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Charlesbank seeks buyer for Tecomet

Charlesbank Capital Partners is in advanced talks to sell Tecomet, which it has owned for six years, according to two sources.

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.

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