Monomoy Capital buys Trinity Highway Products for $375m

The highway safety products business marks the second platform investment from Monomoy’s fourth private equity vehicle.

Monomoy Capital has agreed to acquire Trinity Highway Products — a maker of lessor of highway safety products — from Trinity Industries. The deal is valued at approximately $375 million. JP Morgan Securities advised Trinity, while the Private Credit business within Goldman Sachs Asset Management provided financing.

PRESS RELEASE

New York, New York, November 3, 2021 – Monomoy Capital Partners, a middle-market private investment firm focused on operational value creation, announced today that it has signed a definitive agreement to acquire Trinity Highway Products (“THP” or the “Company”) from Trinity Industries, Inc. (NYSE:TRN) for approximately $375 million. The transaction remains subject to customary closing conditions and regulatory approval.

Founded in 1973, THP is a manufacturer and lessor of highway safety products, including crash cushions, end terminals, guardrails and truck-mounted attenuators. Trinity operates 14 manufacturing and rental distribution facilities in the United States and maintains sales offices in Europe, South America and Asia. President Nick Verska will continue to lead THP as chief executive officer of the business from THP’s corporate headquarters in Dallas, Texas.

“As we embark on a new chapter with the support of Monomoy, I am confident that we will continue to manufacture high-quality products that support our customers and realize significant growth opportunities for the business going forward,” said Mr. Verska. “I look forward to working with Monomoy to build upon our historical success in the highway products market and leverage Monomoy’s operational toolkit to help us improve and continue to grow our business.”

Monomoy Director Mel Bartoul remarked, “Trinity Industries has done a terrific job growing THP into an industry leader. We are excited to partner with the THP team and continue to grow the business on a standalone basis. THP’s long-standing customer relationships, product innovation and scale should position the Company to benefit from long-term infrastructure spending.”

“We are excited to welcome Trinity Highway Products to the Monomoy portfolio,” said Monomoy Co-CEO Daniel Collin. “We look forward to working with the THP team for continued success and value creation for years to come.”

THP is the second platform investment from Monomoy’s fourth private equity vehicle, Monomoy Capital Partners IV, L.P.

Carolyn Vardi of Ropes & Gray LLP provided legal counsel to Monomoy on the acquisition. The Private Credit business within Goldman Sachs Asset Management provided financing for the transaction.

J.P. Morgan Securities LLC served as financial advisor and Akin Gump Strauss Hauer & Feld LLP served as legal counsel to Trinity Industries, Inc.

About Monomoy

Monomoy Capital Partners is a private investment firm with $2.7 billion in committed capital across a family of five investment funds. Monomoy invests in the equity and debt of middle-market businesses that can benefit from operational and financial improvement with a focus on manufacturing, distribution and consumer product businesses in North America and Europe. Please see our website at www.mcpfunds.com for further information concerning Monomoy and its portfolio companies.