Harris Williams is advising on the sale, according to one of the sources. It’s unclear how much Charlesbank is seeking for the company.
Wilmington, Mass.-based Tecomet makes components for the medical and aerospace industries. The company currently has EBITDA of $30 million, up from $13 million in 2008, sources said.
Tecomet is expected to sell for north of 10x, one GP said.
“[Tecomet] has grown a lot with Charlesbank,” the private equity source said.
Officials for the PE firm declined comment.
Charlesbank acquired a majority stake in Tecomet from Cardinal Health in September 2007. It’s unclear how much it paid at the time. In 2011, Tecomet bought Kemac Technology, a photo chemical etching business. Last year, Tecomet acquired the OEM orthopedics unit of Teleflex for $45.2 million.
Charlesbank, a generalist with offices in Boston and New York, has invested in sectors such as communications, healthcare, financial services, consumer and industrial products and services. The PE firm hasn’t done a healthcare deal since 2010 when Charlesbank and H.I.G. bought TLC Vision.
The firm is currently investing out of its seventh fund, which raised $1.5 billion in 2009.
Tecomet and Harris Williams could not be reached for comment.
Luisa Beltran is a senior reporter for peHUB