Tecomet, a portfolio company of Charlesbank Capital Partners, announced today that it has been acquired by Genstar Capital. The terms of the transaction, which closed today, were not disclosed.
Based in Wilmington, MA, Tecomet is a leading contract manufacturer of orthopedic implants, as well as critical components for the cardiovascular, medical imaging and aerospace markets. Its core capabilities include forging, precision machining, and photochemical etching. Charlesbank acquired Tecomet from Cardinal Health in 2008, in partnership with management.
“We are very proud of what we accomplished during our partnership with Charlesbank,” said Bill Dow, President & CEO of Tecomet. “Under their leadership we completed two strategic acquisitions, expanding our capabilities and customer base, nearly tripled our EBITDA and built on our reputation for innovation, outstanding performance and customer responsiveness. We now look forward to working with Genstar, whose support will allow us to continue offering top-tier service while growing with our customers.”
“Together with the management team we have achieved terrific growth over the past five years, and this transaction marks the conclusion of our very successful investment in Tecomet,” said Brandon White, a Managing Director of Charlesbank.
Josh Klevens, also a Managing Director, added, “Through our partnership with Bill Dow, John Connolly and the very talented and dedicated team at Tecomet, we have generated an attractive return for our investors while ensuring that Tecomet is poised to prosper in the years ahead. We wish them ongoing success as they continue to execute on their growth strategy.”
Harris Williams & Co. and Houlihan Lokey acted as financial advisors to Tecomet, and Goodwin Procter acted as legal advisor to Tecomet for the transaction.
About Charlesbank Capital Partners
Based in Boston and New York, Charlesbank Capital Partners is a middle-market private equity investment firm managing more than $2 billion of capital. Charlesbank focuses on management-led buyouts and growth capital financings, typically investing $50 million to $150 million per transaction in companies with enterprise values of $100 million to $750 million. The firm seeks to partner with strong management teams to build companies with sustainable competitive advantages and excellent prospects for growth. Visit www.charlesbank.com for more information.