THE COATS COMPANY HAS BEEN ACQUIRED BY VICTOR CAPITAL PARTNERS
Birmingham, Michigan – January 12, 2024 – Angle Advisors is pleased to announce that Vontier Corporation (NYSE: VNT), a leading global provider of critical technologies and solutions to connect, manage and scale the mobility ecosystem, has sold the Coats Company (“Coats”) to Victor Capital Partners, a leading middle market private equity firm investing in branded mission-driven companies in specialty consumer, industrial technology, and business service industries. Angle Advisors acted as the exclusive investment banking advisor to Vontier Corporation (“Vontier”) in completing the transaction.
Coats is a 75-year-old global manufacturer and distributor of Coats- branded wheel service, alignment, inspection, lift and shop productivity equipment and services. Its current manufacturing location and office in LaVergne, Tennessee will serve as headquarters of the newly independent company.
“We continue to demonstrate progress in transforming our portfolio, sharpening our focus on delivering more intelligent and differentiated solutions to our customers, and executing on our Connected Mobility strategy to connect, manage and scale the mobility ecosystem,” said Mark Morelli, President and Chief Executive Officer of Vontier. “Net proceeds from this transaction are expected to be deployed toward future debt reduction and share repurchases as we remain committed to delivering on our strategic priorities and driving superior value for our shareholders.”
Doug Korn, managing partner of Victor Capital Partners, noted “We are excited to partner with the Coats team and support the next chapter of the company’s growth. Together, we will work to accelerate investments to achieve Coats’ future potential as a bigger, stronger company with an expanded product portfolio and robust national service offering.”
Coats will continue to be led locally by its existing executive team. Mauricio Sartori will serve as President & CEO, and has over 30 years of industry experience leading global and multi-regional businesses including Gilbarco Veeder-Root, Honeywell, Accenture, and McKinsey & Company.
“We are thrilled to be partnering with Victor Capital and tapping into their deep expertise in developing strong, vibrant, innovative industrial businesses,” said Sartori. “The Victor Capital team shares our values of collaboration and customer-focus and is committed to building upon our legacy of great people, quality products, and a powerful brand.”
Scott Simon, Vice President of Corporate Finance at Vontier, commented “Angle Advisors was critical to our success in this transaction. Their deep expertise in the industry, fundamental understanding of the business, and impressive command of carve-out transactions proved invaluable to our entire team.”
Coats provides a broad product offering, both directly and through a strong distributor network, to its primary customer base of repair shops, tire dealers, big box retailers, and new car dealers. Its service division offers a nationwide network of mobile service technicians that deliver installation and repair services to ensure the uptime and reliability of critical equipment.
Vontier Corporation (NYSE: VNT) is a global industrial technology company uniting critical mobility and multi-energy technologies and solutions to meet the needs of a rapidly evolving, more connected mobility ecosystem. Leveraging leading market positions, decades of domain expertise and unparalleled portfolio breadth, Vontier enables the way the world moves – delivering smart, safe and sustainable solutions to our customers and the planet. Vontier has a culture of continuous improvement built upon the foundation of the Vontier Business System and embraced by over 8,500 colleagues worldwide. Additional information about Vontier is available on the Company’s website at www.vontier.com.
Victor Capital Partners is a leading middle market private equity firm investing in specialty consumer, industrial technology, and business services companies. They focus on resilient industries and mission-driven branded businesses with outsized growth potential. The firm’s name stands for victory because they help build companies that are well-positioned to win for their people, customers, and communities. For more information, visit https://victorcapitalpartners.com.
Angle Advisors, with offices in the United States, Germany, and China, specializes in mergers and acquisitions and capital raising. The firm’s professionals have completed 292 transactions since 2009 for multinational corporations, privately held companies, private equity funds, and public sector clients. For additional information, please visit www.angleadvisors.com.