Tecum invests in Gilman Cheese

Tecum Capital Partners has made an investment in Gilman, Wisconsin-based Gilman Cheese Corporation, a maker of processed cheese. Tecum backed Borgman Capital‘s majority recapitalization of Gilman.


Pittsburgh, Pennsylvania – Tecum Capital Partners (“Tecum”) is pleased to announce its new investment in Gilman Cheese Corporation (“Gilman” or the “Company”). Tecum provided subordinated debt and equity to support Borgman Capital’s (“Borgman”) majority recapitalization of Gilman. Johnson Bank and Midwest Growth Partners (“MGP”) provided senior debt and equity capital, respectively in support of the recapitalization. Terms of the transaction were not disclosed.

Stephen Gurgovits, Jr., Managing Partner of Tecum, stated, “Borgman’s partnership approach, along with Tom and Char Hand’s passion and dedication for the business, and their community, is what got Tecum excited for this opportunity. Gilman offers a highly differentiated product and we look forward to continued success.” Matt Harnett, Partner of Tecum, added, “Gilman has a history of success focused on finding winning solutions for its customers, and we have the right team in place to build upon this legacy as we execute on our collective growth strategy.”

Headquartered in Gilman, Wisconsin, Gilman Cheese Corporation (www.gilmancheese.com), is a leading manufacturer of premium processed cheeses. The Company specializes in premium quality, shelf stable processed cheese for the gift pack, retail, and airline industry as well as smoked cheese, both natural and processed. Gilman Cheese employs over 120 individuals and is the largest employer in the village of Gilman. Tom Hand will remain as CEO and reinvested a significant amount of equity into Gilman.

With over $500 million of assets under management, Tecum Capital is a Pittsburgh, Pennsylvania based investment firm investing private capital in lower middle market companies. Tecum provides mezzanine debt and equity investments across a variety of industries. Our team partners with independent sponsors, family offices, business owners seeking succession plans, and management teams to create shared success. Since 2006, the team has invested in over 80 platform and add-on acquisitions. Tecum is predominantly focused on stable middle market businesses with EBITDA in excess of $2 million. Tecum seeks to invest $5 million to $18 million in potential portfolio companies. For more information, please visit www.tecum.com.