Pfingsten Partners has acquired Technibus, a Canton, Ohio-based manufacturer of bus duct solutions for the power generation, petrochemical, commercial and industrial markets. No financial terms were disclosed for the deal, which closed on Sept. 30.
PRESS RELEASE
Private equity firm Pfingsten Partners, L.L.C. today announced the acquisition of Technibus, a Canton, OH-based manufacturer of custom-engineered, metal enclosed bus duct solutions for the power generation, petrochemical, commercial and industrial markets. The company’s products include bar type bus ducts capable of transmitting power from 600 to 38,000 volts.
Technibus sells its products primarily to major power equipment manufacturers, engineering construction firms, and power generation and petrochemical plants. Aided by strong demand drivers such as growing global power consumption and an aging power infrastructure, Pfingsten plans to continue to grow the business though a combination of targeted add-on acquisitions, product line extensions, international expansion, and greater penetration of existing market segments.
“Technibus’ niche position in the growing power infrastructure industry made this an attractive opportunity for Pfingsten,” said John Underwood, Senior Managing Director of Pfingsten Partners, LLC. “Favorable industry dynamics and Pfingsten’s conservative capital structure enabled us to close the transaction even in today’s volatile credit markets.”
Technibus will remain headquartered in Canton, OH, and retain its 90-plus employees in the US. The Technibus management team, led by President and CEO, Bob Rohr, will remain in its current role. “Pfingsten’s operational expertise, global capabilities, and conservative approach to finance make them the right partner for Technibus’ next stage of growth,” said Rohr.
The transaction closed on September 30th and represents the tenth platform in Pfingsten’s $285 million Fund III. Financial terms were not disclosed.
About Pfingsten Partners
Pfingsten Partners is an operationally oriented private equity firm founded in 1989. From its headquarters in Chicago and offices in Hong Kong and Shenzhen, China, the firm builds better businesses through operational improvements, professional management practices, global capabilities and profitable business growth rather than financial engineering. Since completing its first investment in 1991, Pfingsten Partners has acquired 62 manufacturing, distribution and business service companies. For more information, visit www.pfingstenpartners.com.
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