Harbert Private Equity Fund II said Thursday that it has sold its portfolio company Travis to an affiliate of Main Street Capital Corp. No financial terms were disclosed. VRA Partners advised Travis in this transaction. Headquartered in Houston, Texas, Travis is a manufacturer of all-aluminum dump trailers.
BIRMINGHAM, AL–(Marketwired – September 05, 2013) – Harbert Private Equity Fund II, LLC (“HPEF II”) announced today that it has sold its portfolio company, TBT Holding Company, Inc. (“Travis”), to an affiliate of Main Street Capital Corporation (NYSE: MAIN) (“Main Street”). VRA Partners acted as exclusive financial advisor to Travis for this transaction.
“The realization of our investment in Travis represents another successful exit by HPEFII,” explained HPEFII’s Raymond Harbert Jr. “Going forward, we believe the management team and Main Street will form a productive relationship and continue to grow Travis.”
Headquartered in Houston, Texas, Travis manufactures all-aluminum dump trailers, including end dump, bottom dump and transfer trailers, as well as several specialty application trailers. Travis serves customers in a variety of end markets, such as rendering, municipal solid waste, agriculture, recycling, energy, aggregates, underground utilities and construction. Since its founding in 1989, Travis has sold over 12,000 trailers.
Main Street is a principal investment firm based in Houston that provides long-term debt and equity capital to lower middle market companies.
Based in Birmingham, Alabama, HPEF II, LLC is a private equity fund sponsored by Harbert Management Corporation (“HMC”). HMC is currently investing from Harbert Private Equity Fund III, LP and seeks to invest in companies located throughout the U.S. and Canada that have operating cash flow of at least $2.0 and up to $10.0 million.