Waybill has acquired Small Tube Products, a redrawer of niche, small diameter copper and aluminum tubes. The seller was Quilvest Private Equity. No financial terms were disclosed for the transaction that was done with Dwight Anderson, founder of Ospraie Management.
FRANKLIN, Ky.–(BUSINESS WIRE)–Waybill in collaboration with Dwight Anderson, Founder of Ospraie Management, is pleased to announce the acquisition of Small Tube Products from Quilvest Private Equity. Small Tube Products (ST Products) is the leading U.S. redrawer of niche, small diameter copper and aluminum tubes. Its three plants employ over 300 staff in Duncansville, PA; Huntsville, AL; and Ardmore, TN. Their specialized products are used in a wide range of industrial and commercial uses including: transportation and heavy equipment, air conditioning and refrigeration, electrical generation, and welding.
Waybill has been formed to target investments in base metal fabricators operating at the borders between commodity producers and equipment manufacturers. These targets take commodity products and turn them into value-added parts for manufacturers of components and final goods. The acquisition of Small Tube Products was funded by a small group of investors with deep expertise in commodities lead by David Lilley and Dwight Anderson.
David Lilley, CEO of Waybill said: “Waybill is excited to add Small Tube Products to our existing Virtus Precision Tubes operation. Both of these businesses operate at the border between commodities and finished goods. Small Tube Products and Virtus Precision Tubes produce key inputs for the North American manufacturing sector. We are actively raising funds to pursue further attractive opportunities we have identified in this space.”
Dwight Anderson said: “I believe Waybill represents an attractive investment in the regeneration of America’s industrial base. I am very excited to partner with the STP management team, who have proven their industry leadership dating back to STP’s start in 1947.”
Stephen Drew, CEO of Small Tube Products said: “For nearly seven years we have benefitted from the stewardship of Quilvest. I see the acquisition by Waybill as a great opportunity to continue building our track record as America’s leading producer of high-performance redrawn tubes. This will allow us to continue our focus on providing mission critical parts with minimal lead times for our more than one thousand repeat customers.”
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Waybill seeks to become a leading producer of copper & aluminum intermediate goods. Small Tube Products is Waybill’s second acquisition. Waybill previously acquired Virtus Precision Tubes (formerly Luvata’s North American Tubes business) from Nordic Capital in December 2017. Virtus Precision Tubes is a leading producer of copper tubes for manufacturers of air conditioning in the USA and Mexico. Waybill is actively pursuing further acquisition opportunities in a number of markets worldwide.
About Dwight Anderson
Dwight Anderson is the Managing Partner of Ospraie Management LLC, which actively invests in commodity markets and basic industries worldwide based on fundamental, bottom-up research. Mr. Anderson launched Ospraie in 1999 in partnership with Tudor Investment Corporation. Prior to founding Ospraie, Mr. Anderson was a Managing Director in charge of the Basic Industries and Commodities Group at Tiger Management.
Mr. Anderson currently serves as Chairman of the Board of Concord Resources, a global metals merchant business; Serves on the Investment Committee of Pandion Mine Finance; UNC Kenan Flagler Business School; The United States Olympic Committee; and The National World War II Museum. Mr. Anderson holds an MBA from the University of North Carolina and an AB in History from Princeton University.
About Quilvest Private Equity
Quilvest Private Equity is the private equity arm of the Quilvest Group, a leading global independent wealth manager and private equity investor founded a century ago by a family of entrepreneurs. Since 1972, Quilvest Private Equity has supported talented families and entrepreneurs in the strategic development of their businesses. Over the last 40 years, Quilvest has invested in 150 companies. Quilvest employs 15 professionals in its lead investment team, based in New York, Paris and London. The team invests equity tickets from $20 to $70 million, as a majority or large minority shareholder. It invests through an evergreen fund, which was raised in 2014 from a global group of prominent families and entrepreneurs. Quilvest Private Equity also manages a wide range of investment programs focusing on private equity funds, and private equity real estate. Quilvest Private Equity manages about $5 billion of assets.