Lower-middle market private equity firm CID Capital has backed ABC Industries, a manufacturer of mining ventilation products. Terms of the deal were not released.
CID Capital is proud to announce that it has partnered with ABC Industries, the leading manufacturer of mining ventilation products and one of the nation’s premier industrial ducting producers, in the United States.
Founded in 1926, the Company offers a diversified product line serving a variety of industries. ABC provides mines and tunneling contractors with a variety of ventilation products, including those that are used for mine roof support. The Company also manufactures industrial ventilation ducting used in numerous applications for preconditioned air and military use, as well as temporary heating and cooling. The Company also laminates industrial textile fabrics that are used for a broad range of specialized niche applications.
CID worked closely with ABC’s shareholders and the management team to structure a deal that will allow for future growth. Steve Fleagle, President, commented, “We wanted an investment partner that looked beyond just the numbers and had an appreciation for our long history, diverse markets and unique culture. CID brought the right blend of chemistry, capital, experience and support to create excitement and confidence within the management team. Our business philosophies seemed to blend immediately and we are enthusiastic and optimistic about the future.”
John Aplin, Managing Director at CID Capital, added, “ABC exemplifies the characteristics CID looks for in a partner. The company has a great management team that is eager to grow the business, a high quality product line, and a fantastic reputation for service that has developed over nearly 80 years of operations. We couldn’t be more excited to partner with the ABC team.”
As part of the recapitalization, BMO Harris provided the senior financing, and Babson Capital provided the mezzanine financing along with an equity co-investment. For more information about CID or ABC please contact Adam Bolerjack.
About ABC Industries
Founded in 1926, ABC has become one of the nation’s leading manufacturers of mining and industrial ventilation products. The Company also laminates industrial textile fabrics used for a broad range of specialized niche applications.
About CID Capital
CID Capital is a leading lower-middle market private equity firm that focuses on majority recapitalizations of consumer and industrial product companies. CID provides flexible capital structures to companies in expanding market niches and leverages the operating experience of CID’s investment professionals and advisors as a resource to the strong management teams the firm supports.