companies in the development of custom products creates a runway for growth.”
Ironwood Capital makes mezzanine and equity investments of $5 million to $20 million in companies with revenues of $20 million to $200 million and EBITDAs of $3 million to $15 million. The firm is generally industry agnostic but has experience in recurring revenue business service models, environmental services and precision manufacturing. The firm has $500 million of capital under management and is headquartered in Avon, CT (www.ironwoodcap.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 9-1-15