Industrial Opportunity Partners has acquired Trantech Radiator Products, a manufacturer and supplier of radiators to the North American electric power transmission and distribution industry. Trantech represents IOP’s 10th platform investment in its current $185 million committed fund and its third platform investment in 2011.
Industrial Opportunity Partners (“IOP”), a private equity firm based in Evanston, Ill., today announced that it has acquired Trantech Radiator Products, Inc. (“Trantech” or the “Company”).
Trantech is the leading manufacturer and supplier of radiators to the North American electric power transmission and distribution industry. The Company’s products provide critical heat dissipation for transformers during the electricity conversion process. Founded in 1932, Trantech has a long history of providing critical components to transformer manufacturers and offers the broadest product line in the industry. The Company operates from a single facility in Edgefield, South Carolina.
The Company’s senior management team, led by Paul Cooper, President, will continue to manage and grow the business. In addition, Tom Paisley, an IOP Operating Principal, will assume the newly-created position of Chairman of the Company. Mr. Paisley has significant operational experience with middle-market manufacturing companies. IOP’s Board of Operating Principals is comprised of seasoned executives who provide leadership to businesses in which IOP invests.
Adam Gottlieb, Managing Director of IOP, said, “We are very excited to acquire Trantech Radiator Products, a market leader with a long history of providing excellent products to the world’s largest transformer manufacturers.”
Mr. Paisley added, “Since it was founded almost 80 years ago, Trantech has built a reputation with its customers, suppliers, and employees based on unmatched service levels and product breadth. I look forward to working closely with Paul, his team, and all Trantech employees in continuing to grow the Company.”
Mr. Cooper commented, “I am thrilled to be partnering with Industrial Opportunity Partners, whose operational experience and strategic support will enhance Trantech’s continuous effort to deliver high-quality products and extraordinary service levels to our customers.”
Trantech represents IOP’s 10th platform investment in its current $185 million committed fund and its third platform investment in 2011.
Lincoln International, a leading middle-market investment bank, represented Trantech Radiator Products, Inc. and its shareholders in the sale, and represented IOP in placing the related debt financing. Associated Bank (Chicago) and Fidus Capital provided financing for the acquisition.
Page 2 of 2
About Trantech Radiator Products, Inc.
Trantech is the leading manufacturer and supplier of oil-filled radiators to the North American electric power transmission and distribution industry. The Company has long-standing relationships, many of which span over 30 years, with global transformer manufacturers. Trantech operates from a single facility in Edgefield, South Carolina.
About Industrial Opportunity Partners
IOP is an Evanston, Ill.-based private equity firm dedicated to creating value through investing in manufacturing and value-added distribution businesses with sales between $30 million and $350 million. IOP focuses on businesses with strong product, customer, and market positions, and provides management and operational resources to support growth in sales and earnings at its businesses.