MIDMARK CAPITAL HAS SOLD TCR ENGINEERED COMPONENTS LLC
Birmingham, Michigan – August 24, 2016 – Angle Advisors is pleased to announce the sale of TCR Engineered Components LLC (“TCR” or the “Company”). Angle Advisors acted as the exclusive investment banking advisor to TCR in completing this transaction.
Based in Minneapolis, MN, TCR is a leading manufacturer of highly engineered components that combines cold forming, precision screw machining, and finishing operations to make extremely close-tolerance metal components which are used in automobiles, recreational and industrial-use vehicles and applications, and building products. Specific component uses include airbag and restraint safety systems, non-auto vehicular hydraulics, specialty air, gas & fluid connectors, and window hardware. Operating from a single facility, TCR employs approximately 150 skilled and administrative workers.
“Through this sale TCR will advance its leadership position in close-tolerance metalworking and automotive safety system components. Under the new privately held structure of the purchaser, TCR’s long-term strategies to expand capabilities in critical powertrain and drivetrain automotive systems will be enhanced,” said Wayne Clevenger, Managing Director at MidMark Capital.
Doug Parker, Managing Director at MidMark Capital, said, "TCR has evolved over our investment period and become one of the most respected fabricators of components to the automotive safety industry as evidenced by TCR’s selection by Autoliv as one of the first Zero Defect Suppliers in their supply chain. We selected Angle Advisors to help us find the right buyers for this business because of their deep experience in automotive and industrial transactions and we were delighted with the interest they generated, their guidance, persistence, and hard work. We believe the sale will create new and bigger opportunities for TCR and its employees.”
MidMark Capital is a private equity fund based in Morristown, NJ which manages two funds that have deployed more than $300 million of capital. MidMark invests in manufacturing, service and distribution companies with revenues between $20 and $200 million. MidMark combines financial resources and business capabilities to acquire significant ownership positions and strategic buy-outs in privately and publicly-owned middle-market companies with the objective to increase the value of those positions over the long term. For additional information, please visit www.midmarkcapital.com.
Angle Advisors, with offices in the United States, Germany, the United Kingdom, and China, specializes in mergers and acquisitions with a particular emphasis on the vehicular and industrial sectors. The firm's 35 professionals have completed 157 M&A transactions since the beginning of 2009 for multinational corporations, privately-held companies, private equity funds, and public sector clients. For additional information, please visit www.angleadvisors.com.