WestView Capital Partners has sold Radiac Abrasives to Austria’s Tyrolit Schleifmittelwerke Swarovski KG, for an undisclosed amount. Radiac is a Salem, Ill.-based maker of bonded abrasives and superabrasive grinding wheels.
WestView Capital Partners announced today the sale of its portfolio company, Radiac Abrasives (“Radiac”), to Tyrolit Schleifmittelwerke Swarovski KG (“Tyrolit”). Tyrolit is an Austrian based, world-wide manufacturer of conventional bonded and superabrasive products to the industrial metalworking, construction, and natural stone industries. The terms of the transaction were not disclosed.
Radiac is the second largest manufacturer of bonded abrasives and superabrasive grinding wheels in the United States. Radiac and its predecessor companies have been manufacturing abrasives for over 115 years. With four plants in the United States and Mexico, Radiac offers a full line of custom grinding products to over 20,000 customers across various industrial markets including aerospace, oil and gas, primary metals and automotive. Radiac is headquartered in Salem, Illinois and more information is available at www.radiac.com.
“We have enjoyed our partnership with WestView,” said David Pryor, President and CEO of Radiac who will continue in that role as well as become CEO of Tyrolit North America Holdings, Inc. “During WestView’s involvement, Radiac has demonstrated strong financial performance, completed a strategic acquisition, and established overseas relationships.” David added, “The synergies between Tyrolit and Radiac make this acquisition the perfect marriage of conventional bonded and superabrasive products, industry group focused engineering expertise and services to industrial customers around the globe.”
“Over the last three years, we have been impressed by Radiac’s accomplishments and the management team’s commitment to success,” said Carlo von Schroeter, a managing partner at WestView. “We are very pleased that this transaction will deliver an attractive return for our limited partners in this challenging economic environment.”
“Radiac illustrates exactly the type of companies and management teams that we seek to partner with,” added Jonathan Hunnicutt, a partner at WestView. “We are proud to have been a part of this evolution of Radiac’s development and are excited for the team as they look to expand the company’s footprint by leveraging the strategic synergies with Tyrolit.”
Radiac will continue to be headquartered in Salem, IL and operate manufacturing facilities in Salem, Oswego, IL, Marysville, WA, and Tijuana, Mexico. The Company will continue to operate as Radiac Abrasives, Inc.
About WestView Capital Partners:
WestView Capital Partners is a private equity firm focused exclusively on lower middle market companies. WestView partners with existing management teams to sponsor minority and majority recapitalization, growth, buyout and consolidation transactions in a wide range of industries including business and healthcare services, IT services, industrial, distribution/logistics, media/publishing and financial services. WestView targets companies with operating profits between $3 million and $15 million with investment sizes ranging from $5 million to $25 million. WestView is located in Boston, Massachusetts and more information is available at www.wvcapital.com.