PE Deals

Turnspire exits manufacturer UPG

The buyer is The Partner Companies.

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  • Cowen & Co was financial advisor to UPG on the deal while Chapman and Cutler LLP was legal counsel
  • Turnspire originally carved out UPG from MedPlast in 2016
  • Turnspire invests in the lower middle market

Turnspire Capital Partners has sold UPG, a Houston-based provider of components for data center, healthcare, energy and diversified industrial end-markets.

According to sources familiar with the deal, Turnspire netted a near 9X return on the sale to the strategic buyer, The Partner Companies. Turnspire does not have a dedicated fund and is instead, a deal-by-deal shop. The firm originally carved out UPG from MedPlast Inc in 2016.

“UPG was a fantastic investment for Turnspire and a great example of our ability to complete complex transactions, dramatically improve businesses through strategic and operational initiatives, and ultimately realize value that others had not recognized” said Ilya Koffman, a managing partner of Turnspire, in a statement. “We thank and commend CEO Maurice Murphy and the UPG management team for their hard work, dedication and incredible success. We wish the talented and dedicated employees of UPG further success under TPC ownership.”

Cowen & Co was financial advisor to UPG on the deal while Chapman and Cutler LLP was legal counsel.

Turnspire invests in the lower middle market.