ClearLight Partners has sold TASI Group to Berwind Group. Terms of the transaction were not disclosed.
ClearLight Partners, LLC has sold TASI Group (“TASI”) to Berwind Group. The terms of the transaction were not disclosed.
“The TASI team executed well and delivered growth through both organic initiatives and acquisitions. We think that TASI will continue to thrive under Berwind’s ownership and are pleased to deliver an attractive return to ClearLight’s investors.”
TASI is a leading global provider of highly engineered test, measurement, inspection and automation solutions for mission-critical applications in the Americas, Europe and Asia. The Company’s solutions focus on enhancing customer productivity by reducing manufacturing cost, avoiding rework, improving quality and reliability, and shortening time to market. TASI serves a diverse customer base in a range of end markets including the transportation, industrial, life sciences, energy, food and beverage, and consumer goods industries. TASI is headquartered in Cincinnati, Ohio.
ClearLight invested in TASI in 2007, and in partnership with TASI’s management team, grew the company both organically and through four add-on acquisitions. “We recognized TASI’s unique potential and saw an opportunity to partner with a strong management team to drive growth,” said Jay Shepherd, a partner at ClearLight.
“It has been a pleasure working with ClearLight in growing TASI,” said David Huberfield, CEO of TASI. “Over the past seven years TASI has expanded its global reach, introduced successful new products and strengthened its leadership positions in its markets. Going forward, the company is well positioned to continue its strong growth as part of Berwind.”
“We are proud of our relationship with David Huberfield and the team at TASI, and of their many accomplishments,” commented Michael Kaye, Managing Partner of ClearLight. “The TASI team executed well and delivered growth through both organic initiatives and acquisitions. We think that TASI will continue to thrive under Berwind’s ownership and are pleased to deliver an attractive return to ClearLight’s investors.”
ClearLight was advised by Robert W. Baird & Co. and Latham and Watkins, LLP. Black Canyon Capital and Industrial Growth Partners were co-investors in TASI with ClearLight.
About ClearLight Partners
ClearLight Partners is a private equity firm located in Newport Beach, CA with $900 million of assets under management. The team at ClearLight has extensive operating and financial experience, and invests in and contributes to the expansion of established and profitable businesses. ClearLight focuses on investing in middle-market companies that are profitable market leaders in industries that include industrial technologies, specialty manufacturing, consumer products and services, business services, and health care services.
ClearLight is actively searching for investments for its third fund, ClearLight Partners III which has committed capital of $300 million.
Berwind is a family-owned investment management company. With its roots dating to 1886, Berwind has evolved from its beginning as a coal mining company, to a diversified portfolio of highly successful manufacturing and service companies, which are leaders in their market niche. Berwind is dedicated to investing in member companies to assist in the growth and development of existing industry platforms and building new platforms for future growth. Berwind operates under a decentralized business model, offering management significant autonomy, while providing financial, business, and operational advice and assistance. Berwind is headquartered in Philadelphia, Pennsylvania.Get your FREE trial or subscribe now to Buyouts to find new deal opportunities, super-charge your fundraising efforts and track top managers.