Charlesbank sells Tecomet to Genstar Capital

Charlesbank Capital Partners has sold Tecomet, a manufacturer of components used for medical devices, aerospace and defense markets, to Genstar Capital. The deal closed on Dec. 19. Harris Williams & Co. worked as lead advisor to Charlesbank.

Press Release

Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces that it acted as a lead advisor to Charlesbank Capital Partners (Charlesbank) in the sale of Tecomet, Inc. (Tecomet), a precision manufacturer of complex components primarily for the medical device and aerospace & defense end markets, to Genstar Capital (Genstar). The transaction closed on December 19, 2013 and was led by James Clark, Geoff Smith, Whit Knier and Turner Bredrup from Harris Williams & Co.’s Healthcare & Life Sciences (HCLS) Group, Jon Nemo from the firm’s Aerospace, Defense & Government Services (ADG) Group and Bill Roman and Trey Packard from the firm’s Industrials Group.

In 2008, Harris Williams & Co. advised Cardinal Health on the sale of its subsidiary, Tecomet, to Charlesbank.

“Tecomet’s reputation for high-quality products, engineering expertise, and unique manufacturing capabilities has resulted in deep, long-term relationships with the industry’s leading manufacturers,” said James Clark, a managing director in Harris Williams & Co.’s HCLS Group. “With its unique combination of high-value capabilities and innovative technologies, Tecomet is well-positioned to continue to grow organically and to consolidate these attractive and fragmented markets.”

“Genstar’s investment in Tecomet is evidence of continued strong investor interest in high-quality precision manufacturing businesses,” added Geoff Smith, a director in Harris Williams & Co.’s HCLS Group.

“We are extremely proud to work once more with Tecomet and management to deliver a successful outcome,” said Turner Bredrup, a managing director in Harris Williams & Co.’s HCLS Group. “The greatest compliment our clients can give us is the opportunity to work with them again.”

Tecomet is a leading contract manufacturing, engineering, and technology company specializing in net shape forging, precision machining, photochemical etching, surface texturing, vacuum brazing, laser and electron beam welding, and rapid prototyping. The company, based in Wilmington, MA and with facilities in Woburn, MA, Kenosha, WI and Azusa, CA, supplies precision-engineered components and assemblies to the medical, aerospace/defense and commercial/industrial markets, with special emphasis on orthopedic, trauma and spinal implants.

With offices in Boston and New York, Charlesbank is a middle market private equity investment firm managing more than $2 billion of capital. The firm 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.

Genstar is a leading private equity firm that has been actively investing in high quality companies for 25 years. Based in San Francisco, CA, Genstar works in partnership with its management teams and its network of operating executives and strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar has more than $4 billion of committed capital under management and targets investments focused on selected sectors within the industrial technology, healthcare, financial services and software industries.

Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.

The firm’s HCLS Group has experience across a broad range of sectors, including alternate site care; healthcare IT; managed care and cost containment services; medical devices, products and distribution; outsourced clinical and practice management services; and outsourced pharma services. For more information on the HCLS Group and other recent transactions, visit the HCLS Group website.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

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