Inverness Graham Investments has acquired Auburn, Maine-based KICTeam Inc, a maker of cleaning products for electronic devices within the financial technology sector. No financial terms were disclosed. Twin Brook Capital Partners, Angelo Gordon’s middle market direct lending arm, served as administrative agent on debt financing to support the transaction, according to a source familiar with the transaction. Paul Hastings LLP advised Inverness Graham while CIBC Cleary Gull advised KICTeam.
Philadelphia, PA, May 21, 2020 – Inverness Graham Investments, a private investment firm targeting innovative software, service, and tech-enabled manufacturing companies, is pleased to announce that it has acquired KICTeam, Inc. (“KICTeam”). Based in Auburn, ME, KICTeam is a global leader in the design and manufacture of a broad range of high quality, proprietary cleaning products for electronic devices within the financial technology sector. This transaction marks the first platform investment in Inverness Graham IV, a $415M fund raised in 2019.
“KICTeam represents the start of a new Inverness platform-build initiative focused on proprietary, consumable cleaning products for a variety of high-cost-of-failure end markets,” stated Trey Sykes, Managing Principal of Inverness Graham. “KICTeam will target add on acquisitions that expand the platform’s addressable markets and add new complementary technology and services to further enhance the platform’s ability to deliver more value to its customer base.”
Ian McCormick, CEO of KICTeam, stated “cleaning has always served a critical function for our customers, and the global COVID pandemic has highlighted the long-term need for businesses to really focus on cleaning in order to reliably provide products and services to their own customer bases. By partnering with Inverness, KICTeam will be able to invest in core functions that allow for more innovative product designs, improved speed to market, and expanded distribution in a market that will continue to place increasing emphasis on cleaning going forward.”
Inverness and KICTeam together are looking for add-on acquisitions with more than $4 million in revenues that provide custom, proprietary cleaning products that serve the medical device, pharmaceutical, aerospace, semiconductor, or other specialty end markets.
Paul Hastings LLP advised Inverness Graham. CIBC Cleary Gull advised KICTeam. Terms of the acquisition were not disclosed.
About Inverness Graham Investments
Headquartered in Newtown Square, PA, Inverness Graham is an operationally focused private investment firm that has raised ~$1 Billion of assets. Inverness Graham acquires innovative tech-enabled manufacturing, service and software companies. Our approach is as unique as our heritage. Founded by senior executives of the Graham Group, a family owned multinational industrial concern, we bring unparalleled resources developed over a 50-year operating history to support our portfolio companies. Inverness Graham partners with businesses to provide the financial and operational support necessary to accelerate growth while enabling owners to achieve their key liquidity objectives.