Snow Phipps Group has acquired Ideal-Tridon Holdings Inc from Industrial Growth Partners. No financial terms were disclosed. Lincoln International LLC and Fidus Securities LLC served as financial advisers to Ideal-Tridon and IGP on the deal. Based in Smyrna, Tennessee, Ideal-Tridon is a maker of stainless steel worm gear and specialty clamps and couplings for industrial, heavy duty, plumbing, irrigation, marine and automotive applications.
NEW YORK, Aug. 1, 2017 /PRNewswire/ — Snow Phipps Group (“Snow Phipps”) announced today that it has completed its acquisition of Ideal Tridon Holdings, Inc. (“Ideal-Tridon” or the “Company”) from Industrial Growth Partners (“IGP”). Terms of the transaction were not disclosed.
Headquartered in Smyrna, Tennessee, Ideal-Tridon is a leading global engineering solutions designer and manufacturer of stainless steel worm gear and specialty clamps and couplings for industrial, heavy duty, plumbing, irrigation, marine and automotive applications.
“Ideal-Tridon is a market leading platform with a long-tenured management team that has a demonstrated ability to provide premium products to both OEM and distribution customers,” said John Pless, partner at Snow Phipps. “We look forward to leveraging the Company’s stellar reputation and dominant market position to continue building the business through an attractive pipeline of new business opportunities and highly strategic acquisitions.”
Snow Phipps will partner with the existing Ideal-Tridon management team led by CEO Michael Reese. Snow Phipps Operating Partner Jay Twombly will join Ideal-Tridon as the non-executive Chairman of the Board of Directors. Mr. Twombly formerly served as Chairman of Boyd Corporation and currently serves as Chairman of Winchester Electronics.
“Snow Phipps is bringing highly relevant experience to our business, which we believe can support us in driving outsized growth going forward. We have a fantastic group of employees who are eager to begin this new partnership to take our business to the next level,” said Mr. Reese.
“Michael and his team have built a world-class business,” Mr. Twombly said. “The Company is already reaping the benefits of a well-defined growth plan, and we are excited to work with them to accelerate that trajectory.”
Weil Gotshal & Manges LLP served as legal counsel to Snow Phipps in the transaction. Lincoln International LLC and Fidus Securities, LLC served as financial advisors to Ideal-Tridon and IGP. Kirkland & Ellis LLP were legal counsel to Ideal-Tridon and IGP.
Ideal Clamp Products, Inc., is a leading global engineering solutions designer and manufacturer of stainless steel and specialty clamps for a broad range of fastening and sealing applications across diverse end markets. Headquartered in Smyrna TN, Ideal sells IDEAL-TRIDON® brand products to Original Equipment Manufacturing (OEM) operations and to Replacement Market warehouses, distributors and retail businesses. IDEAL®, TRIDON® and IDEAL-TRIDON® brands are manufactured and distributed globally from facilities in North America, Europe, and Asia. For more information about Ideal-Tridon, visit www.idealtridon.com.
About Snow Phipps Group
Snow Phipps is a private equity firm focused on middle-market control investments. With $2.4 billion of assets currently under management, Snow Phipps targets platform companies with enterprise values ranging from $100 million to $500 million. The firm utilizes an operating partner model to invest across select industries and seek value creation through an operationally focused strategy. To learn more about Snow Phipps, visit www.snowphipps.com.
About Industrial Growth Partners
Industrial Growth Partners, founded in 1997, is a San Francisco-based private equity investment firm with $2.2 billion of equity capital raised since inception. The firm invests exclusively in middle-market companies in the industrial sector in partnership with management teams. For more information, visit the IGP website at www.igpequity.com.